Sun.Star Davao - Coops give higher savings interest rates than banks

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Coops give higher savings interest rates than banks

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Thursday, October 19, 2006
Coops give higher savings interest rates than banks
By Joy Romares-Sevilla

ONE of the most-active cooperatives operating in Davao City revealed that cooperatives extend higher interest rates on savings as compared to commercial and savings banks.

Bernardo Tan, a member of the Silangan Multi-Purpose Cooperative (SMPC) board of directors, issued this statement.

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Tan told Sun.Star Davao that they are giving 13 percent interest rate for time deposit, while higher interest rates are given for special deposits.

He explained that giving high interest rates for savings is one way of attracting depositors to become members of the cooperative.

"Ang maganda rin dito, ang coop hindi lang nagpapautang but we also give benefits to members na namamatayan," Tan said.

Tan added that each member is required to contribute P20 each if another member dies.

He said the cooperative at present has over 7,000 members.

Tan said SMPC is visualized to be a major catalyst in people empowerment and poverty alleviation through dynamic cooperativism.

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(October 19, 2006 issue)
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