The FlorAl Savings and Credit Cooperative Kicks Off its Operations

The FlorAl Savings and Credit Cooperative (FSCC) has finally kicked off its operations on November 10, 2018 through the inauguration of its office at 37 Lower Atab Sto. Tomas Proper, Baguio City, induction of its officers, and the launching of its credit services.

Apart from these events, the first batch of the 3rd Pre-Membership Seminar (PMES) was conducted by the BDO Vice Chairperson and Chairperson for the Training and Education Committee Lea C. Papay to three (3) new member applicants. This was followed by other activities to include a simple thanks giving mass officiated by Pastor Victor Sibayan, the unveiling of the FSCC's cooperative logo led by the Chairperson Catherine B. Puckett with the assistance of the General Manager Valentina B. Abnasan, and the awarding of Share Certificates (SC) to ten (10) members who were able to pay in full their subscriptions. They were Jennelyn M. Acma, Jose B. Buclay, Mary Alice B. Bernal, Robert L. Bernal, Valentina B. Abnasan, Louie Joe C. Banaken, Gladys B. Alcido, Oliver B. Alcido, Dan Gerald A. Salunga, and Dra. Stephanie Joy B. Abnasan.

Mr. Romy Denis of the Cooperative Development Authority (CDA) who had consistently provided assistance to FSCC since the conduct of the 1st Pre-Registration Seminar (PRS) gave his inspirational message to all the cooperative members and guests present, after which he inducted the elected and appointed officers of FSCC. Mrs. Teresita Guisala also gave her short inspirational message.

As the members and guests enjoyed the sumptuous food prepared for the day, the credit services of FSCC were launched using the systems designed by the Chairperson of the Audit Committee, Martin B. Papay Jr. that were installed to the newly purchased computer of the cooperative. A total of five (5) members availed the credit services of FSCC of which four (4) were granted with Regular/Personal Loan while only one (1) was released with Grocery Loan. The verification of the members' qualifications to borrow were done using the Members' Data Management and Information System (MDMIS), the Loans Management and Information System (LMIS) was used for the processing of the loans, the Cash Management & Information System (CMIS) for the payments and release of the loan proceeds, and the Financial Management & Information System (FMIS) for the recording of the loans processed, paid, and released.

Further, a business meeting was held which was facilitated by the BOD Chairperson to finalize the unfinished business on the deposit services of FSCC. On the said business meeting, it was unanimously agreed that the supplemental deposit services will start on December 1. The Certificate of Time Deposits (CTDs) will be open for FSCC members only with a minimum deposit amount of P10,000.00 to earn an interest of 6% per annum for a term of either 3, 6, 9, and 12 months. It was also unanimously agreed that any CTD withdrawn in less than 50% of its term shall not earn an interest and CTDs withdrawn in more than 50% of its maturity shall be paid 80% of the total computed interest upon pre-termination. Deposits generated from the CTDs will be used for development/ productive loans to qualified members who do not have existing loan obligations upon application. The minimum loanable amount is equivalent the member's Paid-up Share Capital and the maximum loanable amount is up to three (3) times but shall not exceed P150,000.00.

On the other hand, in response to the CDA's advocacy to promote savings among dependents of cooperative members in the country, it was also agreed that a savings deposit shall be offered to the dependents of FSCC members as junior savers. The initial amount to open a savings deposit account is P100.00 and to earn an interest of 1% per annum, the junior savers shall maintain a minimum balance of P500.00.

Finally, to close the said events, a second batch of PMES was given by one of the members of the Training and Education Committee, Dra. Stephanie Joy B. Abnasan. This was participated personally by Heide Yuri B. Dumaran and Mary Alice B. Bernal through a teleconference. As of November 10, 2018, FSCC has forty-two (42) official members with a total subscribed share capital of P1,357,600.00 of which the paid-up share capital is P581,900.00, the total loans released during the launching of its credit services is P57,000.00 with five (5) borrowers.