2013 R - 05 - AVAILING LOAN PROTECTION PLAN IN LIEU OF THE EXISTING LOAN PROTECTION FUND

Excerpts from the Minutes of the Special Meeting of the Board of Directors of the Olongapo City Government Employees Multi-Purpose Cooperative (OCGEMPC) Held on 13 February 2013 at the OCGEMPC Training Room

Resolution No. 2013-05

AVAILING LOAN PROTECTION PLAN IN LIEU OF THE EXISTING 

LOAN PROTECTION FUND

WHEREAS, it has been the scheme of the Coop to deduct the unpaid balance of the borrower member who met his death from his share, savings, government benefits or if not enough from his co-maker/s;

WHEREAS, such scheme had affected the borrower’s estate and of the co-maker’s income;

WHEREAS, Loan Protection Plan/Credit Life (LPP/CL) is a program where the loan/s of the borrower members are insured to guarantee the creditor;

WHEREAS, with LPP/CL the loan of the borrower member shall be paid in the event of his death;

WHEREAS, the LPP/CL guarantees a prompt settlement of outstanding indebtedness and assures that the unpaid balance will not burden debtor’s family or estate thus develop goodwill with debtor’s family;

NOW THEREFORE, upon motion duly made and seconded, the Board of Directors of the Olongapo City Government Employees Multi-Purpose Cooperative in meeting assembled do hereby:

RESOLVE, AS IT IS HEREBY RESOLVED to avail as it is hereby avails Loan Protection Plan/Credit Plan in lieu of the existing Loan Protection Fund.

Done this 13th  day of February 2013 at Olongapo City, Philippines.