Kabankalan City coop launches members' savings operation
The Kabankalan Government Employees Multi-Purpose Cooperative (KABGEM) launches its Members Saving Operation (MSO) Program to better serve the existing 772 members.
The launching was in time for the inauguration of the coop's new office building within the city hall compound.
The MSO-Kabgem functions like a bank where members enjoy an interest rate of 5% per annum of their savings deposit. Only a minimum maintaining balance of P100 for kids and P500 for individuals/organization should be maintained. The time deposit is at a minimum of 11.5% per annum without VAT and withholding tax.
"The program was launched in accordance to what is stated in the constitution-and-by-laws of the cooperative which is to encourage thrift and saving mobilization for members," said Lolly Saluta, general manager of Kabgem.
Present during the launch were Cesar Artesano, branch head, Land Bank of the Philippines and Adolfo Mangao, Jr., branch manager of Postal Savings Bank. These banks are extending financial assistance to Kabgem.
The mission of Kabgem is to be a "God-fearing, self reliant, sustainable and socially responsible cooperative of satisfied members geared towards excellence" with a vision to "deliver quality services efficiently to members and promote good moral and spiritual values." (Kabankalan/PIA/EAD)