2011 R - 032 - SETTING THE TERMS AND INCREASING THE MAXIMUM AMOUNT FOR GROCERY LOANS

Excerpts from the Minutes of the Regular Meeting of the Board of Directors of the Olongapo City Government Employees Multi-Purpose Cooperative (OCGEMPC) Held on 22 July 2011 at the Board Room of the Subic Bay Water Regulatory Board, Subic Bay Freeport Zone

Resolution No. 2011-032 - SETTING THE TERMS AND INCREASING THE MAXIMUM
AMOUNT FOR GROCERY LOANS

Upon motion duly made and seconded, the members of the Board of Directors of the OCGEMPC in meeting assembled do hereby:

RESOLVE AS IT IS HEREBY RESOLVED, that Resolution No. 2011-025 otherwise known as the OCGEMPC Consolidated Credit and Collection Policies be amended, as it is hereby amended to the effect that:

1. The maximum amount of grocery loans that may be availed by members is increased to Three Thousand Pesos (P3,000), in gift certificates;

2. The maximum terms of the grocery loans are: P500 – 1 month; P1,000 – 2 months; P2,000 – 4 months; and P3,000 – 6 months.

Done this 22nd day of July 2011 at Subic Bay Freeport Zone, Philippines.