Frequently Asked Questions
Membership
How to be a member?
- Approved application for membership;
- Certificate of completion of the prescribed Pre-Membership Education Seminar (PMES)
- Subscribed and paid the required minimum share capital and membership fee
- Others that may be required
What are the qualifications for membership?
The membership of this Cooperative is open to all natural persons, Filipino citizens, of legal age, with the capacity to contract and, who is a resident within the area of operation.
How much is the minimum amount required to become a Coop member?
₱2.500.00 mandatory initial payment to become a NEC MPC member
Breakdown of ₱2,500.00
- Share Capital – ₱1,650.00
- Savings – ₱100.00
- Membership Fee – ₱200.00
- ID/Passbook – ₱50.00
- Damayan Insurance – ₱500.00
Total = ₱2,500.00
Share Capital
Is it Mandatory to deposit on your Share Capital account?
Yes, as per NEC MPC By-Laws Article II under Membership Section 7. Duties and Responsibilities a member shall pay the installment of his/her share capital subscription as it falls due and participate in the capital build-up and savings mobilization activities of the Cooperative.
Is Share Capital withdrawable?
Share Capital is only withdrawable upon termination
How does Share Capital earn interest?
Share Capital earn interest through the performance of each Branches
Credit
How to apply for a loan?
Members must first answer the Loan application form and other mandatory forms and then proceed to their COOP branch to get an assessment for their Loan Application. If the Loan assessment is okay with the member he/she will undergo a Credit Investigation/Background Information (CI/BI) by the Loan Officer to verify the truthfulness of the information that the member has stated in the forms. Once the LO approves the CI/BI member then needs to wait for the approval of the Supervisor depending on the Loan amount.
What are the requirements needed when applying for a loan?
Requirements:
- Co-maker (COOP Member)
- Co-maker contact number and 1 x 1 picture
- Xerox of Co-maker valid ID with 3 signatures
- Fill Up Loan Application Form
- Promissory Note
- Health Declaration Form
- Business Permit/Licenses
- Proof of billing
- Post-dated check (PDC) for Loan of more than ₱50,000.00
- Other requirements that the Management sees eligible for the Loan approval
How long is the approval of the loan application?
Maximum of 1 – 2 weeks
Savings
What are the Interest rates of Savings?
- 3% Interest per annum
- Interest posting every quarter
- Tax-Free
What is the initial amount of deposit?
- Initial Deposit ₱100, 00 (Open Account)
- ₱500,00 Deposit to earn interest
Insurance
How to claim death benefits on insurance?
- Members must first inform and provide necessary documents to their respective coop branch
What are the requirements for death claims?
- Claim Form
- Coop Application Form
- Death Certificate of insured: Original or Certified True Copy (Signed, Sealed and numbered by the Civil Registrar)
- Birth or Baptismal Certificate of the Insured
- Birth Certificate of the Beneficiary
- Marriage Contract (If member is married)
- Health Questionnaire (with proxy vote)
- Claimant's Statement use NMBAI Form
- Physician Certificate use NMBAI Form
- Police report if death is due to accident
- Post Mortem/ Autopsy Report (If any)
- 1 Photocopy of valid ID of insured
Others
Is NEC open for partnership?
Yes, NEC MPC is open for partnership, especially for activities that involve learning and helping the community of our Cooperative
What are the Cooperative’s programs?
NEC MPC programs mainly revolve around the needs of our members: Educational Seminars, Environmental Activities, Community Development programs, and Livelihood programs.