The Bakas Cooperative Development’s ARTICLE II MEMBERS BENEFITS section 1: PATRONAGE REFUND: a member is entitled to patronage refund in consumer sector if he/she paid the minimum amount of share capital five hundred pesos;computation of patronage refund will depend on the net income of the consumer sector in a specified year. Individual patronage will be % of the consumer patronage computed according to By Laws; in producer sector, since customers are foreigners the producer workers will be benefited if the producer sector had an income. He/she must be a member/worker of the Bakas cooperative. The patronage will depend on their salary. Individual patronage will be % of the producer patronage computed according to By Laws; and credit sector patronage,will depend on how much loan a member had avail within a year. Member’s patronage will be % of the credit sector patronage computed according to By Laws. Section 2: DIVIDEND: a member shall have a dividend if he/she had paid the minimum amount of share capital five hundred pesos before the specified cut off date of the year; the dividend of member will depend on the share capital he/she had paid up.Computation will depend on the net income of the cooperative in a specified year; and both dividend and patronage are computed within a year and summarized as one per member. Deductions are specified as By Laws 70% will be return to members and 30% will be for Cooperatives: education, social, and general reserve fund.Section 3: DIVIDEND/PATRONAGE DEDUCTION: members whose share capital build up within a year is less than the required amount one peso per day: three hundred sixty five pesos per year shall be deducted at their dividend/patronage for the year; members with over due accounts, their dividend/patronage for the year will be appllied as payment for their accounts; and Tulungan Fund benefit release for the members, 5% for share capital, Php.50.00 for absent in General Assembly meeting. Secton 4: CREDIT LINE AND LOANS: members can avail credit line consumer sector if if he/she had paid up the minimum amount of five hundred after 3 months of pre-membership seminar. It will depend on his/her share capital. 1/2 of the share capital will be his/her credit line or a maximum of one thousand pesos per month whichever is the highest. It is payable within a month, 2% will be added to the remaining balance, if not paid within a month; members can avail any kind of loan after 3 months of his/her pre-membership seminar. The credit committee will decide for the loans of members as scheduled per month. Application of loans will be for scheduling. All kinds of loans are subject for approval of credit policy of the Bakas Cooperative; application of regular loan will be scheduled by the loan officer. Members who are scheduled for the current month will come every 1st Friday of the month. The release of loan will be one week after application; the amount of loan for release evry month will depend on the last month cash collection. It will depend also on the current bank balance; a member can avail any kind of loan as long as he/she has no balance. Upon full payment of current loan, after one month for schedule of another loan; and application of loan for new member will 3 months after full payment of minimum share capital five hundred pesos.
REFLECTIONS:
I’ve learned that not all the members could avail loan unless he/she qualify for it.
I’ve learned that aside from salary given to members they will recieve dividend and patronage refund.
I’ve noticed that there was an exchange benefits between members and the coop, like, when the members support the Bakas Consumers Cooperative the Bakas consumer coop will continously rising and the members will recieve patronage refund at the same time.
