2013 R - 015 - Providing Interest Rate of .5 Percent for Savings Deposit which is 100% higher than other Banks’ Rate

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 15 May 2013 at the OCGEMPC Training Room

Resolution No. 2013 -015

Providing Interest Rate of .5 Percent for Savings Deposit which is 100% higher than other Banks’ Rate

WHEREAS, Art. 7. of Republic Act No. 9520 otherwise known as the Cooperative Code of 2008 states that the primary objective of every cooperative is to help improve the quality of life of its members by providing goods and services to its members to enable them to attain increased income, savings, investments, productivity, purchasing power;

WHEREAS, Art. 6 of the same Code states that the purpose of cooperative is “to encourage thrift and savings mobilization among the members”;

WHEREAS, Section 11 a. of Article VIII on Savings Deposits of OCGEMPC Bylaws states that “Any member, in addition to his share capital investment, may open a savings deposit, the rate of interest of which shall be determined by the Board at the beginning of each fiscal year in no case to exceed the rate prescribed by Central Bank of the Philippines”;

WHEREAS, Director Jaime L. Mendoza moved for an interest rate of .5% for savings deposit which is 100 percent higher than other bank rates;

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 providing interest rate of .5 percent for savings deposit which is 100% higher than other banks’ rate;

RESOLVED FURTHER to conform as it is hereby conformed to Section 11 a. of Article VIII of the Bylaws which states that “Savings deposits not falling below FIVE HUNDRED PESOS (500.00) during any calendar month shall be entitled to interest to be computed quarterly based on the lowest monthly balance outstanding during the period. The interest shall be credited to the depositor’s account, and the same shall earn interest from the date it is credited, at the same rate as savings deposits”.

RESOLVED FINALLY, that savings deposits shall only be entitled to interest if no withdrawal was made during the last month of each quarter.

Done this 15^th day of May 2013 at Olongapo City, Philippines.

2011 R - 036 - REVISING THE POLICIES ON SAVINGS DEPOSITS

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. 2011-036 - REVISING THE POLICIES ON SAVINGS DEPOSITS

On motion of Director Ira B. Daylo, seconded by Director Jerico C. Ballon the Board of Directors of the OCGEMPC, in meeting assembled do hereby:

RESOLVE, AS IT IS HEREBY RESOLVED, that the existing OCGEMPC policies on savings deposits be revised, as they are hereby revised effective on 01 October 2011, as follows:

1. The minimum balance required to maintain a savings deposit account is FIVE HUNDRED PESOS (P500) for those who have been OCGEMPC members for more than one (1) year. These members, whose savings account balances are less than P500 shall be given a chance, until February 2012, to increase their savings balances to at least the minimum amount; provided that after February 2012, those with more one year membership whose savings account balances are below P500 shall be considered as not in good standing for the year 2011.

2. The minimum average monthly balance to earn interest is FIVE THOUSAND PESOS (P5, 000) in the preceding year, to be computed and compounded annually.

3. The minimum amount that may be withdrawn from a savings account is ONE HINDRED PESOS (P100).

4. Withdrawals amounting to TEN THOUSAND PESOS (P10, 000) or more shall be released in the form of checks.

5. Savings accounts that have been dormant for twelve (12) months shall be charged a monthly service fee of FIFTY PESOS (P50).

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