2011 R - 044 - AUTHORIZING THE CHAIRMAN AND TREASURER TO OPEN A NEW ACCOUNT WITH THE PHILIPPINE NATIONAL BANK AND DEPOSIT ₱ 1,010,000.00 THERETO

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 26 October 2011 at the CHD Conference Room

Resolution No. 2011-044 - AUTHORIZING THE CHAIRMAN AND TREASURER TO OPEN A NEW ACCOUNT WITH THE PHILIPPINE NATIONAL BANK AND DEPOSIT ONE MILLION TEN THOUSAND PESOS (₱ 1,010,000.00) THERETO

WHEREAS, Philippine National Bank (PNB), one of the leading banks in the country, is offering a Long Term Negotiable Certificate of Deposit (LTNCD) with an interest rate of 5.25% per annum for a period of five years;

WHEREAS, OCGEMPC has reserved funds deposited in Planters Bank and the OCGEMPC Board finds it more beneficial to the coop if the said fund will be deposited to PNB to avail of the said LTNCD;

NOW THEREFORE, upon motion duly made and seconded, the Board of Director of the OCGEMPC in session assembled do hereby:

RESOLVE AS IT IS HEREBY RESOLVED to authorize, as it hereby authorizes the Chairman and Treasurer to withdraw One Million Ten Thousand Pesos (₱ 1,010,000.00) from Planters Bank and invest One Million Pesos (₱ 1,000,000.00) to Long Term Negotiable Certificate of Deposit (LTNCD)

RESOLVED FURTHER, to authorize, as it is hereby authorizes the Chairman and the Treasurer to open a new savings account with the Philippine National Bank (PNB) and deposit the (₱ 10,000.00) to the said new PNB savings account

RESOLVED FURTHERMORE, that interests earned from the said investment shall be deposited to the PNB savings account of OCGEMPC

Done this 26th day of October 2011.

2011 R - 035 - AUTHORIZING THE CHAIRMAN TO FILE LEGAL CASES AGAINST FERNANDO MAGRATA, REYNALDO ERINGCO, AILEEN SANCHEZ AND LETICIA DOROPAN

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. 2011-035 - AUTHORIZING THE CHAIRMAN TO FILE LEGAL CASES AGAINST FERNANDO MAGRATA, REYNALDO ERINGCO, AILEEN SANCHEZ AND LETICIA DOROPAN

WHEREAS, Mr. Fernando Magrata, Mr. Reynaldo Eringco, Ms. Aileen Sanchez and Ms. Leticia Doropan were able to anomalously acquire unusually large amounts of loans in violation of existing OCGEMPC policies, rules and regulations;

WHEREAS, the OCGEMPC is having difficulties in collecting the said loans from the above-named persons and such difficulty in collection is adversely affecting the financial operations of the OCGEMPC to the detriment of the OCGEMPC members’ interests;

WHEREAS, after exerting much effort to collect but without success, the Board deems it necessary to file legal cases against the above-named persons not only to seek justice for the OCGEMPC but also to send a strong message to the present and future officers of the cooperative that anomalous transactions and practices are not tolerated in the OCGEMPC;

NOW THEREFORE, upon motion by Director Ira B. Daylo and second motion of Director Joseph G. Antonio, the members of the Board of the OCGEMPC in meeting assembled do hereby:

RESOLVE, AS IT IS HEREBY RESOLVED, to file legal cases against Mr. Fernando Magrata, Mr. Reynaldo Eringco, Ms. Aileen Sanchez and Ms. Leticia Doropan;

RESOLVED FURTHER, that the Chairperson of the OCGEMPC Board to be authorized, as he is hereby authorized to seek legal counsel for the purpose of determining what cases could be filed based on the circumstances and evidence at hand, and to file the appropriate cases on behalf of the OCGEMPC.

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

2011 R - 024 - APPOINTING MS. JULIE U. REYES AS OCGEMPC TREASURER AND AUTHORIZING HER AS A SIGNATORY FOR TRANSACTIONS WITH BANKS

Excerpts from the Minutes of the Meeting of the Board of Directors of the Olongapo City Government Employees Multi-Purpose Cooperative (OCGEMPC) Held on 03 May 2011 at the OCGEMPC Training Room, City Hall, Olongapo City.

Resolution No. 2011-024

APPOINTING MS. JULIE U. REYES AS OCGEMPC TREASURER AND AUTHORIZING HER AS A SIGNATORY FOR TRANSACTIONS WITH BANKS

WHEREAS, the Board of Directors of the Olongapo City Government Employees Multi-Purpose Cooperative (OCGEMPC), has accepted the resignation of Ms. Leticia Doropan as Treasurer of the OCGEMPC effective on 31 May 2011;

WHEREAS, in order to preclude any disruption in OCGEMPC operations, and to allow for a smooth transition and transfer of accountabilities, a new Treasurer must be immediately appointed and given the authority to effectively perform the duties of the position;

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

RESOLVE AS IT IS HEREBY RESOLVED, to, as it hereby appoints Ms. Julie U. Reyes to the position of OCGEMPC Treasurer effective on 01 June 2011; and hereby designates and authorizes her as the official signatory, together with current Board Chairman Jaime L. Mendoza, for all transactions of the OCGEMPC with the Land Bank, Planters Bank, Union Bank and Philippine National Bank effective on 01 June 2011 until the aforementioned banks are notified otherwise by the OCGEMPC;

RESOLVED FURTHER, that the previous designation and authorization of Ms. Leticia Doropan be, as it is hereby revoked; and that a notarized copy of this Resolution be furnished to each of the aforementioned banks for their information, record and reference.

Done this 3rd day of May 2011 at Olongapo City, Philippines.

2011 R - 023 - DESIGNATING AND AUTHORIZING MS. JULIE U. REYES, AS SIGNATORY FOR ALL TRANSACTIONS WITH DEPOSITORY BANKS OF THE OCGEMPC

Excerpts from the Minutes of the Meeting of the Board of Directors of the Olongapo City, Government Employees Multi-Purpose Cooperative (OCGEMPCI) Held on 16 May 2011 at the OCGEMPC Training Room, City Hall, Olongapo City

Resolution No. 2011-023

DESIGNATING AND AUTHORIZING MS. JULIE U. REYES, AS SIGNATORY FOR ALL TRANSACTIONS WITH DEPOSITORY BANKS OF THE OCGEMPC

WHEREAS, the Board of Directors of the Olongapo City Government Employees Multi-Purpose Cooperative (OCGEMPC), pursuant to its By-Laws, held a reorganization meeting on after a formal investigation wherein Ms. Aileen Sanchez was given the opportunity to refute the allegations against her, the OCGEMPC Board found Ms. Sanchez to have gravely abused her authority as an officer of the OCGEMPC by:

-approving loans for herself, her siblings, and other members of the cooperative which were beyond their capacity to pay, and in gross violation of OCGEMPC policies, rules and regulations;

-making unauthorized cash advances and failing to liquidate the same;

-allowing the unauthorized distribution of excessive dividends to members of the cooperative without the knowledge of the Board, and in violation of policies and long-established sound practices of the cooperative;

WHEREAS, in view of the offenses committed by Ms. Sanchez, and based on her own statements during investigation, the Board has deemed Ms. Sanchez disqualified from being an officer of the OCGEMPC;

WHEREAS, based on her acts that were inimical to, and adversely affected, the interest of the OCGEMPC, Ms. Sanchez might be liable for criminal offenses;

NOW THEREFORE, pursuant to the provisions of Republic Act No. 9520 and the OCGEMPC By-Laws, and upon motion of Director Elizabeth J. Daduya and second motion of Director Genia R. Eclarino, the OCGEMPC Board of Directors in meeting assembled:

RESOLVE, AS IT IS HEREBY RESOLVED, to recommend the expulsion of Aileen C. Sanchez from the OCGEMPC Board of Directors and to convene a general assembly meeting to have this Board recommendation approved by the cooperative members as soon as possible;

RESOLVED FURTHER, to, as it hereby declares Aileen C. Sanchez perpetually disqualified from being an officer of the OCGEMPC;

RESOLVED FURTHERMORE, to seek legal counsel for the purpose of determining the criminal liability of Ms. Sanchez for her offenses against the OCGEMPC, and to pursue legal action against her if deemed feasible;

RESOLVED FINALLY, that a copy of the ‘show cause’ letter of the OCGEMPC Board to Ms. Sanchez, and a copy of the ‘Minutes of the OCGEMPC Board Meeting Held on 26 April 2011’ containing the deliberations on the case of Ms. Sanchez be attached hereto and made an integral part of the this resolution.

Done this 26th day of April 2011, at Olongapo City, Philippines.