Tidbits and Bytes: Simbayanan ni Maria Multi-Purpose Cooperative: A Cooperative Established for Total Human Development

On January 26, 2015 I decided to join Simbayanan ni Maria Multi-Purpose Cooperative (SMMPC) in Taguig City. The cooperative was registered as a non-stock organization in 1991 by Father Anton Pascual as the Founding Chairman. Father Anton was the parish priest of Our Lady of the Most Holy Rosary from 1988-1992. The church is located in Bgy. Lower Bicutan, Taguig City.

What is Simbayanan ni Maria Multi-Purpose Cooperative?

According to its website, SMMPC envisions itself to become "A Community cooperative with integrated social and business entrepreneurship services for the total human development of all cooperators." Its mission is to practice good governance, efficient and effective management and fully empowered membership with the culture of cooperativism as a way of life". God-centredness, social responsibility, personal discipline, and FAITH are the core values of the cooperative. FAITH stands for fairness, accountability, integrity, transparency, and humility."

What are the services offered by SMMPC?

Services offered by SMMPC are the following:

1. Savings Deposits

a. Regular Savings – P2,800.00

b. Young Savers – P250.00

c. Time Deposits

2. Loan Products which include:

a. Business Load Non-Collateralized and Share Capital Empowerment

b. Real Estate Mortgage

c. Back to Back Loan

d. Motor/Vehicle Loan

e. Jewelry Loan

3. Other Services

a. Bayad Center

b. Western Union Money Remittance

c. PhilHealth Payment Acceptance

d. Social Entrepreneurial Training

e. Insurance Death Benefit

f. Scholarship-SMCFI

g. Venue for all occasions

Cooperative is one of the four business organizations (the other three are sole proprietorship, partnership, and corporation).Therefore, being a member in a cooperative means being interested in investment. I chose Regular Savings and paid P2,800.00 broken down as follows: Share Capital - P1,700.00, Savings Deposit - P500.00, Damayan Trust Fund - P300.00, and Membership Fee - P300.00. I filled out several forms, namely, the Member Data Form, Damayan Form, Signature Card, and Insurance Form. Requirements are a photocopy of 2 valid IDs (I submitted company ID and Passport), 2 pcs 1x1 ID pictures, and Certificate of Attendance of Pre-Orientation Seminar. After 30 minutes of processing my application, I was issued with SMMPC ID, a T-shirt, and a Passbook showing all the fees I paid. I intend to increase my share of capital by depositing once every month not less than P500.00. The higher the share capital is, the higher the dividends.

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Updated as of April 17, 2016

I decided to upload some documents I got from SMMPC as a member.

1ST APPLIANCE LOAN WORTH P6,200.00

(AMPLIFIER FROM ABENSON APPLIANCES)