ASMA SOLIDARITY FUND

Solidarity Fund Membership and Loan Application Guidelines

OBJECTIVE:

This document provides guidelines governing credit policies and ASF membership drawn from the consensus of
all bona-fide members for the orderly implementation of programs and services.

I. MEMBERSHIP PROVISIONS:

Membership is automatic upon payment of the capital share to the ASF Treasurer. Payment shall be
voluntary. It shall fall during the remuneration date of either 15 th and 30th of the month. Capital share shall
not be less than two-hundred pesos (P200.00). Accrued annual ASF interest shall be distributed equally to all
active members during Christmas Party/Fellowship. Non-payment of the capital share shall merit no interest
share for a particular period of inactivity. In cases when an ASMA employee ASF member decides to resign,
such membership shall be automatically revoked on the effective date of resignation. Only the paid-up
capital share shall be withdrawn plus the accrued interest share spanning only the period of active
membership.

II. LOAN ELIGIBILITY:

Since the ASF aims to provide benefits to its members, its credit programs are specifically designed to
address its members’ needs. However, in order to safeguard its resources, only members of good standing
can avail of the credit services of the ASF. To be members of good standing, they have to meet the following
requirements:

1. The borrower has to be a bona-fide member of the ASF.

2. The borrower has no default on any outstanding loan to the ASF.
3. Must be an active member with a minimum monthly share of P200.00 per month.

III. LOAN SUPERVISION:

The Credit Committee has general supervision over all loans within the ASF. In the evaluation of all loan
applications, the Credit Committee must satisfy themselves that every loan promise to be of benefit to the
borrower. The Credit Committee shall decide within (3-7) from date of submission of complete requirements
upon the loan’s approval.

IV. LOAN TYPE:

1. Productive Loans – for the purpose of generating income/business.

2. Provident Loans – those not primarily intended to generate income but for the purpose of providing
financial relief to the borrower and his/her family.
3. Special Loans – other loans offered by the Cooperative, usually above the loan ceiling of a regular loan.

The initial loan offering available from the ASMA Cooperative as of this date are the provident cash
loans. Under such loan are the Petty Cash Loans and Multi-purpose Loans.

A. PROVIDENT LOANS
a. Petty Cash Loans: Mini-loans not over FIVE HUNDRED PESOS (P500.00)
Loanable twice monthly. Once in both any day scoping the 15 th and 30th of the month
respectively.
Loanable Amount: Minimum of P200.00 and a maximum of P500.00.
Terms of Payment: Maximum of (1) month.
Interest Rate: Fixed interest 2% for (1) month.
Eligibility for Renewal: 50% of initial loan paid.
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 Requirements:
1. Paid-up capital of at least TWO HUNDRED PESOS (P200.00).
2. Duly filled-up and approved Loan Application Form.

b. Multi-purpose Loans:
Loanable twice monthly. Once in both any day scoping the 15 th and 30th of the month
respectively.
Loanable Amount: Up to Ninety Percent (90%) of the total ASF.
Terms of Payment: Maximum of (2) months.
Interest Rate: Fixed interest 2% for (2) months.
Eligibility for Renewal: 50% of initial loan is paid.
Requirements:
1. Paid-up capital of at least TWO HUNDRED PESOS (P200.00).
2. Duly filled-up and approved Loan Application Form.

V. LOAN PAYMENT:

Petty Cash Loans/Multi-purpose Loans: Voluntary payment of member to Credit Committee on the
remuneration date of either 15th and 30th of the month contingent on the due date of the loan.

VI. LOAN RELIEFS:

ASF aims to provide members a sense of ownership and thus presents members reliefs from loans in
specific circumstances.

A. Grace period: A grace period of SEVEN (7) working days after date of due shall be given to members.
B. Loan Restructure/Renewal: A borrower may avail a refinancing of his/her loan after if at least FIFTY
PERCENT (50%) of the original amount has been paid.

VII. PENALTIES:

Loans shall be considered default after (7) working days upon payment maturity. A written demand shall
be sent to the borrower at the date of default. The borrower may opt to settle the account without
penalties within SEVEN (7) working days upon default. Loans are subject to penalty after SEVEN (7) working
days upon default date.

A. Petty Cash Loans:

a. Late Payment: TWO PERCENT (2%) due per month.
B. Multi-purpose Loans:
a. Late Payment: TWO PERCENT (2%) due per month.

VIII. APPLICATION PROCEDURES:

The following are the Application Procedures for members securing a loan:
1. Fill-up application form and submit to Credit Committee.
2. Credit Committee checks for loan and payment standing.
3. Credit Committee approves loan, affixes signature on application form for processing.
4. Treasurer releases funds in means necessary.
5. Applicant to verify loan status regularly with the Credit Committee. If the application is approved and
available, the Credit Committee releases loan proceeds.

The process of approving and releasing must not exceed SEVEN (7) working days unless funds are not
available. In that case, the applicant shall be duly notified and scheduled if deemed necessary.

IX. OTHER PROVISIONS:

These set of guidelines/policies are set forth by the ASF for the purpose of effectively providing quality
and competitive loan services to members. Any amendments to the above guidelines shall be publicly
announced and posted.

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 Approved on this __ day of __________, 2021 at Poblacion, Argao, Cebu, Philippines.

X. CONCURRENCE:

By affixing your signature on the table below, you consider yourself a bona-fide member of ASF and
agree and abide to all the aforementioned guidelines enshrined in this document.

Concurred by:

NAME DESIGNATION SIGNATURE DATE

1. Ms. Trisha Faye N. Almine ASF Member
2. Fr. Christopher C. Amores ASF Member
3. Mme. Sarahvin O. Asingua ASF Member
4. Ms. Novy Marie D. Calago ASF Member
5. Ms. Jacquilyn B. Camajalan ASF Member
6. Ms. Karen G. Danieles ASF Member
7. Mr. Hubert Lloyd L. Datanagan ASF Member
8. Mr. Eduard S. Estilloso ASF Treasurer
9. Ms. Julie Ann C. Figues ASF Member
10. Ms. Apple Mae E. Filomeno ASF Member
11. Mr. Joromi R. Geagonia ASF Member
12. Ms. Aiza A. Heredia ASF Member
13. Ms. Sofia Alfonza A. Kintanar ASF Member
14. Ms. Jessa S. Limpiado ASF Member
15. Ms. Eulilia S. Lisondra ASF Member
16. Ms. Rheamae B. Lucero ASF Member
17. Ms. Nina O. Macas ASF Member
18. Mr. Edrick D. Minayo ASF Member
19. Mr. Ronito M. Mitoda ASF Member
20. Mr. Timoteo G. Mondido ASF Member
21. Mr. Demuel O. Montejo ASF Auditor
22. Ms. Maria Maidel J. Natural ASF Member
23. Ms. Karen Kate R. Navarrete ASF Member
24. Ms. Mary Joy C. Olivar ASF Member
25. Ms. Rezyl M. Sabado ASF Member
26. Ms. Carmelina K. Salazar ASF Member
27. Ms. Kristine Jane A. Sereno ASF Member
28. Mr. Joseph P. Tampos ASF Member
29. Fr. Nissan B. Toring ASF Member
30. Ms. Michelle Villa ASF Member

Prepared by:

Mr. Demuel O. Montejo, RPm

Guidance Counselor

Checked by:

Mme. Sarahvin O. Asingua

Academic Moderator

Approved by:

Fr. Christopher C. Amores, M.A.P.M.

School Director-Principal