Frequently Asked Question What is Cooperative? A cooperative is a duly registered association of PERSONS, with a common bond of interest who have voluntarily joined together to achieve a lawful common social or economic end, and making equitable contributions to the capital required and accepting a fair share of the risks and benefits of the undertaking in accordance with universally accepted cooperative principles. Co-operative values and principles Co-operatives are based on the values of self-help, mutual help, self-responsibility, democracy, equality, equity and solidarity. Co-operative members believe in the ethical values of honesty, openness, social responsibility, and caring for others. The following principles are the guidelines under which co-operatives put their values into practice are: Voluntary and Open Membership Democratic Member Control Member Economic Participation Autonomy and Independence Education, Training and Information Co-operation among Co-operatives Concern for Community. WHO CAN BE MEMBERS OF A COOPERATIVE? A cooperative has two kinds of members: regular members and associate members. A regular member is one who has complied with all the membership requirements and entitled to all the rights and privileges of membership as stated in the Cooperative Code and the cooperative by laws. An associate member has no right to vote and be voted upon and is entitled only to such rights and privileges provided by the cooperative's by laws. HOW TO BECOME A MEMBER? Must Attend PMES (Pre-Membership Education Seminar) Monetary Requirments Associate Regular Initial Share Capital P 100.00 P 2,500.00 Initial Savings Deposits P 100.00 P 1,000.00 Membership P 200.00 P 200.00 Total Amount P 400.00 P 3,700.00 Documentary Requirments 1 pc. valid I.D (Photocopy) 1 pc. 2x2 colored I.D picture Qualifications At least 18 to 65 years old Good health condition Good Credit Background Must be a resident of Central Visayas area For temporary residency (renting) boarding must have resided at least 1 year within Visayas area. WHAT ARE THE MAVENCO LENDING POLICY? All loans subject for CIBI Penalty of 5% over its amortization schedule All loans will be approved based on the Matrix of Loan approving authorities Capacity Based-Lending IS OUR DEPOSIT SAFE OR INSURED IN CASE OF INSOLVENCY OR BANKRUPTCY? Transparency is one of the values MAVENCO is strictly adhering to as a financial intermediary. Once you are a member, you are entitled to examine its books of account anytime of the day within the limits provided by law (R.A. 9520) Updated Financial statement is always available for your scrutiny and readiness of the management staff in answering queries and doubts regarding the operation is more than enough guarantee of the safety of our deposits. HOW MUCH IS THE YEARLY DIVIDEND CAN BE MEMBERS OF A COOPERATIVE? The average amount of dividend based on the previous years of operation is equal to fourteen percent (14%) of ones share capital. HOW MUCH IS THE MAXIMUM SHARE CAPITAL A MEMBER IS ALLOWED TO SUBSCRIBE? According to R.A. 9520 or the Philippine Cooperative Code of 2008, no member is allowed to invest more than ten percent (10 %) of the total share capital of the cooperative. WHAT ARE MY OBLIGATIONS AS A MEMBER OF THE COOPERATIVE? Invest Share Capital regularly Invest regular savings regularly Patronize coops services Pay loan amortization as scheduled Attend meetings CAN I BE AN OFFICER OF MAVENCO? If you pass all the qualifications and none of the disqualifications provided by the Election guidelines of MAVENCO in particular and of the cooperative Code in general. IF I AM A MEMBER AND BY AN ACT OF FATE OR IN ANY CIRCUMSTANCES LEAVE THE COUNTRY, WHAT WILL HAPPEN TO MY MEMBERSHIP AND MY DEPOSIT? Everything from your share capital to the last centavo of your savings deposit will be taken cared of accordingly for as long as you do not withdraw your membership. IF IN CASE I DECIDE TO CEASE BEING A MEMBER, WHAT SHALL I DO TO MAKE IT OFFICIAL? After settling all loan balances and other account liabilities, one has to write a formal letter addressed to the Board of Directors stating the reason or reasons of the withdrawal. One month or thirty days is the maximum time given to the BOD to answer in the affirmative, guided by the coop principle of open and voluntary membership, after which management effects the termination by closing the applicant’s account. AS AN EMPLOYEE, DOES MAVENCO OBSERVES THE LABOR STANDARD IN TREATING ITS EMPLOYEES? MAVENCO as an employer does not condone exploitation in all forms. It is an epitome of justice and fairness in the industry. To borrow the words of Mary Kay Ash (Founder, Mary Kay Cosmetics), “ People are definitely a company's greatest asset. It doesn't make any difference whether the product is cars or cosmetics. A company is only as good as the people it keeps. “ Our employees are our boss, after all they are also the owners.