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FREQUENTLY ASKED QUESTIONS

FREQUENTLY ASKED
QUESTIONS

FREQUENTLY
ASKED
QUESTIONS

Barangka Credit Cooperative (BCC) is a primary multi-purpose cooperative duly registered under the Cooperative Development Authority with registration number of 9520-16012864.

The General Assembly is composed of all the members in good standing who are entitled to vote and is the highest governing body of the Cooperative. (Art. III, Sec 15; BCC By-laws.)

The General Assembly shall be the highest policy-making body of the cooperative and shall exercise such powers as stated in RA 9520, in this articles of cooperation and by-laws of the cooperative.

The general assembly shall have the following exclusive powers:

  1. To determine and approve amendments on the Articles of Cooperation and By-laws in accordance with the law;
  2. To elect to appoint or remove for a cause any member of the Board of Directors, Officer or Committee Member of the Cooperative;
  3. To approve developmental plans of the Cooperative;
  4. To delegate some of its power to a smaller body of the cooperative for a purpose of prompt and intelligent decision-making in accordance with the Philippine Code of 2008 or RA 9520;
  5. To review and pass upon the reports of the Board of Directors, Officers, and Committees;
  6. To review, modify, reject or approve any substantial change in the financial and operational policies of the Cooperative;
  7. To adopt a Cooperative seal and exercise all the powers may be authorized by law and the Constitution.

A Co-owner or member must be residing or working within the areas of Marikina City, Antipolo City, District 3  & 4 of Quezon City, San Mateo, Montalban & Cainta, Rizal for at least (2) years.

Must attend the Pre-Membership Education Seminar (PMES) scheduled every Saturday from 9:00 am – 12:00 noon via online video conference.

To fully understand the purpose of a Cooperative, its operations, principles, core values and best pratices.

To learn the rights and privileges of being a co-owner.

• Free Life Share Protection Plan up to ₱300,000.00 | *Subject to terms and conditions.
• Earn dividends and receive patronage refund.
• Earn higher yield on savings and time deposit.
• No withholding tax in all deposits.
• Avail loan products and services.
• Free medical consultation and discount on other medical services.
• Discount on facilities.
• Opportunities to be exposed in Local & International Cooperative Affairs.
• Receive incentives/rewards.

Share Capital refers to the money paid or required to be paid by the members for the conduct of the operation of the Cooperative and is considered as equity. It shall not be withdrawn and should not be used in offsetting obligations whether past due or current while the membership subsist. (Art. II, Sec. 1; BCC Membership Policy – Share Capital).

We have Common & Preferred Share Capital. (Art. II, Sec. 2, No. 1  & No. 2; BCC Membership Policy – Share Capital).

Common Share Capital is a dividend-bearing capital where members may subscribe, purchase or acquire. The amount subscribed by a regular member on common share capital shall be computed based on the prescribed dividend rate of the Cooperative at the end of the year, and has voting right privileges as prescribed in the by-laws (one member-one vote). (Art. II, Sec. 2, No. 1; BCC Membership Policy – Share Capital).

Preferred Share Capital is an interest-bearing capital investment with a fixed and assured interest rate of 7% per annum where a member may subscribe, purchase or acquire. The assured interest is subject to change as determined and approved by the Board of Directors. The amount subscribed by a member on preferred share capital has no voting rights privileges. (Art. II, Sec. 2, No. 2; BCC Membership Policy – Share Capital).

Regular member must subscribe a minimum of one hundred forty (140) shares with a unit value of ₱100.00 per share or a total of Fourteen Thousand Pesos (₱14,000.00), which can be paid on a monthly or lump sum basis within 24 months upon approval of his/her membership. (Art. II, Sec. 2, No. 1, No. 1.1., No. 1.1.1.; BCC Membership Policy – Share Capital).

Our Common Share Capital earns 4% to 6% per annum (Historical Rate), and *no regular member shall own or hold more than 10% of the total subscribed share capital of the Cooperative.  *(Art. I,  Sec. 10, No. 1; Membership Policy).

Associate member must subscribe fifty (50) shares with a unit value of ₱100.00 per share or a total of Five Thousand Pesos (₱5,000.00). Subscription on preferred share capital can be paid on a monthly or lump sum basis within 24 months upon approval of his/her membership. (Art. II, Sec. 2, No. 2, No. 2.1., No. 2.1.1. & 2.1.2.; BCC Membership Policy – Share Capital).

Regular members may subscribe preferred share capital subscription as optional and additional investment. A regular member may subscribe a minimum of fifty (50) shares with a unit value of ₱100.00 per share or a total of Five Thousand Pesos (₱5,000.00), which must be paid upon his/her intention to subscribe. (Art. II, Sec. 2, No. 2, No. 2.2., No. 2.2.1. & 2.2.2.; BCC Membership Policy – Share Capital).

Any co-owner or member who successfully completed the required minimum common share capital deposit shall be allowed to open a regular savings account, to which the interest is free from withholding tax.

The required maintaining balance for regular savings account is ₱2,000.00

BCC MIGS EMV ATM Card is a non-interest bearing savings account for the exclusive use of BCC Co-owners or members.

BCC MIGS EMV ATM Card is non transferrable.

It also serves as a debit cash card which can be used for the following transactions:
a. Automated Teller Machine (ATM) transactions and Point of Sales (POS) debit/purchase transactions at any Bancnet, Megalink or Expressnet terminals
b. Bills and merchants payments

Maintaining balance is ₱100.00 only.

You can avail loan within 3-7 working days upon completion of requirements.

Along with the net proceeds, members are entitled to the following benefits: Coop Loan Protection Plan (CLPP), Savings and Investment (Emergency Fund & Share Capital), Income (Patronage Refund & Dividend).

Barangka Credit Cooperative (BCC) is a primary multi-purpose cooperative duly registered under the Cooperative Development Authority with registration number of 9520-16012864.

The General Assembly is composed of all the members in good standing who are entitled to vote and is the highest governing body of the Cooperative. (Art. III, Sec 15; BCC By-laws.)

The General Assembly shall be the highest policy-making body of the cooperative and shall exercise such powers as stated in RA 9520, in this articles of cooperation and by-laws of the cooperative.

The general assembly shall have the following exclusive powers:

  1. To determine and approve amendments on the Articles of Cooperation and By-laws in accordance with the law;
  2. To elect to appoint or remove for a cause any member of the Board of Directors, Officer or Committee Member of the Cooperative;
  3. To approve developmental plans of the Cooperative;
  4. To delegate some of its power to a smaller body of the cooperative for a purpose of prompt and intelligent decision-making in accordance with the Philippine Code of 2008 or RA 9520;
  5. To review and pass upon the reports of the Board of Directors, Officers, and Committees;
  6. To review, modify, reject or approve any substantial change in the financial and operational policies of the Cooperative;
  7. To adopt a Cooperative seal and exercise all the powers may be authorized by law and the Constitution.

A Co-owner or member must be residing or working within the areas of Marikina City, Antipolo City, District 3  & 4 of Quezon City, San Mateo, Montalban & Cainta, Rizal for at least (2) years.

Must attend the Pre-Membership Education Seminar (PMES) scheduled every Saturday from 9:00 am – 12:00 noon via online video conference.

To fully understand the purpose of a Cooperative, its operations, principles, core values and best pratices.

To learn the rights and privileges of being a co-owner.

• Free Life Share Protection Plan up to ₱300,000.00 | *Subject to terms and conditions.
• Earn dividends and receive patronage refund.
• Earn higher yield on savings and time deposit.
• No withholding tax in all deposits.
• Avail loan products and services.
• Free medical consultation and discount on other medical services.
• Discount on facilities.
• Opportunities to be exposed in Local & International Cooperative Affairs.
• Receive incentives/rewards.

Share Capital refers to the money paid or required to be paid by the members for the conduct of the operation of the Cooperative and is considered as equity. It shall not be withdrawn and should not be used in offsetting obligations whether past due or current while the membership subsist. (Art. II, Sec. 1; BCC Membership Policy – Share Capital).

We have Common & Preferred Share Capital. (Art. II, Sec. 2, No. 1  & No. 2; BCC Membership Policy – Share Capital).

Common Share Capital is a dividend-bearing capital where members may subscribe, purchase or acquire. The amount subscribed by a regular member on common share capital shall be computed based on the prescribed dividend rate of the Cooperative at the end of the year, and has voting right privileges as prescribed in the by-laws (one member-one vote). (Art. II, Sec. 2, No. 1; BCC Membership Policy – Share Capital).

Preferred Share Capital is an interest-bearing capital investment with a fixed and assured interest rate of 7% per annum where a member may subscribe, purchase or acquire. The assured interest is subject to change as determined and approved by the Board of Directors. The amount subscribed by a member on preferred share capital has no voting rights privileges. (Art. II, Sec. 2, No. 2; BCC Membership Policy – Share Capital).

Regular member must subscribe a minimum of one hundred forty (140) shares with a unit value of ₱100.00 per share or a total of Fourteen Thousand Pesos (₱14,000.00), which can be paid on a monthly or lump sum basis within 24 months upon approval of his/her membership. (Art. II, Sec. 2, No. 1, No. 1.1., No. 1.1.1.; BCC Membership Policy – Share Capital).

Our Common Share Capital earns 4% to 6% per annum (Historical Rate), and *no regular member shall own or hold more than 10% of the total subscribed share capital of the Cooperative.  *(Art. I,  Sec. 10, No. 1; Membership Policy).

Associate member must subscribe fifty (50) shares with a unit value of ₱100.00 per share or a total of Five Thousand Pesos (₱5,000.00). Subscription on preferred share capital can be paid on a monthly or lump sum basis within 24 months upon approval of his/her membership. (Art. II, Sec. 2, No. 2, No. 2.1., No. 2.1.1. & 2.1.2.; BCC Membership Policy – Share Capital).

Regular members may subscribe preferred share capital subscription as optional and additional investment. A regular member may subscribe a minimum of fifty (50) shares with a unit value of ₱100.00 per share or a total of Five Thousand Pesos (₱5,000.00), which must be paid upon his/her intention to subscribe. (Art. II, Sec. 2, No. 2, No. 2.2., No. 2.2.1. & 2.2.2.; BCC Membership Policy – Share Capital).

Any co-owner or member who successfully completed the required minimum common share capital deposit shall be allowed to open a regular savings account, to which the interest is free from withholding tax.

The required maintaining balance for regular savings account is ₱2,000.00

BCC MIGS EMV ATM Card is a non-interest bearing savings account for the exclusive use of BCC Co-owners or members.

BCC MIGS EMV ATM Card is non transferrable.

It also serves as a debit cash card which can be used for the following transactions:
a. Automated Teller Machine (ATM) transactions and Point of Sales (POS) debit/purchase transactions at any Bancnet, Megalink or Expressnet terminals
b. Bills and merchants payments

Maintaining balance is ₱100.00 only.

You can avail loan within 3-7 working days upon completion of requirements.

Along with the net proceeds, members are entitled to the following benefits: Coop Loan Protection Plan (CLPP), Savings and Investment (Emergency Fund & Share Capital), Income (Patronage Refund & Dividend).

Barangka Credit Cooperative (BCC) is a primary multi-purpose cooperative duly registered under the Cooperative Development Authority with registration number of 9520-16012864.

The General Assembly is composed of all the members in good standing who are entitled to vote and is the highest governing body of the Cooperative. (Art. III, Sec 15; BCC By-laws.)

The General Assembly shall be the highest policy-making body of the cooperative and shall exercise such powers as stated in RA 9520, in this articles of cooperation and by-laws of the cooperative.

The general assembly shall have the following exclusive powers:

  1. To determine and approve amendments on the Articles of Cooperation and By-laws in accordance with the law;
  2. To elect to appoint or remove for a cause any member of the Board of Directors, Officer or Committee Member of the Cooperative;
  3. To approve developmental plans of the Cooperative;
  4. To delegate some of its power to a smaller body of the cooperative for a purpose of prompt and intelligent decision-making in accordance with the Philippine Code of 2008 or RA 9520;
  5. To review and pass upon the reports of the Board of Directors, Officers, and Committees;
  6. To review, modify, reject or approve any substantial change in the financial and operational policies of the Cooperative;
  7. To adopt a Cooperative seal and exercise all the powers may be authorized by law and the Constitution.

A Co-owner or member must be residing or working within the areas of Marikina City, Antipolo City, District 3  & 4 of Quezon City, San Mateo, Montalban & Cainta, Rizal for at least (2) years.

Must attend the Pre-Membership Education Seminar (PMES) scheduled every Saturday from 9:00 am – 12:00 noon via online video conference.

To fully understand the purpose of a Cooperative, its operations, principles, core values and best pratices.

To learn the rights and privileges of being a co-owner.

• Free Life Share Protection Plan up to ₱300,000.00 | *Subject to terms and conditions.
• Earn dividends and receive patronage refund.
• Earn higher yield on savings and time deposit.
• No withholding tax in all deposits.
• Avail loan products and services.
• Free medical consultation and discount on other medical services.
• Discount on facilities.
• Opportunities to be exposed in Local & International Cooperative Affairs.
• Receive incentives/rewards.

Share Capital refers to the money paid or required to be paid by the members for the conduct of the operation of the Cooperative and is considered as equity. It shall not be withdrawn and should not be used in offsetting obligations whether past due or current while the membership subsist. (Art. II, Sec. 1; BCC Membership Policy – Share Capital).

We have Common & Preferred Share Capital. (Art. II, Sec. 2, No. 1  & No. 2; BCC Membership Policy – Share Capital).

Common Share Capital is a dividend-bearing capital where members may subscribe, purchase or acquire. The amount subscribed by a regular member on common share capital shall be computed based on the prescribed dividend rate of the Cooperative at the end of the year, and has voting right privileges as prescribed in the by-laws (one member-one vote). (Art. II, Sec. 2, No. 1; BCC Membership Policy – Share Capital).

Preferred Share Capital is an interest-bearing capital investment with a fixed and assured interest rate of 7% per annum where a member may subscribe, purchase or acquire. The assured interest is subject to change as determined and approved by the Board of Directors. The amount subscribed by a member on preferred share capital has no voting rights privileges. (Art. II, Sec. 2, No. 2; BCC Membership Policy – Share Capital).

Regular member must subscribe a minimum of one hundred forty (140) shares with a unit value of ₱100.00 per share or a total of Fourteen Thousand Pesos (₱14,000.00), which can be paid on a monthly or lump sum basis within 24 months upon approval of his/her membership. (Art. II, Sec. 2, No. 1, No. 1.1., No. 1.1.1.; BCC Membership Policy – Share Capital).

Our Common Share Capital earns 4% to 6% per annum (Historical Rate), and *no regular member shall own or hold more than 10% of the total subscribed share capital of the Cooperative.  *(Art. I,  Sec. 10, No. 1; Membership Policy).

Associate member must subscribe fifty (50) shares with a unit value of ₱100.00 per share or a total of Five Thousand Pesos (₱5,000.00). Subscription on preferred share capital can be paid on a monthly or lump sum basis within 24 months upon approval of his/her membership. (Art. II, Sec. 2, No. 2, No. 2.1., No. 2.1.1. & 2.1.2.; BCC Membership Policy – Share Capital).

Regular members may subscribe preferred share capital subscription as optional and additional investment. A regular member may subscribe a minimum of fifty (50) shares with a unit value of ₱100.00 per share or a total of Five Thousand Pesos (₱5,000.00), which must be paid upon his/her intention to subscribe. (Art. II, Sec. 2, No. 2, No. 2.2., No. 2.2.1. & 2.2.2.; BCC Membership Policy – Share Capital).

Any co-owner or member who successfully completed the required minimum common share capital deposit shall be allowed to open a regular savings account, to which the interest is free from withholding tax.

The required maintaining balance for regular savings account is ₱2,000.00

BCC MIGS EMV ATM Card is a non-interest bearing savings account for the exclusive use of BCC Co-owners or members.

BCC MIGS EMV ATM Card is non transferrable.

It also serves as a debit cash card which can be used for the following transactions:
a. Automated Teller Machine (ATM) transactions and Point of Sales (POS) debit/purchase transactions at any Bancnet, Megalink or Expressnet terminals
b. Bills and merchants payments

Maintaining balance is ₱100.00 only.

You can avail loan within 3-7 working days upon completion of requirements.

Along with the net proceeds, members are entitled to the following benefits: Coop Loan Protection Plan (CLPP), Savings and Investment (Emergency Fund & Share Capital), Income (Patronage Refund & Dividend).

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