Coop to use incentives to build membership

AFTER gaining 4,300 members in the 10 months it has begun operating, a cooperative aims to add to their membership by awarding monetary incentives to those who can refer new members.

Futurenet Credit Cooperative chairman Ricky Sarmiento said they give members P750 for each referral.

Of their total membership nationwide, about 45 percent are based in Cebu, which led them to hold a grand launching yesterday.

While they are open to accepting members “from all walks of life”, Sarmiento said they are targeting those with lower incomes. The cooperative requires a one-time P1,500 membership fee and a minimum P5,000 in shared capital, which can be paid in a staggered form of P50 a week.

For those who earned by making referrals, Sarmiento said they can use their earnings to pay for their shared capital. Once they complete their P5,000, they are given a share certificate and have the option to invest more up to P20,000.

Sarmiento said that they are trying to bring in technology in their operations. While they still make use of ledgers and passbooks, he explained that they will set up a back office for each member so they can access their records online and find out how much they have left to pay or keep track of dividends they earn. Payments can also be made with their partner banks.

He added that those interested to join the cooperative can download their application forms online through their website www.futurenet.ph.

There are currently nine Futurenet satellite meeting places in Cebu. Their website describes Futurenet Marketing Association of the Philippines as a nonprofit organization that will cater to the needs and welfare of the so called “networkers” or marketing professionals. All members of the cooperative become automatic members of the association. Sarmiento said the cooperative is registered with the Cooperative Development Authority while the association is registered with the Securities and Exchange Commission.