CDA NCR EO

827 Aurora Blvd., Service Road, Brgy. Immaculate Conception Cubao, 1111 Quezon City, Philippines

The Manila Shared Services Employees Credit and Savings Cooperative

These are challenging times both local and global scale. The pandemic has significantly changed how we see life and how we live. But, it is only by showing our concern to our community and taking the responsibilities to our members that we have a chance to fight this great adversity. This surely shows adherence to the true meaning of cooperativism. In Makati City, the Manila Shared Services Employees Credit and Savings Cooperative is one of the cooperatives who responded to the call for “Bayanihan to Heal as One Act” and Proclamation No. 922, s.2020 to assist the community and the members to combat this current crisis.

Attached herein is the narrative report of the cooperative in the utilization of its Community Development Fund (CDF):

1. Donation to PGHMFI Committed to our principle of “Concern for the Community”, our Board of Directors has approved the cash donation of Fifty Thousand Pesos (Php50,000) to the Philippine General Hospital Medical Foundation, Inc. (PGHMFI) to help purchase protective personal equipment (PPEs) to our health workers and frontliners combating the COVID-19 disease. We also opened the channel for our members who wished to donate to PGHMFI through a portion of their cooperative savings they wish to give to this worthy cause. With all these combined efforts, our cooperative had a total of Two Hundred Fifty-Six Thousand Five Hundred Pesos (Php256,500.) worth of donation to PGHMFI.

2. Hand Sanitizers for the Members On March 12, 2020, the MSSECSC distributed Free Hand Sanitizers to its members. This is in line with the cooperative’s aim to help in the health and safety of each members amidst the COVID 19 threat.

3. Loan Moratorium In pursuant to the Implementing Rules and Regulations (IRR) of Section 4(aa) of R.A. No.11469 otherwise known as the “Bayanihan to Heal as One Act” last April 1, 2020, the MSSC Cooperative had implemented a 30-day grace period for loans and interest payments to provide financial relief to loan borrowers-members for May 2020 scheduled loan amortization and interest payments. Guidelines on the said moratorium are as follows:

• Collection of payment will resume on the next due date immediately following the lapse of the grace period.

• No penalty fees will be charged

• The original maturity date of the loan shall be extended for a period equivalent to the grace period.

4. Calamity Loan (Reduced Interest Rate Offering)

In response to the current COVID-19 situation, the Board of Directors and Management of MSSESCC recognizing some challenges of our members and their families , had decided to offer the existing Calamity Loan program with reduced interest rate of 5% from its’ existing rate of 8% per annum. Loan application was offered from the period March 19 to May 22, 2020.

Also, the amortization period for the said loan offering will start a month after the loan release dates to members who will avail of the program. This is part of our current efforts to make our policies and programs more responsive to our coop members specially at a time they need it most.

5. Uninterrupted Service to Coop Members

The management arranged the work from home for the cooperative staff to ensure all services offered by the cooperative will be available as the country remains under Enhanced Community Quarantine (ECQ).

Sincerely,

Ryan Andrew F. Dela Luna Legal Assistant I

Administrative Section Makati Cooperative Development Office Local : 1231 | Direct/Fax: 899.9049