First community cooperative

(FICCO)

Balingasag Mis. Or. Branch

COMPANY PROFILE
The "Ateneo Credit Union" was the First credit union organized in the Province of Misamis
Oriental or even in the entire Mindanao; (2) from a school credit union confined within the
Ateneo campus, it has grown to a Community Cooperative open to and serving a membership of
various people in Cagayan de Oro City.
Encouraged and inspired by Rev. Fr. William F. Masterson, S.J., the Ateneo Credit Union was
organized by 15 pioneers. The incorporators, mostly faculty and other personnel of the then
Ateneo de Cagayan, now Xavier University started with total deposits of P 26.30.
The First Community Credit Cooperative, Inc. has a membership numbering more than 2,000
scattered all over the city including teachers, market, vendors, businessmen, drivers, farmers,
bank employees, soldiers, executives, various laborers and professionals. Its assets totaled
approximately P 3 million pesos at the end of 1980. This achievement has been recognized by
the government (MLGCD) by awarding it "The Most Outstanding Community Credit
Cooperative in Region 10" for 1977 and 1978.
Twenty-six years have been a long and rough road since the pioneers/organizers fixed their
vision towards the horizon which inspired them to organizer the credit union - a Christian
concern for one another through self-help and mutual-help in a credit union way. All through the
26 years this concern for one another has been growing and expressed by the owner-members in
terms of money saved, of money borrowed and money paid back.
Most important, however, are the efforts of its members, through the years, their willingness to
risk their hard-earned money by sheer faith and trust in one another and their leaders, to serve
and be served through hard work and sacrifice, and through participation in decision-making
which enabled them to build a strong democratically-based business organization with a social
dimension. Its motto - "Not for Profit, Not for Charity, but for Service".
Several significant events could be traced from the records and recollections of some pioneers.
We would like to highlight those events as a tribute, especially to the BUILDERS of the First
Community Cooperative, Inc. (formerly the Ateneo Credit Union).
 PREPARATION OF QUESTIONS

A. Background procedure

B. Background info of

o Cost of interest
o Financial instrument
o Profit per annum

FICCO loan processing procedure:

1. Member- borrowers shall obtain a loan application form from the FICCO office where they are members.

2. Loan applications must be properly accomplished. Members must secure all the requirements needed
before the application is accepted.
Since FICCO have different types of loans according to the needs of its members, some of its
loan requirements differ depending on the type of loan being requested, viz:

For Regular loans, Housing Related loans & Commercial loans

 Certificate of Employment/ Service record for employed members or Business Permit or DTI
Certificate for business men

 Pay slip (last 3 months prior to application)

 Water and electric bill receipt (last 3 months prior to application)

 Income Tax Return (previous year- photocopy)

 Certificate of ownership of applications or OR/CR of motor vehicle or Original Title, Tax

Declaration, Tax Clearance (Current year), Sketch plan and location plan for loans that require
collateral.

 Chattel mortgage or Real Estate Mortgage form

 One-year bank statement or bank certificate for members who wished to use PDC’s as security.
SHARES AND DEPOSIT
Shares

Common Shares
(Share Capital or Fixed Deposit)

 Required minimum, P3,000.00

 Non-withdrawable unless membership is terminated.
 Earns dividend (historically not less than 8% the last 10 years)

Preferred Shares

 For associate (non-voting) members

 Earns the same dividend as common share
 Required minimum, P 100.00
 Preferred as to income

Deposits

Regular Savings Deposit

 Required minimum, P 500.00

 Withdrawable anytime unless encumbered against loan
 Earns 1.5% interest rate.

Time Deposit

 Required minimum, P 1,000.00

 Earns competitive interest rate.

TIME DEPOSIT INTEREST RATE

AMOUNT INTEREST/ANNUM
1,000 – 50,000 2.10%
50,001 – 100,000 2.20%
100,001 – 300,000 2.30%
300,001 – 500,000 2.40%
500,001 - ABOVE 3.00%
 BENEFITS FOR A RECOGNIZED MEMBER

The member shall make a monthly contribution of FORTY Pesos (PhP40.00) to KOOPAMILYA
(previously FICCO MBA) or P 480.00 annual, for protection against loss due to death or total and
permanent disability. The Life Insurance Benefit covers the member and the member’s legal dependents.
If married, the member’s legal dependents include:

 the member’s legal spouse (entry age not more than 63 ½, exit age 70 years old)
 three (3) single and biological and/or legally adopted children at least two (2) weeks old but not
more than twenty-one (21) years old
 and three (3) biological children over twenty-one (21) years old, single, who are disabled and
incapacitated to work.(to wait for addendum or MOA)

If single and without biological children, the member’s legal dependents include:

 the member’s biological parents less than sixty (60) and when both parents are already dead,
 one of his/her younger brother or sister who is still single and not more than 21 years old or more
than 21 years old but disabled and incapacitated will be his/her dependent.

If a member is single (unmarried) but with children, the member’s legal dependents are:

 three (3) single and biological and/or legally adopted children at least two (2) weeks old but not
more than twenty-one (21) years old
 and three (3) biological children over twenty-one (21) years old, single, who are disabled and
incapacitated to work (to wait for addendum or MOA).

LIFE INSURANCE BENEFITS

LENGTH OF MEMBERSHIP
CAUSE OF DEATH OR TOTAL AND PERMANENT
MEMBER
LEGAL
DISABILITY (TPD) DEPENDENTS
Due to Natural Death or Pre-existing Condition 2,500.00 None
THREE (3) MONTHS OR LESS
Due to Accident 20,000.00 5,000.00

MORE THAN 3 MONTHS UP Due to Natural Death or Pre-existing Condition

5,000.00 None
TO

TWELVE (12) MONTHS Due to Accident 20,000.00 5,000.00

Due to Natural Death

40,000.00 10,000.00
MORE THAN TWELVE (12)
MONTHS
Due to Accident 80,000.00 20,000.00
 First community cooperative
(FICCO)
Balingasag Mis. Or. Branch

Research Study of

CREDIT and COLLECTION

Presented to

MR. BUDS MOLINA FERNANDO

St.Peter’s College of Misamis Oriental INC.

In partial fulfillment of the requirements for the BSBA- Financial Management

By:

Dexter P. Estopa

Giselle May A. Alagon

Klein T. Tomon

Myra L. Adajar

Japet Jose Ecuacion