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TABUK CITY, Kalinga – Designed to increase the capital build-up (CBU) of its members, the Ambigatton Multipurpose Cooperative has applied this year its new interest rate for the three loan types.
Manager Antonio Tagway said that for regular loan, special loan and salary loan, the new rate is at.67 percent monthly from its previous 1.25 percent, 1 percent, and 1 percent, respectively. This, he said brings up to 8 percent interest rate per annum.
With this new scheme, the monthly CBU is at 5 percent percent for salary loan from the previous 2 percent, and 4 percent for special and salary loan.
In operation for 19 years now with 377 members who are all regular employees of the Kalinga Provincial Local Government Unit, the new interest rate is a big help to members, Tagway said.
He also clarified that there is no way that this will lead to loss of profit of the cooperative.
Apart from the three loan types, the main service of the Ambigatton MPC is a pharmacy located at the Kalinga Provincial Hospital (KPH) to augment its medicine supply in case medicines for common illnesses sold at the KPH pharmacy fall short.
The medicines available at the Ambigatton MPC are sold at a cheaper price.
The manager also said that with the COVID-19 pandemic, the cooperative also gave out P250.00 to each member added to their capital share as one of its corporate social responsibilities apart from the activities conducted before like tree planting and medical mission.
Tagway also noted that the Ambigatton MPC has contributed to local employment when it employed nine staff workers.
According to Tagway, the cooperative adheres to the basic cooperative philosophy of service first before profit, and an increase in CBU also means increase on dividend and patronage refund to balance the disparity among members. This, he said results to equality among members regardless of their capital share.
Adhering to the cooperative principle, the “Cooperation among Cooperatives,” the Ambigatton MPC deposited P500,000 to the Tabuk Municipal Officials and Employees MPC to augment their operating fund for their lending services. By Darwin S. Serion