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Members Integration (Open and Voluntary Membership)

 ·      Application and Pre-Membership Seminar      

In applying membership in Our Lady of Mt. Carmel Parish Credit Cooperative, they have to attend the PMS (Pre-Membership Seminar). In PMS, the principles of cooperative are explained and all the rights, responsibilities and privileges are given and are encountered. The PMS was held every 2^nd Saturday of the month. The purpose of the PMS is for the people to understand the objectives and the purposes of this credit cooperative.

·        Responsibilities       

The responsibilities of a member of the cooperative are to attend the general assembly; to increase the contribution by at least twenty percent (20%) at their capital share annually; to pay their loans at the right time; and to cooperate, helping each other by cooperating and attending their seminars and programs.

·        Rights of the Members      

The rights of a member of the credit cooperative are entitled to all benefits they got from all their lending operations.

·        Privileges       

A person once become a member of OLMC credit cooperative, he/she will get lots of privileges and this are the following:

1. Every member called share holder
2. They can loan without collateral
3. They can loan at a less interest
4. Dividend
5. Death-aid benefit
6. Loan Redemption Fund
7. No tax

 Capital Contribution (Democratic Member Control)         

Cooperatives are democratic organizations controlled by their members. In OLMC, members have equal voting rights (one member, one vote) and also organized in democratic manner.  The members in OLMC treated equally regardless of member background or what social status he/she might be. 

Members Economic Participation           

Members of OLMC contribute a lot for its developments especially in the money contribution.  Members must pay P200 for membership fee and must participate in the savings programs which indicated below;

·        Subscribe for at least ten (10) shares and pay for them either in lump sum or installments under the terms and conditions prescribed in the Membership Agreement;

·        Increase contribution by at least twenty percent (20%) of his/her capital share annually;

·        Maintain P200 deposit for the Damayan Fund.Active member of OLMC can avail his/her patronage refund every end of the year the amount he/she can get depend on the contributions that he/she have contributed in lending program of OLMC.  

Cooperative Governance (Autonomy and Independence)         

The OLMC until now did not have accepted any donations from other organizations or even in government.  They try to apply to get grant from Pondo ng Pinoy and also try from Congressman Bingbong Crisologo, but because of lack of requirements to be passed until now they still haven’t accepted any donations from said organizations.  They give donations especially in church.   

Member Education (Education, Training and Information)         

The OLMC also provide education and training for their members and employees so that they can contribute well and effective for the development of OLMC.  One of the seminars that OLMC employees have attended is the “Seminar Forum Salient Features on the Manual of Rules and Regulations for the Credit Cooperative” this seminar held last Saturday, February 23,2008. 

Cooperative Network (Cooperation among Cooperatives)            

In this principle, for them to serve members well, the Board of Directors and Committees held meetings every first Saturday of the month.  In their meeting according to them, they talk about on the development of the cooperative.  They talk also on implementing new programs that can help for the generation of funds  and how it will going to make that can help for the improvement of their cooperative.  They also tackle the problems that OLMC have encountered, and they make solutions for it.  They make solutions that cannot only prevent whatever problem they have encountered but even solve it for the coop future sake so that it will not happen again. 

Concern for Community         

All OLMC programs are good that not only for the benefit their members  but also for community.  One of the savings programs is Damayan Fund, this fund came from members and this can help their family in case if  any accidents happen to members.  This serves as their insurance in OLMC  so that whatever will happen to them their family won’t suffer for financial problems, the OLMC will help their family. 

Reflections:  

1^st principle      

The Our Lady of Mount Carmel Parish Credit Cooperative in Project 6 Quezon City, is one of the Credit Cooperatives in the Philippines. This Cooperative also applies the Seven Principles of Coop. In first principle which is the Voluntary and Open Membership, anyone in their community can join as long as they pass all the requirements needed in joining in this credit cooperative.  As I notice when we visit in OLMCP, they served their members well disregard of the economic background of the members.  If the individual wants to be a member of this cooperative he must attend the (PMS) Pre Membership Seminar for him to understand what is this cooperative really is and for him also to know his rights and responsibilities.             

2^nd principle

In second principle which is the Democratic Member Control, OLMC regular members or what they call active members have the right to vote or be voted.  These active members are the one who’s participating in all activities of OLMC and regularly attaining the general assembly.              

3^rd principle

In OLMC members contribute equitably for the capital of their cooperative,  at the end of the year they also obtained their patronage refund, the patronage refund that OLMC members can get is based on the amount of money he borrowed and also he pays back.  

4^th principle

The OLMC is an autonomous and independent cooperative because they didn’t accept any donations from other organizations.  OLMC is the one who give donations to the church.   

5^th principle

OLMC gives seminar to their members  and even the staffs also have seminars from other credit cooperative organizations so that they know the newest way on how to make programs that can help their cooperative grow.  Continuing education in every cooperative is a must because it can really help them in many ways.  

6^th principle

OLMC members cooperate with each other and contribute in every activity that the coop have.  In that case, OLMC for me is one of the cooperatives in the Philippines that may continue to develop and may even have a chance to grow more in the future because of that cooperation they show.  I learned that cooperation in a cooperative is the most effective way for them to stay in a business and also to make this business even more productive.  

7^th principle

In this principle I learned that OLMC serves not only for their members but also for the community.  I remember when we interviewed one of the BOD of OLMC One thing he said that I cannot forget is, “in credit cooperative, members are not just earning profit from lending operations, they are also serving and helping the community” and this is one of the objectives of this Credit Cooperative… to help and serve the community.