CFI officials answer questions of vice guv-A A +A
Wednesday, September 4, 2013
THE Cebu Court of First Instance (CFI) Cooperative Inc. is not an exclusive lending institution at the Capitol, according to its president, retired judge Esperanza Garcia, and director Ramon Dumayac.
However, 80 percent of Capitol employees are CFI members, Dumayac said.
He said the Capitol is mandated by the Philippine Cooperative Code of 2008, or Republic Act 9520, to deduct from an employee’s salary monthly loan amortizations for the coop.
Last month, he said, they billed Capitol P6.9 million for cash advances and loans made by employees who are CFI members.
Also, he said it’s in their discretion whether to extend financial assistance to the Capitol as part of CFI’s social responsibility.
“Wala man mi moingon nga undangon na (We did not say that we will stop them),” said Vice Gov. Agnes Magpale.
She said they’ve been getting numerous inquiries about Capitol payrolls being sent to CFI and employees getting their pay in the cooperative office.
“We want clarifications,” she said, adding that provincial legislators want to know if a similar loan institution can operate in the Capitol and enjoy the same privileges as CFI.
“Depende unsay gusto sa employee (It depends on the employees’ preference),” said former second district congressman Pablo Garcia, the retired judge’s husband.
Magpale, though, admitted they know of two other lending groups operating at the Capitol. These are the City Savings and Loan Association and a Central Visayas agriculture employees’ lending association.
The former congressman said Capitol cannot rescind its memorandum of agreement with the CFI. Since this is a bilateral undertaking, he said, it needs the agreement of the two parties and not just one.
Esperanza Garcia, the mother of former governor Gwendolyn Garcia, said that when she organized CFI on April 7, 1970, it only had 29 members and P200 in assets.
The cooperative has P6.2 billion in assets with thousands of members in different provinces in Central Visayas.
Published in the Sun.Star Cebu newspaper on September 04, 2013.