Members Benefits and Programs
SMDS Cooperative presently offers the following benefits and programs to its Regular Members:
1) Borrowing Facilities: Up to two times (2X) of share capital and participating deposits/investments kept under “hold-out” plus the signature of an acceptable co-maker from among the regular members to partly secure the loan under the loan programs established by the Board from time to time which cover at least interest rate, maximum ceiling, maximum term and additional securities. Loanable amount can also be a multiple of up to 4X depending on the purpose and credit worthiness of the borrower.
2) Interests on Share Capital – are paid to Regular Coop Members depending on the performance of the SMDS Coop. For the records, SMDS Coop has paid at least 20% interest on share capital since 1999.
3) Free Group Life Insurance Coverage of P 25,000 or P50,000, depending on the selected share capital program. Members with P 2,500 share capital is insured for P 25,000 while those with P 5,000 share capital are insured for P 50,000. The premium on this group life insurance is shouldered by the Coop. Note, however, that the effectively of the enrolment is subject to the completion of the insurance form, and the final acceptance and enrolment of the Insurance Company concerned, which normally is one month after application. The Insurance Company has the prerogative to regulate or deny such any application. Enrolled members for insurance are issued a certificate of enlistment. Periodic and annual premia are thereafter paid by the Coop administration. If an individual share fall below the required minimum share capital, the insurance coverage is also automatically cancelled. Maximum insurable age of Regular Members is 65 years old.
4) Patronage Refunds – are paid to borrowing Regular Coop Members depending on the performance of the borrower and the SMDS Coop. For the records, SMDS Coop has paid between 20% to 40% of their interest payments as Patronage Refund since 2000. It has been the stated policy of the Board and the General Membership to provide more benefits to Patronage Refund than to Interest on Share Capital.
5) Hospitalization fund – is a social fund established and allocated by the Board of Directors, subsequently ratified by the General Membership. The purpose is to partly subsidize emergency hospital requirements of Regular Members. The total amount is allocated per area every year depending on the financial performance of the Coop. The financial subsidy is up to a maximum P3,000 per individual per year. Policies and procedures to cover this program as subject to change by the Board from time to time, which will normally include approaching the area director and/or collector concerned and/or visiting the coop office. Necessary formal requests are needed.
6) Damayan fund – is a burial assistance benefit. As directed by policy, all regular members are to be informed and will contribute of P50 from their regular savings once a qualified Regular Member dies. The total amount due the member’s beneficiaries is a multiple of total regular membership as of the date.
7) Community Fund – was established to support area projects that will benefit not only coop members but the area community at large. Annually, funds are allocated for this purpose depending on the financial performance of the coop. The General Community Fund is distributed based on the pro-rata income per area. All programs are submitted for Board approval.
8) Free use of internet: Members are allowed internet use and service for free during regular working hours.
SMDS Cooperative presently offers the following benefits and programs to its Regular Members:
1) Borrowing Facilities: Up to two times (2X) of share capital and participating deposits/investments kept under “hold-out” plus the signature of an acceptable co-maker from among the regular members to partly secure the loan under the loan programs established by the Board from time to time which cover at least interest rate, maximum ceiling, maximum term and additional securities. Loanable amount can also be a multiple of up to 4X depending on the purpose and credit worthiness of the borrower.
2) Interests on Share Capital – are paid to Regular Coop Members depending on the performance of the SMDS Coop. For the records, SMDS Coop has paid at least 20% interest on share capital since 1999.
3) Free Group Life Insurance Coverage of P 25,000 or P50,000, depending on the selected share capital program. Members with P 2,500 share capital is insured for P 25,000 while those with P 5,000 share capital are insured for P 50,000. The premium on this group life insurance is shouldered by the Coop. Note, however, that the effectively of the enrolment is subject to the completion of the insurance form, and the final acceptance and enrolment of the Insurance Company concerned, which normally is one month after application. The Insurance Company has the prerogative to regulate or deny such any application. Enrolled members for insurance are issued a certificate of enlistment. Periodic and annual premia are thereafter paid by the Coop administration. If an individual share fall below the required minimum share capital, the insurance coverage is also automatically cancelled. Maximum insurable age of Regular Members is 65 years old.
4) Patronage Refunds – are paid to borrowing Regular Coop Members depending on the performance of the borrower and the SMDS Coop. For the records, SMDS Coop has paid between 20% to 40% of their interest payments as Patronage Refund since 2000. It has been the stated policy of the Board and the General Membership to provide more benefits to Patronage Refund than to Interest on Share Capital.
5) Hospitalization fund – is a social fund established and allocated by the Board of Directors, subsequently ratified by the General Membership. The purpose is to partly subsidize emergency hospital requirements of Regular Members. The total amount is allocated per area every year depending on the financial performance of the Coop. The financial subsidy is up to a maximum P3,000 per individual per year. Policies and procedures to cover this program as subject to change by the Board from time to time, which will normally include approaching the area director and/or collector concerned and/or visiting the coop office. Necessary formal requests are needed.
6) Damayan fund – is a burial assistance benefit. As directed by policy, all regular members are to be informed and will contribute of P50 from their regular savings once a qualified Regular Member dies. The total amount due the member’s beneficiaries is a multiple of total regular membership as of the date.
7) Community Fund – was established to support area projects that will benefit not only coop members but the area community at large. Annually, funds are allocated for this purpose depending on the financial performance of the coop. The General Community Fund is distributed based on the pro-rata income per area. All programs are submitted for Board approval.
8) Free use of internet: Members are allowed internet use and service for free during regular working hours.
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