COVID19: OMSC-MPC gives assistance to members, defers loan interest payment

Occidental Mindoro State College Multipurpose Cooperative (OMSC-MPC) has stepped up to help their teacher-members by giving Grocery Relief Assistance and deferring interest payments on loans availed by the latter before COVID-19 outbreak, April 9.

Accordingly, OMSC-MPC Board of Directors Chairman Benedicto Batiles approved the granting of assistance package to members in an attempt to wave off the difficulties presented to distressed teacher-members due to COVID-19.

FROM THE INSIDE:

OMSC-MPC
OMSC-MPC BOD Chairman Benedicto Batiles.

Living up to the spirit of cooperativism, OMSC-MPC is giving Grocery Relief Assistance to members whose take home pay is not more than P7,000.00 and those who are financially incapacitated to pay their loans at present time.

A moratorium on loan deduction for the month is erstwhile being implemented as well.

Meanwhile, OMSC-MPC is also granting an interest-free loan amounting to P10,000.00 to interested members as long as they have no standing cooperative loan. The applicant must also have a take home pay of not less than P5,000.00.

The fund for these assistance are to be culled out of the cooperative’s Community Development Fund (CDF).

OMSC-MPS acted based on Section 4 (AA) of the recently approved Republic Act No. 11469 or the Bayanihan To Heal As Once Act. It says:

aa) Direct all banks, quasi-banks, financing companies, lending companies, and other financial institutions, public and private, including the Government Service Insurance System, Social Security System and Pag-ibig Fund, to implement a minimum of a thirty (30)-day grace period for the payment of all loans, including but not limited to salary, personal, housing, and motor vehicle loans, as well as credit card payments, falling due within the period of the enhanced Community Quarantine without incurring interests, penalties, fees, or other charges. Persons with multiple loans shall likewise be given the minimum thirty (30)-day grace period for every loan;”

They also got inspiration from Sen. Bong Go’s appeal to cooperatives to to utilize their community development fund (CDF) to help their members.

“Hinihikayat po natin ang ating mga kooperatiba na gamitin ang kanikanilang community development fund upang mas lalo pang mapalakas at mapalawig ang paglaban natin sa mga banta ng COVID-19,” Go said.

Manila Bulletin also reported that Go’s request is in line with Memorandum Circular No. 2020-30 issued by the Cooperative Development Authority which encourages cooperatives “to utilize their Community Development Fund (CDF)

Under Article 86 (3) of R.A. No. 9520, it shall not be less than three per centum (3%) of their net surplus, for projects or activities that will benefit the community where the cooperative operates.”

These projects or activities are those identified and included in the approved Social Development Plan of the cooperatives.

As middle-income earner, teachers are among those who have been somehow swept aside by the government in giving social assistance, disqualifying them from receiving any grants in view of their social and employment status.

__________

The information and photos are based on the posts made by OMSC Media and Public Relations Office, RD Oliveros, and Benedicto Batiles.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.