THE Cebu News Workers Multipurpose Cooperative (Cebu Newscoop) announced that it has reduced the interest rate of loans from 18 percent per annum or 1.5 percent a month to 12 percent per annum or one percent per month.
Cebu Newscoop is a cooperative of the Cebu media and the community, and it is registered with the Cooperative Development Authority pursuant to Republic Act 9520.
The reduction of interest rate is supported by Cebu Newscoop board resolution 2017-0714-A, series of 2017. It was sponsored by Atty. Elias L. Espinoza, vice chairperson, and seconded by director Frederick P. Languido. The resolution was approved in mass motion.
It was noted that the 18 percent interest rate was decided by the previous administration when at this time the commercial banks were charging 24 percent interest per annum and above on loans.
The Cebu Newscoop was charging the 18 percent per annum until last July 14, 2017 when the board chaired by Elias O. Baquero decided to cut the interest rate from 18 percent to only 12 percent per annum.
At present, private and government banks are charging six percent per annum as ordered by Bangko Sentral ng Pilipinas (BSP).
In consonant with the current BSP rates on loans and to encourage more coop members to avail themselves of the loan services, the board finds it essential to reduce the current interest rate from 18 percent to 12 percent per annum.
Other signatories of the resolution were directors Jovy Taghoy-Gerodias, Divine Sanchez Ngujo, Gabriel Malagar, Gregorio Rubio and Oscar Pineda. (EOB)