ARTICLES OF COOPERATION

OF
PAG-ASA CREDIT COOPERATIVE

KNOW ALL MEN BY THESE PRESENTS:

We, the undersigned Filipino citizens, all of legal age and residents of the
Philippines, have on this day voluntarily associated ourselves for the purpose of credit
cooperative under the laws of the Republic of the Philippines.
AND WE HEREBY CERTIFY:
ARTICLE I
Name of the Cooperative
That the name of this Cooperative shall be PAG-ASA Credit Cooperative.

ARTICLE II
Objectives
That the objectives for which this Cooperative is formed are:
Primary
1. To inculcate a culture of thrift and assist members to attain financial stability
through periodic savings and financial discipline;
2. To create funds and grant loans to members for productive and providential
purposes;
3. To promote the upliftment of the quality of life of Its members through mutual
and cooperative assistance

Secondary
In addition to the objectives and purposes provided for under Republic Act No.
6938, which are hereby made an integral part of this Articles of Cooperation; this
Cooperative adopts the following secondary objectives.
1. To actively support the government and other concerned organizations, both
local and foreign, in promoting cooperatives as a practical means towards
sustainable socio-economic development under a truly just and democratic
society;
2. To develop the knowledge of the members on the principles and practices of
cooperatives to enable them to actively and competently participate in
managing the affairs of the Cooperative;
3. To institutionalize a dynamic savings mobilization and capital build-up schemes
to sustain its development activities and long-term investments, thereby
ensuring optimum economic benefits to the members, their families and the
general public;
4. To implement policy guidelines that will ensure transparency, equitable access
to its resources and services, and promote the interest of the members; and
5. To adopt such other plans as may help foster the welfare of the members, their
families and the community.

ARTICLE III
Powers and Capacities
In furtherance of and not in limitation to the powers and capacities conferred by
Republic Act No. 6938, this Cooperative shall have the following juridical powers and
capacities:
 1. To draw, make, accept, endorse, guarantee, execute and issue promissory notes, bills
of exchange, debentures, bonds, drafts, warrants, certificates and all other kinds of
obligation and instruments in connection with its lawful business operations;
2. To contract indebtedness and/or enter into joint ventures with local or foreign
entities in order to achieve its goals and economic plans and programs;
3. To purchase, receive, take or grant, hold, convey, sell, lease, pledge, mortgage, and
otherwise deal with such real and personal property as the transaction of its lawful
affairs may reasonably and necessarily require, subject to the limitations prescribed
by law and the Constitution of the Philippines;
4. To exercise such other powers as may be essential and necessary to carry out its
objectives in accordance with law.

ARTICLE IV
Area of Operation
That this Cooperative shall operate within the Municipality of Tolosa and its
principal office shall be located at Brgy. Doñ a Brigida Tolosa Leyte.
ARTICLE V
Term of Existence
That the term for which this Cooperative shall exist is 50 years from the date of its
registration with the Cooperative Development Authority.

ARTICLE VI
Common Bond of Membership
That the common bond of membership of this Cooperative is associational and shall
be open to all natural persons, Filipinos, of legal age, with the capacity to contract and
members of residential and possess all the qualifications and none of the disqualifications
provided for in the By-laws.

ARTICLE VII
Name, Nationality and Address of Cooperators
That the names, nationalities and addresses of the cooperators are as follows:
Name Address Nationality
Lucas M. Alcantara Brgy. Olot, Tolosa, Filipino
______________________ Leyte ________________________
Brgy. San Vicente,
Melody C. Mendoza Tolosa , Leyte Filipino
______________________ ______________________ ________________________
Brgy. Quilao Tolosa,
Pauleen V. Ledezma Leyte Filipino
_____________________ ______________________ ________________________
Brgy. Telegrafo
Fiona M. Contreras Tolosa, Leyte Filipino
______________________ ______________________ ________________________
Brgy. Tanghas
Raven A. Buenconsejo Tolosa, Leyte Filipino
______________________ ______________________ ________________________
Ella P. Saavedra Brgy. Malbog Tolosa, Filipino
______________________ Leyte ________________________
Brgy. San Roque
Lianne P. Samaniego Tolosa, Leyte Filipino
______________________ ______________________ ________________________
Celestine N. Lerios Brgy. Opong Tolosa, Filipino
 Leyte
______________________ ______________________ ________________________
Catelyn M. Brgy. Burak Tolosa,
Montenegro Leyte Filipino
______________________ ______________________ ________________________
Brgy. Quilao Tolosa,
Allan C.Madrid Leyte Filipino

Jade M. Firmo Brgy. Olot Tolosa,

Leyte Filipino
Jasper C. Enrile Brgy. Poblacion
Tolosa, Leyte Filipino
Chester J. Raz Brgy. Imleda Tolosa,
Leyte Filipino
Joanne N. Becios Brgy. Quilao Tolosa,
Leyte Filipino
Sandy G. Lago Brgy. Burak Tolosa,
Leyte Filipino
 ARTICLE VIII
Board of Directors
That the number of directors of this Cooperative shall be Nine (9), and
the name, citizenship, and residence of the founding directors who are to serve until
their successors shall have been elected and qualified as provided in the by-laws
are:
Name Address Nationality
Brgy. Opong Tolosa,
Celestine N. Lerios Leyte Filipino
______________________ ______________________ ________________________
Catelyn M. Brgy. Burak Tolosa,
Montenegro Leyte Filipino
______________________ ______________________ ________________________
Brgy. Quilao Tolosa,
Allan C.Madrid Leyte Filipino

Jade M. Firmo Brgy. Olot Tolosa,

Leyte Filipino
Jasper C. Enrile Brgy. Poblacion
Tolosa, Leyte Filipino
Chester J. Raz Brgy. Imleda Tolosa,
Leyte Filipino
Joanne N. Becios Brgy. Quilao Tolosa,
Leyte Filipino
Sandy G. Lago Brgy. Burak Tolosa,
Leyte Filipino
Lianne P. Brgy. San Roque
Samaniego Tolosa, Leyte Filipino
______________________ ______________________ ________________________

ARTICLE IX
Capitalization
That the authorized Share capital of this Cooperative is Twelve Million Pesos
(P 12,000,000.00) Philippines Currency, divided into Two Thousan Pesos (P 2,000)
common shares with a par value of One Hundred Pesos (P100) per share.
ARTICLE X
Subscribed and Paid-up Share Capital
That at least twenty-five percent (25%) of the authorized share capital has been
subscribed and at least twenty-five percent (25%) of the total subscription has been paid
by the following member-subscribers: (The minimum total paid-up common share is
P 3,000,000)

A. Common Share Capital No. of shares Amt. of shares No. of Paid Amt. of Paid
Subscribers subscribed subscribed Up Shares Up Shares
Celestine N. Lerios 2,000 200,000 2,000 200,000
Catelyn M. Montenegro 2,000 200,000 2,000 200,000
2,000 200,000 2,000 200,000
Allan C.Madrid
Jade M. Firmo 2,000 200,000 2,000 200,000
 Jasper C. Enrile 2,000 200,000 2,000 200,000

Chester J. Raz 4,000 400,000 4,000 400,000

Joanne N. Becios 4,000 400,000 4,000 400,000

Sandy G. Lago 4,000 400,000 4,000 400,000

Lianne P. Samaniego 4,000 400,000 4,000 400,000

______________________
Lucas Alcantara 4,000 400,000 4,000 400,000
B. Preferred Share Capital Subscribers:

No. of shares Amt. of shares No. of Paid Amt. of Paid

subscribed subscribed Up Shares Up Shares
Melody C. Mendoza 3,000 300,000 3,000 300,000
______________________
Pauleen V. Ledezma 3,000 300,000 3,000 300,000
_____________________
Fiona M. Contreras 3,000 300,000 3,000 300,000
______________________
Raven A. Buenconsejo 4,000 300,000 4,000 400,000
______________________
Ella P. Saavedra 1,000 100,000 1,000 100,000
______________________

BE IT KNOWN THAT:
Ella P. Saavedra has been appointed as TREASURER of the Cooperative to act as
such until his/her successors is duly appointed and qualified in accordance with the by-
laws. As such treasurer she has been authorized to received payments and issue receipt
form membership fees, share capital subscriptions and other revenues for and in the name
of this Cooperative.
IN WITNESS WHEREOF, the parties have here unto set their hands this 27th day of
November 2020 in Tolosa, Leyte, Philippines.

Name Signature
Lucas M. Alcantara ______________________
Melody C. Mendoza
______________________
Pauleen V. Ledezma _____________________
Fiona M. Contreras ______________________
Raven A. Buenconsejo
______________________
Ella P. Saavedra ______________________
Lianne P. Samaniego
______________________
Celestine N. Lerios ______________________
Catelyn M. Montenegro
______________________

Allan C.Madrid
Jade M. Firmo

Jasper C. Enrile

Chester J. Raz

Joanne N. Becios

Sandy G. Lago
 SIGNED IN THE PRESENCE OF:

__________________________________ _____________________________________
Signature Over Printed Name Signature Over Printed Name
 ACKNOWLEDGEMENT

Republic of the Philippines )

Municipality of Tolosa) S.S

BEFORE ME, a Notary Public in the City of Tacloban this 27th day of November 2020
, personally appeared the following persons:
NAME TIN Date and Place Issued

123-567-667 23 APRIL 2017

Lucas M. Alcantara
______________________
129-564-626 25 APRIL 2016
Melody C. Mendoza
______________________
436-456-728 28 APRIL 2017
Pauleen V. Ledezma
_____________________
345-526-728 23 MARCH 2017
Fiona M. Contreras
______________________
526-728-289 23 MAY 2017
Raven A. Buenconsejo
______________________
526-728-282 23 JANUARY 2017
Ella P. Saavedra
______________________
425-378-289 23 APRIL 2015
Lianne P. Samaniego
______________________
532-738=829 23 APRIL 2017
Celestine N. Lerios
______________________
425-627-353 23 APRIL 2015
Catelyn M. Montenegro
______________________
535-728-772 23 APRIL 2017
Allan C.Madrid
526-728-728 23 APRIL 2015
Jade M. Firmo
425-627-728 23 AUGUST 2015
Jasper C. Enrile
637-829-526 23 MAY 2017
Chester J. Raz
256-270-267 23 FEBRUARY 2017
Joanne N. Becios
627-289-289 23 JULY 2017
Sandy G. Lago

known to me and to me known to be the same persons who executed the

foregoing instrument, and he acknowledged to me that the same is his free act and
deed. This instrument, consisting of Ten (10) pages, including the page on which
this acknowledgment is written, has been signed on the left margin on each and
every page thereof by the parties and his witnesses, and sealed with my notarial
seal.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my notarial seal
on the day, year and place first above-written.

Atty. Charisse Faith Viste

Notary Public for Tolosa, Leyte
Commission Serial No. 326238
Until Dec. 31, 2021

Roll of Attorney No. 25728

 PTR No. 6257188/ 23 July 2020/
Tolosa Leyte
IBP NO. 62352348/ 24 March
2017/ Tolosa Leyte

Doc. No.53
Page No.10
Book No.45
Series of 2020
 TREASURER’S CERTIFICATE

Republic of the Philippines )

Municipality of Tolosa ) S.S
Province of Leyte )

I, Ella P. Saavedra being duly sworn in accordance with law, depose and
say that:
I have been elected by the subscribers of the corporation as Treasurer thereof to act
as such until my successor has been duly elected and qualified in accordance with the by-
laws of the corporation, and that as such Treasurer, I hereby certify under oath that at least
25% of the authorized capital stock of the corporation has been subscribed and at least
25% of the subscription has been paid, and received by me in cash property for the benefit
and credit of the corporation.
This is also to authorize the Securities and Exchange Commission and Bangko
Sentral ng Pilipinas to examine and verify the deposit in the Metrobank-Tacloban Branch in
my name as treasurer in the amount of Three Million Pesos (P 3,000,000.00)
representing the paid-up capital of the said corporation which is in the process of
incorporation. This authority is valid and inspection of said deposit may be made even after
the issuance of the Certificate of Incorporation to the corporation. Should the deposit be
transferred to another bank prior to or after incorporation, this will also serve as authority
to verify and examine the same. The representative of the Securities and Exchange
Commission is also authorized to examine pertinent books and records of accounts of the
corporation as well as all supporting papers to determine the utilization and disbursement
of the said paid-up capital.
In case the said paid-up capital is not deposited or withdrawn prior to the approval
of the articles of incorporation, I, in behalf of the above named corporation, waive our right
to a notice and hearing in the revocation of our Certificate of Incorporation.

Ella P. Saavedra
________________________________
TREASURER