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Wednesday, October 7, 2009

Member Classification - FICCO

Class A1 Plus :

• Must have P50,000 minimum share capital
• 5 years minimum membership at “A” classification status
• Zero arrears in loan repayments
• Must have availed of FICCO Loan for five cycles
• Must have invited at least ten (10) new members who became regular Class A members
• Must have volunteered their time and services to FICCO by either as BOD, ELECOM, CRECOM, AIC, or EDCOM for at least one term. Services rendered during annual General Assemblies will be credited,
• Must have maintained the required ten percent (10%) annual growth of their Share and Savings or at least Ten Thousand Pesos ( Php 10,000.00) whichever is lower.
• A member who has maintained an A1 classification status for the last 3 years should merit certain privileges such as:
a.) Longer repayment term, automatic loan ceiling increase of ten to twenty-five percent (10%-25%) subject to the requirement that the new loan monthly amortization shall not exceed one hundred fifty percent (150%) of the immediately preceding loan amortization.
b.) One (1) co-maker
c.) Higher multiple of one step than the rest of the members subject to the provision on collaterals and amortization guidelines.

Class “A1” :

• Members who have established good loan track record for at least one (1) year, if term is more than one (1) year the reckoning will be the term of the loan;
• Pay loans on or before due date;
• Monthly depositor;
• With at least 10 % increase or P5,000 in share & /or savings deposits whichever is lower;
• Has attended at least one of the last 2 general assemblies.
• Must have good character and has the Capacity to pay

Class “A”:

• Members who have established good loan track record for at least one (1) year, if term is more than one (1) year the reckoning will be the term of the loan;
• Pay loans monthly but avails the 3-day grace period;
• Monthly depositor;
• With at least 10 % increase or P5,000 in share & /or savings deposits whichever is lower;
• Has attended at least one of the last 2 general assemblies.
• Must have good character and has the capacity to pay


Class “B”:

• Members whose loan record is less than 1 year, or
• Pay loans within the month but exceeds the 3-day grace period;
• Failed to deposit from one to two months during the 4-month reckoning period;
• Has attended the last general assembly.

Class “C”:

• Members who failed to pay loans for two months during the term of the loan;
• Failed to deposit for two months during the 4-month reckoning period;
• Has attended the last general assembly.


Class “D”:

• Members who failed to pay loans for two months during the term of the loan;
• Failed to deposit for three months during the 4-month reckoning period;
• Failed to attend the last general assembly

Class “E”:

• Members who failed to pay loans for three (3) months or more during the term of the loan;
• Failed to deposit for one or more months during the four-month reckoning

3 comments:

Anonymous said...

why do you need to have a membership classification? for all i know cooperative is based on self help, volunterism and fairness. what if the members does not meet all the requirements for class a1? for example the member is good, has the capacity to pay but he cannot meet the requirements of recruiting new members? what will happen to the member? less privilege to loan facilities? less benefits? then where is fairness?

Anonymous said...

i think membership classification is applied because it encourages a member to establish a good credit record.fair benefits can be given to every member but it would be based on each performance in helping the cooperative sustain its existence.without the help of the members,which can be considered as owners too,the cooperative won't lasts.

Anonymous said...

why do you set standards for who may be the members of a cooperative since accdg.to Art.26,Ibid....any natural person, who is a citizen of the Philippines...