19/07/2024
Once in my life, I experienced great pain and anger that I practiced what I would call “revenge saving.” That pain was so unbearable that I felt the only way to ease it was to reach a certain level of self-sufficiency where I would never need or expect anyone to give me anything. Because truth hurts you know, not all people we love would be happy to spend some money for us that’s why it’s important to make sure we have something we can call our own.
Sometimes, it’s your own family who belittle you for not having enough or for not being able to contribute the same amount others could, and sometimes, those who have more and spend more make sure you remember that for the rest of your life. Perhaps within and outside a family, the “haves” will never understand what it feels to be irrelevant and to be someone whose preferences do not matter because you are a “have-not”. And still, some have-nots forget how being a have-not used to feel once they successfully become a have.
Anyways, that’s the back story of why I acquired not just 1 but 2 insurance policies. Having insurance is good not only because of the usual benefits that come with it but also because of the investment earnings you can get. However, if your budget is tight and you think about leaving something behind for the people you love, then first, make sure to have a Social Security System (SSS) account, and second, be a member of cooperatives.
Having insurance is completely different from having savings, but what I didn’t like about banks before is that their opening hours are not employee-friendly. They open at 9 am and are already closed by the time I leave work, and this is what made me discover the convenience of cooperatives which are open to serve clients on Saturdays.
In most cooperatives, opening an account is very easy and simple. To my Baguio fellas, here are some coops I am recommending you to join:
#1: Benguet State University and Community Multipurpose Cooperative (Bsucmpc Baguio) and San Vicente Baguio City Multipurpose Cooperative Sv-BcMpc San Vicente Coop. Yes, they are both in the #1 spot for me for 3 reasons: easy membership, good benefits, and quick loan processing.
Membership requirements:
For both coops, you need to attend their Pre-membership Education Seminar (PMES) first before submitting the documentary requirements.
For BSUCMPC, submit a fully-accomplished membership form, your PMES certificate, a photocopy of two valid IDs, and 2 ID pictures. The minimum share capital here is P 20, 000, though only an initial minimum share of P5,000.00 is required for upon opening an account. For Baguio residents, BSUCMPC now has a satellite office at Bonifacio road just across the SLU main gate. They conduct PMES every Saturday from 8am to 12nn. You need to pay P200.00 for the snacks and certificate; walk-in PMES attendees are welcome.
For SVBCMPC, submit a fully-accomplished membership form, any proof of identity (ID, birth cert, police clearance, etc.), and barangay clearance (because SVBCMPC only accommodates aspiring members within BLISTT). The minimum share capital here is P 5,000.00. They conduct PMES once a month for free so you have to get a schedule. If you can’t attend the scheduled free PMES, you can request for a special PMES and pay P300.00.
Benefits and kiddie accounts:
Apart from providing the usual mortuary aid, both BSUCMPC and SVCMPC provide maternity and hospitalization assistance regardless of the members’ hospital bill. Even if you didn’t pay any amount when you were hospitalized because, let’s say, you acquired charity services from a public hospital, you will still receive financial assistance for your recovery and medication. They have different terms and conditions and follow different computations, but they both fund such assistance by collecting contributions from all its members.
Opening a savings account for your kids is very simple in both coops. You just have to sign a membership form, submit an ID picture and a photocopy of your kid’s birth certificate, and you’re good to go.
Acquiring loans:
BSUCMPC gives the highest net proceeds of loaned amounts as it only deducts 1-3% for capital build-up (which will be deposited in your share capital account) and a 1% service fee. Different deductions apply when you choose to pay your loan quarterly, semi-annually, or annually. SVCMPC on the other hand deducts the interest, a filing fee, and certain percentages for capital build-up, service fee, savings deposit, and credit insurance. SVCMPC has a lot of loan promos; it also even allows you to borrow not only within the limits of your share capital but also within the limits of your savings. You will immediately get your loan proceeds in cash from both coops.
#2: Bakakeng Norte/Sur Multipurpose Cooperative (BNSMPC): This is a small coop with already a growing asset. For now, PMES is not required for aspiring members, though they get to be partially oriented on the coop’s products and policies. Senior citizens are welcome to join here. For membership, you just have to sign a membership form and give an ID picture. Their benefits, policies, and services are improving that I am particularly amazed by this coop. I really encourage Bakakeng residents to join here, though Baguio residents are now also welcome.
#3. Baguio-Benguet Community Credit Cooperative: Ok, if you are wondering why I suddenly made this post, it’s really because of this coop. I had to withdraw our money from this coop a year ago, and withdrawing your share capital means closing your account and bidding goodbye. Of course, coming back to invest is welcome, and when I had the time to come back, I thought about recruiting other family members with me. However, unlike those three other coops, I realized just now that BBCCC has the STRICTEST membership requirements and processing.
Membership requirements:
***You need to complete these requirements first before you can be allowed to attend their PMES. Their education personnel will not accept you application if any one of the required documents is lacking. Even if they might have allowed you to attend the PMES with incomplete requirements, still they will not allow you to save until you complete all these so pay attention: Membership form, birth certificate, ORIGINAL certificate of employment/business permit, marriage certificate (if married), death certificate of spouse (if widow/widower), birth certificate of children. The seminar fee is P300 and the membership fee is P200, demandable upon submission of requirements.
Benefits and kiddie accounts:
BBCCC has no system of collecting contributions from its members to help other members who were hospitalized. It only provides a maximum of P5,000 in financial assistance computed based on hospital bills, so this is more or less acquired only by members who have more money than others to acquire private hospitalization services. Nonetheless, they provide medication assistance (whether or not you incurred zero hospital bills) as long as you provide them with your medicine prescriptions and receipts. They also provide financial assistance if a member’s spouse, children, or parents die.
Opening a kiddie account is not as straightforward as in BSUCMPC and SVBCMPC. Applications for kiddie accounts are subject to approval, and you will be given instructions on when you can come back to save.
Acquiring loans:
BBCCC offers a lot of loan promos and makes several deductions from the loaned amount, similar to SVBCMPC. You have to wait for about an hour to get your net proceeds in cheque which you can encash through their cashier.
There are many other coops in Baguio and CAR, though these are the ones I have tried so far. I am also a member of another coop but it’s strictly for DepEd Baguio teachers and employees. BSUCMPC also initially included proof of income as part of its membership requirements, but they now omitted it, which for me is a very good move. You know, even banks today no longer require proof of income for savings account opening unless you are applying for a credit card. And in most cases of acquiring large sum of money for a loan, collaterals and co-makers are required.
I was frustrated that the BBCCC personnel in-charge of accepting membership applications would not allow aspiring members to join PMES and submit other incomplete requirements anytime later. Shouldn’t PMES come first before the completion of requirements?
Anyway, I highly recommend that everyone open accounts in any cooperative. I cannot give you complete details of the benefits you can get from all the coops cited here, but all of them are open every Saturday, so consider visiting them. By the way, of these four, only BSUCMPC is open until 4 p.m. every Saturday; the rest are open half-day.
If you aspire for financial freedom, start saving now and start doing it with coops as they are incomparable to banks in many aspects. If you want to start a business, cooperatives are the best place to borrow money for capital as they offer very low interest rates.
What are you waiting for, visit any coop near you NOW! (Naging endorser? Haha!)
