FAQ

Agdao Multi Purpose Cooperative is a credit cooperative duly organized and existing under Philippine laws, registered pursuant to Republic Act No. 9520, otherwise known as the 2008 Cooperative Code, under Cooperative Development Authority (CDA) Registration No. 9520-11005117, with Head Office address at AMPC Green Building, N. Torres St., Cor. Urduja Ext., Obrero, Davao City to promote and undertake savings and lending services among its members. The Cooperative generates a common pool of funds in order to provide financial assistance (loan) to its members for productive and providential purposes.

Membership to Agdao Multi Purpose cooperative is open to all Filipino citizens, of legal age and with the capacity to contract.

An applicant for membership should attend a PMES (Pre Membership Education Seminar); submit the following documents to the Cooperative (AMPC) and pay the required membership fee and other charges imposed by the Cooperative:

• A new applicant for membership shall submit the following:
  Application for membership in the form prescribed by the Cooperative
• Valid ID
• Proof of Billing
• Marriage Contract ( if married )
• Birth Certificate ( single )
• Recent colored 1pc. 1×1 picture, 1pc. 2×2 picture

12, 18, 24 and 36 months are the loan payment terms.
Your monthly amortization depends on the amount of money you would like to loan, how long you would like to extend your payment terms and our assessment of your loan application.

• Must be a registered member of AMPC
• Must have a minimum Share capital of ₱1,000.00 or more at the time of the loan application.
• Has one qualified member Co-Maker willing and capable of assuming the payment of the borrower’s debt in case of default of the latter.

• The borrower member must submit:
  A completely filled-up Loan Application, duly signed by the borrower and the qualified Co-Maker member.
• All supporting documents should be attached to the application form such as: Payslip, COE, and Company ID if employed. If self-employed/Business: Photo Copy of Business Permit, Proof of Income- Financial Statement/Income Statement, DTI/SEC Business Registration, 3 mos. Bank Statement.

A member can avail of Loan based on his/her capacity to pay at 2% diminishing rate per month with a maximum term of 36 months, payable monthly.

The service fee is 2.5% while the filing fee .5% of the loan Amount.

A member can avail of a Loan with a maximum of not more than 10% of the cooperative net worth which will be determined prior to the approval of the loan.

There is no annual fee.

Upon submission of your complete loan document requirements, please expect results of your loan application within 2 to 3 days.

You may pre-terminate your loan anytime. You will only need to pay the outstanding principal balance plus the existing interest.

You will receive your loan proceeds through your savings account in the cooperative.

The Cooperative adopted a Savings Deposit Account System with a Passbook. The amount required to open an account, which is also the minimum maintaining balance, is ₱500.00. Deposits may be made in cash or check to the Teller from 8:00 A.M. to 4:00 P.M. in the afternoon. It can also be made through inter branch deposit. There is no minimum or maximum limit for deposits.

A cash withdrawal from the Savings Deposit (SD) account is open from 8:00 A.M. to 4:00 P.M. No cash withdrawals are allowed without the properly filled withdrawal slip and the presentation of the Passbook. All transactions involving deposits and withdrawals from the member’s Savings Deposits are always posted in the Passbook. These transactions are likewise recorded in the member’s individual subsidiary ledger kept by AMPC. Updating of the Savings Deposit Passbook is made only when the Passbook is presented to AMPC any day during office hours.

• Current AMPC savings deposit interest rate is 3% per annum subject to change anytime by the Board of Directors depending on the prevailing rates in the market.
• Interest are computed monthly but credited to the Member’s Individual Ledger every end of the quarter.
• The Interest is Tax Exempt
• Your savings continues to grow through the passbook system.

A minimum capital contribution of One Thousand Pesos (₱1,000.00) is required to be deposited by a member. A member can deposit P400/month. It can be paid through direct cash or check payment to the AMPC teller. Any member whose capital contribution (CC) is more than the Minimum Subscribe capital of ₱15,000.00 may continue to add to his capital contribution (CC) in installment until the maximum limit is reached.