THE management of God the Father Almighty Credit Cooperative (GTFACC), a credit cooperative located in Barangay Tisa, Cebu City, will be paying the affected members and clients.
Christopher Tundag, GTFACC founder, said he will now be meeting with some members and clients by batch to explain his side as well as propose a promissory agreement and settlement with them.
As of now, he said there are three companies that have offered him help. Tundag explained these companies offered him a certain amount for a loan so they can start the operation of the coop again. The money they will earn will then be used as refunds. With the help he says he will receive, Tundag is confident the issue will be resolved soon. He and the coop’s management is targeting to solve the problem within 12 months. Tundag did not disclose the agreement with the companies since they are still finalizing it.
“Maybe these companies understand my situation. That’s why they want to help me,” said Tundag.
In a phone interview, Tundag said he has tapped his agents to contact their respective batch of members so they can conduct a meeting to talk about the problem in their cooperative.
He will also tell the involved individuals about his proposal and the promissory agreement.
Tundag explained that the promissory agreement means he will give the affected members and clients the refunds they are requesting but he will ask them for their understanding to wait until they will be given the full payment.
“I will be needing their understanding and full cooperation in solving this issue. GTFACC is a cooperative and the solution can’t just be done by one person alone,” said Tundag.
Tundag hoped that as he and the coop’s legal counsel and management are doing their best to solve the problem, the people will also understand their side.
Tundag clarified he did not receive any notice of any case filed against him yet.
Tundag also said they have yet to submit a demand letter and memorandum of agreement to the National Bureau of Investigation (NBI) and Cooperative Development Authority (CDA) against their supplier. Based on the initial investigation reported to them by the NBI, Tundag said the supplier also has outstanding liabilities with other four entities.
James Catian, one of the complainants, said they have not yet received communication from the coop’s management nor have they received any updates from CDA about the complaint letter they sent. Complainants said the cooperative promised to release to them vehicles they wanted to buy at a low interest rate. (JJL)