Coop activates Pag-IBIG membership

TO further strengthen the bond between Pag-IBIG Fund and the Cogon Multi Purpose Cooperative (CMPC) of El Salvador City in Misamis Oriental, a signing of a Memorandum of Agreement (MOA) for the latter’s membership activation was held recently.

But even before the MOA signing, CMPC president Ramon T. Jamis already remitted the members’ initial savings payment at the Pag-IBIG Fund Cagayan de Oro Branch last January 31.

“While we still have a source of income now, we, the officers and members of the CMPC, chose to save as members of Pag-IBIG Fund. While looking into our prospective benefits and privileges, we decided to set aside two percent of our monthly income as savings in Pag-IBIG Fund, thereby giving us a sense of security for our future and also for our family,” Jamis said.

The Cogon MPC is a duly organized cooperative whose main trade is lending. It is composed of currently employed members, as well as self employed individuals such as farmers and vendors. Its main office is located at Cogon, El Salvador City, Misamis Oriental.

In a related development, the Provident Savings Program of Pag-IBIG Fund provides higher dividend earnings to member savers’ accounts, as compared to other financial institutions, because of its tax free salient feature.

Similarly, as of 2011, Pag-IBIG Fund declared and proportionately added P8.49 billion as dividends among it 10.2 million members.

As of March 2012, Pag-IBIG Fund has grown financially firmer and robust with P307 Billion in total assets, which was enhanced by the increase in members’ equity amounting to P220 billion for the same period. (PR)