Software & Hi-Tech

Frequently Ask Questions

Here are a few of the common ones that we get, along with answers to the questions. We will add to this list when we get more FAQs. Contact us if any of your questions are not answered here.

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.

Cooperative Values and Principles

Cooperatives are based on the values of self-help, mutual help, self-responsibility, democracy, equality, equity and solidarity. Cooperative members believe in the ethical values of honesty, openness, social responsibility, and caring for others.

The following 7 principles are the guidelines under which cooperatives 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?

Anyone who is 18 to 65 years old, in good health, has a good credit background, and resides in the Central Visayas Region may apply for membership, subject to compliance with the cooperative’s membership requirements and approval process.

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.

How to Become a Member of MAVENCO Cooperative?

1. Attend the Pre-Membership Education Seminar (PMES).
All prospective members are required to attend the PMES before applying for membership. This seminar provides important information about the cooperative’s history, vision, mission, services, benefits, policies, and the rights and responsibilities of members. Attendance ensures that applicants fully understand the principles and values of cooperative membership.

2. Submit one (1) photocopy of a valid government-issued ID.
Applicants must provide a photocopy of a valid identification card for verification and record-keeping purposes. The ID serves as proof of identity and helps ensure the accuracy and security of member information.

3. Provide one (1) recent 2×2 colored ID picture.
A recent colored ID picture is required for membership records and identification purposes. This photograph may be used for membership documents, identification cards, and other official cooperative transactions.

4. Be at least eighteen (18) years old but not more than sixty-five (65) years old.
Membership is open to individuals who are legally capable of entering into agreements and participating in cooperative activities. Applicants must be within the prescribed age range at the time of application.

5. Be in good health condition.
Applicants should be physically and mentally capable of participating in cooperative activities and fulfilling their obligations as members. Good health helps ensure active involvement in the cooperative’s programs and services.

6. Have a good credit background.
The cooperative values financial responsibility among its members. Applicants should demonstrate a good credit standing and a history of responsible financial management to help maintain the stability and integrity of the cooperative.

7. Be a resident of the Central Visayas Region.
Membership is primarily intended for individuals residing within the Central Visayas area. This requirement helps strengthen the cooperative’s community presence and enables members to conveniently access its services and programs.

8. Temporary residents must have lived in the Visayas Region for at least one (1) year.
Applicants who are renting, boarding, or temporarily residing in the area may still qualify for membership, provided they have continuously resided within the Visayas Region for a minimum of one (1) year prior to application. This requirement helps establish a reasonable connection and commitment to the community served by the cooperative.

businesswoman-corporate-colleagues-talking-P3PSNFM

Frequently Ask Questions

Here are a few of the common ones that we get, along with answers to the questions. We will add to this list when we get more FAQs. Contact us if any of your questions are not answered here.

Why Join MAVENCO Cooperative?

Joining MAVENCO Cooperative gives you the opportunity to become both a member and an owner of a community-focused organization dedicated to improving the economic and social well-being of its members. As a member, you gain access to a wide range of financial products and services, including savings, loans, insurance, and other member benefits. You also have the opportunity to earn dividends and patronage refunds, participate in cooperative programs and activities, and exercise your right to vote on important cooperative matters. Through MAVENCO, members work together to achieve financial stability, mutual support, and shared prosperity.

Where does MAVENCO Cooperative operate?

MAVENCO Cooperative operates throughout the Central Visayas Region, with its primary service area covering North Cebu, South Cebu, and West Cebu. The cooperative serves members from various cities and municipalities within these areas through its branches, offices, and service channels. MAVENCO remains committed to bringing accessible financial services, cooperative programs, and member benefits closer to the communities it serves.

Who should I contact if I want to learn more about MAVENCO products and services?

If you would like to learn more about MAVENCO Cooperative’s products and services, you may contact the Membership Recruitement Department. Our Account Officer staff will be happy to assist you with inquiries about membership, savings, loans, and other cooperative programs. You may also visit the nearest MAVENCO branch office in North Cebu, South Cebu, or West Cebu for personal assistance and detailed information.

promotion-performance-review-ringsidetalent

Frequently Ask Questions

Here are a few of the common ones that we get, along with answers to the questions. We will add to this list when we get more FAQs. Contact us if any of your questions are not answered here.

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

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.

Can be an officer of Mavenco?

Yes, a member may become an officer of MAVENCO Cooperative provided that they meet all the qualifications and none of the disqualifications stated in the cooperative’s Election Guidelines and the Philippine Cooperative Code. Eligible members must be in good standing, actively participating in the cooperative, and must satisfy all requirements set by the Election Committee, including membership duration, attendance, and other criteria as may be prescribed.

Candidates must also comply with the standards of integrity, responsibility, and commitment expected of cooperative leaders. Selection and election of officers are conducted through a formal and democratic process to ensure transparency, fairness, and accountability in accordance with cooperative principles and governance policies.

If in case I decided to stop 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.

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?

If you are a member of MAVENCO Cooperative and, due to work, migration, or any other circumstance, you leave the country, your membership may remain active as long as you do not formally withdraw or terminate it. Your membership status and records will continue to be maintained by the cooperative in accordance with its policies and procedures.

All your financial interests in the cooperative, including your share capital, savings deposits, and any other member accounts, will be securely safeguarded and properly managed by MAVENCO. These funds will continue to be accounted for and protected under your name, subject to the cooperative’s rules on inactive accounts, updates, and documentation requirements.

You may still access or update your membership and accounts through authorized representatives or approved procedures, depending on cooperative policies. However, if you choose to formally withdraw your membership, all entitled benefits and balances will be released to you in accordance with existing rules and regulations.

The cooperative ensures that your membership and financial contributions are handled with care, transparency, and accountability for as long as your membership remains active.