Guidelines

The Cooperative Development Program

What are the basic laws that govern organization and administration of cooperatives in the Philippines ?

  • Republic Act 6938 known as Cooperative Code of the Philippines
  • Republic Act 6939 creating the Cooperative Development Authority

What are the basic principles under which the cooperatives are organized and administered?

  • Open and Voluntary Members - open to all who use its services and are willing to accept the responsibilities of membership.
  • Democratic Control - collectively owned and controlled by its members; general assembly has supreme power over the affairs of the cooperative.
  • Limited Interest in Capital - share capital (fixed deposits) shall receive strictly limited rate of interest.
  • Division of Net Surplus - net surplus arising from the operations of a cooperative belongs to its members and shall be equitably distributed for cooperative development, common services, indivisible reserve fund, and for limited interest on capital and/or patronage refund in the manner provided in this Code and in the articles of cooperation and by-laws.
  • Cooperative Education - all cooperatives shall make provision for the education of their members, officers and employees and of the general public, based on the principals of cooperation.
  • Cooperation among Cooperatives - all cooperatives in order to best serve the interest of their members and communities, shall actively cooperate with other cooperatives at local, national and international levels.
What is a Cooperative? A cooperative is a duly registered association of persons, with a common bond of interest, who have voluntarily joined together to achieve a lawful common social or economic and making equitable contributions to the capital required and accepting a fair share of the risks and benefits of the undertaking in accordance with universally-accepted cooperative principles.
What are the benefits derived from membership in cooperatives?
Economic Benefits
  1. Members develop the habit of thrift and the wise use of money.
  2. Members avail of loans at reasonable rate of interest for productive and provident purposes; thus, increasing the members' income.
Social Benefits
  1. Members develop awareness in solving common problems or needs among themselves.
  2. Members develop the feeling of belongingness, love and concern for fellowmen.
  3. Membership in cooperative inculcates unified participation in community affairs.
How is a cooperative financed?

Cooperative financing comes primarily from the small scattered resources of the members themselves accumulated through planned and organized programs from other sources as follows:

Share Capital

Direct membership capital shall in the form of shares (used to be called fixed deposits). The shares represent the permanent working capital of De La Salle University-Dasmariñas Development Cooperative.

This is the reason why a member is required to subscribe an initial of Php 1,250 (25% of Php5,000 minimum subscription). Each member shall save in the share capital at least Php250.00 per payday.

Savings Deposits

Any member, in addition to this share capital investment, may open a savings deposit, the rate of interest of which shall be determined by the Board of Directors in the beginning of each fiscal year in no case to exceed the rate prescribed by the Central Bank of the Philippines.

Savings deposits not falling below Php 2,000.00 during any calendar month shall be entitled to interest to be computed quarterly based on the lowest monthly balance outstanding during the period. The interest shall be credited to the depositor's account and the same shall earn interest from the date it is credited at the same rate as savings deposits.

Revolving Capital

The De La Salle University-Dasmariñas Development Cooperative (DLSU-D DC) may adopt a scheme of generating capital by deferring payment of interest on shares and patronage refund for a period not exceeding five (5) years and with a rate of interest consistent with the rate prescribed by the Cooperative Development Authority.

The principle of "first in, first out" shall apply. For example, interest on shares and patronage refund deferred in January 2000 for a period of five years shall be paid in January 2005 with all interests earned compounded annually; interest deferred in 2001 shall be paid in 2006 and so on.

Reserves

At least 10% of the annual income of the DLSU-D DC shall be set aside as General Reserve Fund to be accumulated for the stability of the DLSU-D DC. Any losses suffered by the DLSU-D DC may be charged against the General Reserve Fund upon authority by the members. Upon the dissolution of the DLSU-D DC, the General Reserve Fund shall not be distributed to the members, but shall be donated to the Cooperative Education and Training Fund of the government.

Loan Capital

Inadequacy of internally generated capital of the DLSU-D DC may be supplemented with borrowed capital from the members or from lending institutions. The DLSU-D DC may also negotiate with the government's Cooperative Development Loan Fund for direct loan assistance or guarantee.

Subsidies, Grants and Donations

The DLSU-D DC is authorized by law to accept subsidies, grants, and donation from local or foreign sources, subject to the rules promulgated by the Cooperative Development Authority.

Membership

Membership in the De La Salle University - Dasmariñas Development Cooperative is open to all current faculty, staff, immediate family members of the De La Salle University – Dasmarinas and DLSU-D employees who can make use of the cooperative services, who are in agreement with its purposes and who agree to abide by its by-laws.

What are the qualifications for membership in the De La Salle University - Dasmarinas Development Cooperative?
  1. Possess a common bond of association
  2. Pledge to undertake the responsibilities or membership
  3. Complete the prescribed pre-membership education seminar
  4. Use or participate to use the services of the cooperative more particularly the savings and loaning services and other allied services as specified in the articles of cooperation.
What are the two (2) kinds of membership in the DeLa Salle University - Dasmarinas Development Cooperative?
Regular Member

A regular member is the one who has met the requirements prescribed in the by-laws. He/ She is entitled to one vote and be elected to office subject to the provision from the by-laws.

Regular membership may also be granted to an Associate member who meets the minimum requirements of regular membership, continuous to patronize the cooperative for two (2) consecutive years, and signifies his/her intention to remain a member shall be considered a regular member.

Associate Member

an associate member is the one who has been a regular member in good standing and is no longer an employee of DLSU-D or the cooperative, but can enjoy the rights of a member as stipulated in Article 2, Sec. 5 except the power to vote and be elected to office.

How can one apply for membership in the DLSU-D DC?
  1. Fill up an application form for membership to be obtained from and submitted to the DLSU-D DC Office.
  2. Pay membership fee of Php 500.00 upon filing of application.
  3. Must subscribe for at least Php5,000.00 (25% of which must be paid-up) payable in lump sum or in regular installments by payroll deduction or by paying directly at the DLSU-D DC Office.
When is one considered a member in good standing or a full-pledge member of the DLSU-D DC?
  1. Has paid the membership fee of Php 500.00
  2. Has paid at least 25% of the minimum subscription of Php 5,000;
  3. Has attended the pre membership seminar (PMES);
  4. Has no past due in the payment of her/his subscription to her/his shares and other accounts (insufficient payment of all or any obligations in two (2) pay days);
  5. Has not issued an unworthy/bouncing check;
  6. Has not violated any provision of the by-laws;
What are the duties of a member?
  1. Pays the installment on capital stock subscription as it falls due and to participate on the capital build-up of the cooperative
  2. Patronizes regularly its business
  3. Attends conference and duly conducted seminars as may be required by the board, general assembly and/or competent authority
  4. Attends, participates and votes in membership meetings
  5. Obeys the rules and regulations provided for by RA 9520, DLSU-D DC By-Laws, the decision of the general assembly and the Board of Directors and the policies and decisions that may be promulgated by the Cooperative Development Authority (CDA), and
  6. Promotes the aims and purposes of the cooperative, the success of its business, the welfare of its members and the cooperative movement as a whole
What are the rights of a member?
Regular Member
  1. Participates in the deliberations and to vote on all matters during assembly meeting.
  2. Seeks any elective position subject to the provisions of the By-Laws
  3. Avails himself of the services of the cooperative without any discrimination whatsoever upon compliance with the conditions and requirements thereof
  4. Inspects and examines the books of accounts, the minutes books, the share register, and other records of the cooperative during office hours and to exercise other rights and privileges of membership
Associate Member
  1. To be entitled to all services available from the cooperative without any discrimination whatsoever, upon compliance with the requirements therefore
  2. To be entitled to patronage refund on his recorded and paid purchases out of net savings as may be determined by the Board
  3. To enjoy and exercise such other rights and privileges as may be provided for by the proper authority
What are the duties and responsibilities of the different DLSUD DC components?
General Assembly

The General Assembly shall be the highest policy - making body of the cooperative and shall exercise such powers as stated in the Code, in the articles of cooperation and in the by-laws of the cooperative. The general assembly has the following exclusive powers, which cannot be delegated;

  1. To determine and approve amendments to the articles of cooperation and by-laws
  2. To elect and appoint members of the Board of Directors, and to remove them for cause
  3. To approve developmental plans of the cooperative; and
  4. Such other matters requiring a two-thirds (2/3) vote of all the members of the general assembly, as provided in this Code.
Board of Directors

The board of directors shall direct and supervise the business, manage the property of the cooperative and may, by resolution, exercise all such powers of the cooperative as are not reserved for the general assembly under this Code and the by-laws.

The powers of the board of directors are as follows:
  1. Act on the membership applications
  2. Terminate membership
  3. Fix the date of regular and call special meetings of the general assembly
  4. Admit as directors or committee members appointees from creditor financial institutions
  5. Hold regular and special meetings to act on the business affairs of the cooperative
  6. Fill up vacancies in the board
  7. Elect and appoint officers
  8. Appoint committees, delegate powers thereto and fill vacancies therein
  9. Determine the compensation of certain officers and employees
  10. Approve the disposal or records
  11. Determine the adequacy of bonds of accountable officer
  12. Approve assignment of shares.

Credit Policy

Provisions on Loan Applications

WHO MAY AVAIL?

Only members in GOOD STANDING are qualified to avail of any or all the loan services of the Cooperative. A member is in GOOD STANDING :

  • When s/he has paid the membership fee;
  • When s/he has paid at least 25% of the minimum subscription of Php 5,000;
  • When s/he has attended the Pre Membership Seminar (PMES);
  • When s/he has no past due in the payment of her/his subscription to her/his shares and other accounts (insufficient payment of all or any obligations in two (2) pay days);
  • When s/he has not issued an unworthy/bouncing check;
  • When s/he has not violated any provision of the by-laws;
Regular Loan
  1. A member may apply for a Regular Loan if:
    1. S/he has paid the share capital of at least Php5,000.00;
    2. S/he has been a member in good standing for at least two (2) months.
  2. The loanable amount shall be based on the member’s paid up capital. S/he may apply for a regular loan of not more than thrice (3x) of his paid up capital provided the loanable amount shall not exceed Php 300,000.00.
  3. The interest rate is .75% per month of the principal amount of loan for a maximum of eighteen months (18) months* (if the amount is Php100,000.00 and below) or a maximum of twenty four (24) months*(if the amount is above Php100,000.00) plus service fee . The loaned amount of Php 50,000.00 and above shall incur an additional insurance fee of 75 cents for every thousand per month.
  4. The loan may be renewed upon payment of 60% of the loaned amount. A twenty percent (20%) pre-termination payment shall be deducted from the total rebate.

Cut-off dates: Loan released on the 1st to the 15th - 1st installment is on the 30th of that same month; Loan released on the 16th to the 31st – 1st installment is on the 15th of the following month.

Educational Loan
  1. A member may avail of an Education Loan for not more than Php. 50,000/30,000 if:
    1. S/he has paid the share capital of at least Php. 10,000/5,000.00;
    2. S/he has been a member in good standing for at least two (2) months.
    3. S/he has to pay expenses related to education, such as but not limited to, tuition fees, thesis defense expenses, school supplies.
  2. The interest rate is .75% monthly for a maximum of twelve months (12) plus service fee.
  3. The loan may be renewed upon payment of 60% of the loaned amount. A twenty percent (20%) pre-termination payment shall be deducted from the total rebate.
  4. Cut-off dates: same as the Regular Loan
Emergency Loan
  1. A member may avail of an Emergency Loan for not more than Php30,0000/20,000 if:
    1. S/he has paid the share capital of at least Php. 10,000/5,000.00;
    2. S/he has been a member in good standing for at least two (2) months.
  2. However, a member in good standing who has not paid the minimum subscription of Php 5,000 may also avail a loan twice (2x) of his/her paid up capital or Php5, 000 whichever is higher.
  3. The interest rate is .75% monthly for a maximum of eight (8) months.

    4. The interest rate and service fee of 1% or Php 50.00 whichever is higher, may be waived depending on the exigencies of the emergency. However, In the event of loan renewal, no rebate will be given.

    Cut-off dates: same as the Regular Loan

Special Emergency Loan

Special emergency loan is an emergency loan where the full payment is allowed to be made on a lump sum basis, for a maximum of six (6) months after loan release. In other words, no bi-monthly deductions will be made. The maximum loanable amount in this type of loan is twenty thousand pesos (Php 20,000) with .75% monthly interest. Only permanent faculty and staff members will be granted the special emergency loansubject to the evaluation and approval of the credit committee.

Loan Payment Policies for Special Emergency Loan
  1. Full payment of the special emergency loan shall be done at most six (6) months after loan release with interest payment being pre-deducted.
  2. Application form for special emergency loan shall only be filed upon full payment of the previous special emergency loan.
  3. Should there be any case of delinquent payment, the following rules shall apply:
    1. A penalty/surcharge shall be imposed amounting to 11% of the original loaned amount (eg, Php 1,100 surcharge for Php 20,000 loaned amount).
    2. Loan restructuring will be done 15 days after default.
    3. The amount of restructured loan shall be the original loaned amount plus the amount of surcharge mentioned in letter a.
    4. The original emergency loan’s interest rate shall apply to the said restructured loan.
    5. The restructured loan shall be payable in three (3) months or in six (6) equal bi-monthly payments.
    6. Non-payment of the restructured loan will be handled by the credit and collection and conciliation committees. Applicable rules therewith should apply.
Privilege Loan
  1. A member may apply for a Privilege Loan of not more than Php100,000.00.
  2. As a general rule, only one borrower is allowed every payday and can be availed again a year after the full payment of the same.
  3. A member may avail it if s/he has complied with the following requirements:
    1. at least ten years of continuous service in DLSU-D as an employee (full-time or part time),or a regular employee of the cooperative ;
    2. has paid the subscribed capital of at least Php. 25,000.00;
    3. a member in good standing for at least three (3) months.
  4. The interest rate is one percent (1%) per month using PVA (Present Value of Annuity) for a maximum of 18 months plus service fee of (1%).
  5. A twenty percent (20%) pre-termination payment shall be deducted from the total rebate.
  6. Cut-off dates: same as the Regular Loan
Petty Cash Loan

A member in good standing may apply for a Petty Cash Loan for not more than Php 5,000. No interest, with a processing fee of Php 100.00 payable for a maximum of two (2) months with fifteen (15) days grace period. However, a processing fee of Php 50.00 is charged if the amount is Php 3,000 and below payable for a maximum of one (1) month with fifteen (15) days grace period.

Grocery Loan
  1. Any member may avail of the Grocery Loan in CASH.
  2. The maximum loanable amount is Php. 10,000 with monthly interest rate of 1%
  3. Terms of payment:
    • one month for P 500-3,000,
    • two months for P 3,500-6,000,
    • three months for P 6,500-8,000 and
    • four months 8,500-10,000
  4. 1% processing fee or P50.00 whichever is higher
  5. A member may renew the grocery loan if he/she has paid one-half of the outstanding GL balance.
Birthday Loan
  1. Any member may apply for a birthday loan of not more than Php 5,000 with processing fee of Php 50, deduction starts on the third (3rd) payday, no interest charged if payable in 1 month, but with 1% interest if payable in 2 months;
  2. A member may avail such loan with some guidelines to follow:
    1. issuance of latest payslips (2)
    2. when in default, interest shall be imposed.
Canteen Services Loan

Any member may avail this service from the DC-Canteen through a “sign-chit” scheme upon presentation of a valid (laminated w/ ID picture) DC ID. The payment will be collected on the nearest payday.

Travel Loan
  1. A member may apply for a Travel Loan of not more than Php 25,000 (depending on the place of seminar) if:
    1. S/he has paid the share capital of at least Php. 5,000.00;
    2. S/he has been a member in good standing for at least two (2) months.
    3. S/he has to pay expenses related to her/his attendance to seminar.
  2. The interest rate is .75% monthly for a maximum of twelve months plus service fee.
  3. The loan may be renewed upon full payment of the loaned amount. A twenty percent (20%) pre-termination payment shall be deducted from the total rebate.
  4. Travel loan may be availed based on the following scheme:
    • Luzon – maximum of P10,000
    • Visayas – maximum of P15,000
    • Mindanao – maximum of P20,000
    • International – maximum of P25,000
    Documents for attachment – (purpose of travel is attendance to seminar as approved by DLSU-DDC and DLSU-D)
    • Travel documents
    • Acceptance/registration/invitation to the seminar
    *For personal travel, a member may avail of travel loan if he/she has no unsecured loan and has never been default for at least two months prior to the application of loan. Documents for attachment:
    • Travel documents
    • Ticket reservation
  5. Cut-off dates: same as the Regular Loan
  1. A member may apply for an appliance loan not more than Php 40,000 in a form of Abenson’s appliance buying scheme with no processing fee, payable in 12 months with a maximum of .75% interest per month, with fifteen (15) days grace period.
  2. A member may avail if he/ she has paid the share capital of at least Php10,000.00.
  3. Proof of purchase/receipts from accredited Abenson’s stores, SM appliance (Dasmariñas, Robinson Appliances Dasmariñas and Caparal Furniture must be returned to DC office within 15 days from the date of check issuance.
  4. A check can be tendered to the accepting merchant provided that the merchant issues a quotation and accept the check as legal tender (an option that could help the members secure an appliance loan without shelling out a cash)
  5. Reimbursement shall be accepted as a valid loan document provided that a proof of purchase/receipts must be submitted along with a picture of the appliance setup in the house. (this is an option that could help the members secure a bang for their buck in their appliance loan)
  6. Cut-off dates: same as the regular loan.
Motorcycle Loan**
  1. All members, regular or associate, are qualified for this type of loan provided;
    1. The share capital is at least Php 20, 000.00
    2. If the share capital is less than 20,000.00 but not less than Php10,000.00, the member may qualify if there is no pending educational and/or emergency loan.
  2. The loan is payable in 2 years.
  3. A contract will be provided for this type of loan.
  4. Loan application is subject for approval of the Business Development Committee (former Credit and Collection Committee).
Gadget Loan

Policy Statement: Any member may avail for Gadget Loan if s/he has all the following qualifications and requirements, to wit:

  1. A member must have a minimum share capital of:
    1. Php5,000.00 to qualify for a maximum loanable amount of P 25,000.
    2. Php10,000 to qualify for a maximum loanable amount of P50,000, provided there is no prior availment of an Educational Loan.
  2. 5% retaining net pay is a must.
  3. Loan is payable in either one year (24-semi-monthly installment), or a minimum of 6 months (12 semi-monthly-installments) with an interest of 9% per annum and 1% processing fee.
Business Assistance Loan

Policy Statement: Any member may avail for BAL if s/he has all the following qualifications and requirements, to wit:

  1. A member of DLSU-DDC for at least one year;
  2. Has been a Member in Good Standing (MIGS) for at least one continuous year;
  3. Has attended both the Business Plan Seminar and the Skills Enhancement Seminar;
  4. Has the requirements below:

For New Business:

Business Description (nature, location), Brief history of the business systems, products and Services, financial forecast (profit and loss) for twelve (12) months.To follow: DTI, business permit and Barangay Clearance.

With Existing Business:

Brief History of the Business,Products and Services, Cash flow and profit and loss forecasts summarized for one year, latest Financial Statement.

With 1 Co-Maker (if cash payment)or collateral

Completed Forms (Application, Promissory Note, Signed PDC guidelines, Acceleration Clause-in case of past due, payment shall be by salary deduction)

Terms and Mode of Payment:

  • The maximum loanable amount of not exceeding Fifty Thousand Pesos (Php 50,000) can either be paid weekly, or on the 15thand 30th of the month.
  • The term of payment shall not exceed 18 months plus service fee.
  • The term of payment shall not exceed 18 months plus service fee.
  • The effective interest rate is 1% Present Value of Annuity (PVA).
  • The first payment is due a month after the release of loan.
  • It can be paid by either issuance of Post Dated Check or cash (over the counter payment).
Memorial Loan
  1. The maximum loanable amount of not exceeding Fifty Thousand Pesos (Php 50, 000.00) can either be paid on the 15th and 30th of the month.
  2. He/She must paid the share capital of at least 10,000.00
  3. He/She must be members in good standing (MIGS) for at least 2 months.
  4. As a general rule, the loan can be availed again after the full payment of the same.
  5. The period of payment is twelve months or 24 monthshas to pay expenses or investment.
Renewal after full payment
Period of Payment 12 mos. or 24 mos.
Interest Rate and Service Fee if 12 mos. 0%, if 24 mos. 9% + 1%
Down Payment 0%
Rebate and Pretermination Fee No Rebate
Promo Loan

Policy statement: Any member can avail this loan if s/he has all the following qualification; to wit:

  • Member in Good Standing (MIGS) for at least one month.
  • Two co-makers
  • Loan Counseling by COOP Office.
  • Chinabank account number

The maximum loanable amount is P 20,000.00 payable in four (4) months only. This loan starts by month of October and ends by month of February. 3% processing free and zero interest. 50 members can avail of this Promo on a First Come, First Served Basis. Cut-off date is same as the regular loan.

Re-structuring of Loans

A member who has past due in any of his/her loans and the loans are subject for settlement with the conciliation and mediation committee may avail of re-structuring. The re-structuring of Loans shall result to the consolidation of all loans upon payment of at least 40% of the loan. The total amount in consolidation shall be the principal amount. The loan period shall not exceed twelve (12) months with an interest of .75% per month. The effects of re-structuring are as follows:

  1. A member shall fill up another loan application;
  2. S/he shall secure other co-makers;
  3. S/he is temporarily barred from availing any loans until its full payment.

Manner of Payments

Salary Deduction

  1. Regular employees
  2. Probationary (remaining months of the semester except with certification from the immediate head)
  3. Part-time/contractual (remaining months of the contract except with certification from the immediate head)

Post Dated Checks (PDC)

The customary mode of payment is thru salary deduction. All loan applications shall be accompanied with two (2) latest pay slips. However, a member (Part-time or Associate) may opt to pay her/his indebtedness thru issuance of checks subject to the following conditions:

  1. The Cooperative will only accept personal checks if the account is in the name of the borrower her/himself. In the absence thereof, a certification from the bank that s/he is a depositor of the same for at least six (6) months is needed.
  2. A photocopy of bank statement (at least two months), and her/his business permit or other documents that would substantiate her/his capacity to pay.

The following are the guidelines on the issuance of Post Dated Checks (PDCs) to answer the existing monetary obligations:

  1. A penalty of Php 200.00 shall be imposed immediately on PDCs which become due for encashment but were not encashed due to request of the borrower to the cooperative’s manager not to encash or deposit the same. The request shall be made two days before its due date for deposit. Otherwise, it will be deposited.
  2. PDCs which remained unfunded on the 4th day from date thereof shall incur additional Php 200.00 per day of delay. Wednesdays (No business transactions), Saturdays, Sundays and other holidays are not included.
  3. The subsequent request to hold the check for deposit shall not be allowed if the previous PDC was not deposited yet.
  4. The penalty stated above takes the place of interest which should be imposed for delay in meeting the obligation.
  5. A PDC which was issued to insure payment of the loan from the cooperative but was subsequently closed by the drawer/depositor without prior notice to the cooperative, or bounced, leaves the cooperative no option but to declare the borrower in-default as a consequence of which, the whole amount of the loan shall become due.

Requirements/Documents

SALARY DEDUCTION

  • Pay slips (Two latest)
  • Co-makers (if unsecured)
  • Promissory note
  • Certification of renewal of contract/rehiring(if applicable)

PDCs

  • Proof of other income
  • Co-makers (informed of the manner of payment)
  • Acceleration clause
  • Promissory note
  • Signed PDC guidelines

Pledges and Co-Makers

  1. A borrowing member pledges her/his total investments (present and future) to secure her/his loan. S/he shall also authorize the DLSU-D DC to deduct from her/his salary, retirement/separation pay and other amount due her/him as payments for the matured amount.
  2. The co-makers shall be liable to pay the matured amount, as may be determined by the Cooperative, upon failure of the principal to comply with the obligation .A member may become co-maker for not more than three (3) borrowers.
  3. In general, co-makers are already waived if the loaned amount is less than or equal to his/her capital contributions.
  4. Two (2) co-makers are required in any loan applications.
  5. Board of Directors & officers are not allowed to be co-makers.

Approval of Loans

  1. All loan applications shall be subject to verification and approval of the Credit and Collection Committee meeting en banc or majority. Questionable loan applications shall be referred to the board of directors. Emergency Loan (urgent) shall be referred to the General Manager or the Chairman for immediate decision.
  2. Consideration of a loan by the Credit Committee shall be based on four (4) C’s namely:
    • CHARACTER LOAN - Is it for productive or provident purpose?
    • CAPITAL - What is the paid-up capital of the member?
    • CHARACTER OF THE MEMBER - Is s/he in good standing?
    • CAPACITY TO PAY - Can s/he pay back regularly his Indebtedness?

Loan Surcharges

Surcharge shall be made if amortization/ installment payment given by the borrower-member is less than what is due, a penalty of one percent (1%) per month on the difference shall be imposed. This surcharge of one percent (1%) per month is applied to all unpaid due accounts.

Loan Payment in Case of Member’s Death

Outstanding balances on all loans of members who die within the loan payment period must be paid either by insurance (for loaned amount of at least Php 50,000.00, it shall be paid by the Loan Redemption Insurance) or by the capital contribution and other benefits of the decedent.

In Default Payment of Loans

Payment is deemed in default when the borrower fails to pay the scheduled installment and such payment becomes due and demandable at the option of the Cooperative.

  1. A member who has two (2) past due shall be considered in bad standing.
  2. The re-instatement of member in bad standing to good standing takes place upon full payment of any or all over due accounts.

Order of Application of Payments

Any payment made by a member or any amount due to a member but withheld shall be applied in the following order:

  • Surcharge
  • Canteen Services
  • Petty Cash Loan
  • Birthday Loan
  • Grocery Loan
  • Emergency Loan
  • Travel Loan
  • Educational Loan
  • Regular Loan
  • Privilege Loan
  • Mortuary Assistance
  • Capital Build up

*The foregoing is being adopted and approved by the Board of Directors during its planning workshop on May 28, 2010 at Banio Creek, Silang, Cavite.

Aging of Capital***

Any member who would like to increase their share for the purpose of borrowing the amount equivalent to thrice the capital (old plus the added share) will need to wait for a month before he/she avail of the desired loan.

Loan Deferment

A loan deferment of maximum of two months may me allowed only upon payment of at least 6 amortizations of the loan. (Note: Not applicable to those on maternity leave).

Unsecured Loans

At least 10% of the net pay of the borrower should be left after the amortization for the applied loan is deducted.

Legend:
  • * approved during the July 29, 2010 BOD meeting. August 2, 2010 - start of implementation.
  • ** approved during the June 26, 2013 BOD meeting. July 4, 2013 - start of implementation.
  • *** This was implemented in the afternoon of August 2, 2010 (that is loan to be approved on August 9, 2010). This covers all types of loan services.
/grace 7.12.13

Revised Collection Procedure

The following procedures shall be strictly followed in dealing with members with salary deficits. This shall be strictly implemented in the collection of payments of loans, but excluding savings of members.

  1. The moment the office receives the deduction report from the DLSU-D Accounting Office, the clerk in-charge should generate a report on the deficiency of members on their loan payments and the same will be forwarded to the Credit & Collection Committee for review.
  2. The Credit & Collection Committee, through the COOP Office, will send a memo to all members with deficits for the current pay period. A grace period of 7 days will be given to members to settle their deficit. If the member fails to pay his obligation (deficit) within that period, the same will be forwarded as deduction for the next pay day.
  3. In the event that a member who has been given a deficit memo for the previous pay day incurs another deficit on the succeeding payday, he/she will not be given another memo, but the case will be forwarded to the Mediation and Conciliation Committee for settlement. The Credit & Collection committee submits the names of those members, who incur deficits for the second time, together with the amount of unpaid loan(s), and the names of his/her co-makers to the conciliation committee.
    • The Mediation and Conciliation Committee sends memo to the delinquent member and his/her co-makers inviting them for a conference. The conference should be held within 4 days upon receipt of the member and his co-makers of the notice to appear. Non-appearance of the concerned members in the conference would mean waiver of their rights to make the necessary arrangement on how they could settle the unpaid loan balance. In that case, the Mediation and Conciliation Committee shall motu propio decides cases. The results of the conference will then be forwarded to the Credit & Collection Committee, copy furnished to the COOP Office and the BOD.
  4. The Credit & Collection Committee acts on the recommendations of the Mediation and Conciliation Committee.
  5. The action of Credit & Collection Committee shall be executory. Any appeal thereof shall be addressed to the BOD.
  6. In the event that the delinquent member fails to meet the agreement they made with Mediation and Conciliation Committee, the Credit & Collection Committee comes up with a report to the Board of Directors. The BOD acts on the report and takes the necessary legal action.

Stock Termination

Guidelines on termination of membership by withdrawal prior to the 60 days waiting period

  1. Any member desiring to terminate his membership by withdrawal must give sixty (60) days written notice to the Board of Directors. However, no member shall be allowed to withdraw or terminate his membership during any period in which he has any pending obligation with the cooperative.
  2. Guidelines on transfer of shares shall be governed by Article 4, Section 8.

Guidelines on subscribed capital

  1. The minimum subscription shall not be less than Php 5,000.00.
  2. Subscribed capital shall be paid within a year from the date of the effectivity of membership.
  3. In case the member failed to pay the subscribed capital within a year, his/her aggregated contribution shall be considered as the paid up capital.
  4. The cooperative shall not accept the re-application of any members whose membership was terminated due to delinquency of account, past dues, violation of by-laws and other pertinent laws on cooperatives, and the like.
  5. The re-application shall be at least a year after the effectivity of his/her withdrawal. He/she shall secure a form and must complete all the requirements for new members.

Office Hours

Monday to Friday except WEDNESDAY
8:00 A.M. to 6:00 P.M.
12:00nn - 1:00 PM lunch break
Saturday (by appointment only)

  Overview

  Related Links

  Search DLSU-D

© Copyright 2018. All Rights Reserved. | De La Salle University -  Dasmariñas

Date Last Modified |