2011 R - 039 - SUPPLEMENTAL LOANS POLICY INCREASING THE NUMBER OF CO-MAKERS FOR LARGE AMOUNTS OF 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 18 August 2011 at the OCGEMPC Training Room, City Hall, Olongapo City

Resolution No. 2011-039 - SUPPLEMENTAL LOANS POLICY INCREASING THE NUMBER OF
CO-MAKERS FOR LARGE AMOUNTS OF LOANS

WHEREAS, there is a shortage of members who qualify as co-makers for large amounts of loans because few have the required capacity to pay;

WHEREAS, many members are suggesting that multiple co-makers for a single loan would be benefit those who need larger loans, and at the same time provide better security for the cooperative;

NOW THEREFORE, on motion of Director Helson C. Cañero, seconded by Director Ira B. Daylo the Board of Directors of the OCGEMPC in meeting assembled do hereby:

RESOLVE, AS IT IS HEREBY RESOLVED, that except for secured loans, loans amounting from P40,000 to P50,000 shall require two co-makers, while loans amounting to more than P50,000 shall require three co-makers;

RESOLVE FURTHER, that a single co-maker shall be allowed for a loan amounting to more than P40,000 when the co-maker of such a loan is a permanent employee, has the capacity to pay for the loan, and waives his/her privilege to avail of any loan until the loan that he/she co-makes is fully paid;

Done this 18th day of August 2011 at Olongapo City, Philippines.