Department of Supervision and Examination (BSP) Credit Cooperative

BRIEF HISTORY

 

 

Basic Laws that govern cooperatives

*      Republic Act No. 6938 – known as “Cooperative Code of the Philippines ”

*      Cooperative Development Authority- the agency in charge of the registration and regulations of cooperatives, otherwise referred to as the CDA, the regulatory board in cooperatives.

 

Objectives of Cooperative

            The primary objective of a cooperative is to provide goods and services to its members, such as:

*      Provide maximum economic benefits to its members,

*      Teach them efficient ways of doing things on a cooperative manner,

*      Propagate cooperative practices and new ideas in the business management, and

*      Allow lower income groups to increase their ownership in the wealth of this nation.

 

Brief history of the Cooperative

*      Founder – Mr. Platon Bruno

He entered this bank under the then Department of Supervision and Examination (DSE) and initiated this credit cooperative which aimed to provide financial assistance to the personnel in the department who were prohibited from obtaining loan from banks under their supervision.

*      December 8, 1965 – registered with the Department of Commerce and Industry under the name Department of Supervision and Examination (CBP) Cooperative Credit Union, Inc.

Cooperator’s Initial Capital

Seed capital was only P2,250

 

Initial Operation Credit

*      Initial loan granted was P50.00 per member

*      Governor Gregorio C. Licaros allowed to use the CB’s IBM programmed payroll deduction facility.

 

Cooperatives Profiles

*      On June 17, 1975 , the credit union was re-registered with the Department of Local Government and Community Development’s Bureau of Cooperative Dept. as a pre-cooperative and was confirmed by the Cooperative Development Authority  (CDA)

*      On February 22, 1978 , the cooperative made its amendments to its Articles of Cooperation and By-laws, changing its name to Kilusang Bayan for Credit, Inc. and its status from pre-cooperative to full-pledged cooperative. Further amendments as required by CDA, included the change of name to DSE (BSP) Credit Cooperative. 

*      Presidential Decree No. 78 in the late seventies hastened the growth of the credit union which allowed to accept investors from other departments and offices of the Central Bank.

*      Investors enjoy all rights and privileges of a member except the right to vote and be voted upon.

COOPERATIVE VALUES

*      Prudential fund management

*      Higher revenues

*      Higher than market interest rates on deposits

*      Higher dividend/returns on share capital

*      Efficient service

*      Effective operations

*      Continue vigorous campaign for more savings among members and investors thru regular build-up of the share capital and regular savings and time deposits;

*      Continue close monitoring of the economic development of the nation, particularly on interest rates fluctuations so as to maintain a sustainable and competitive interest rate structures of the DSE (BSP) CC lending and deposit operations;

*      Continue study on new productive business ventures as investments outlets of Credit Cooperative members, investors and staff to further uplift their living standards;

*      Require a high standards of qualifications for those who will seek elective position to the board and committees to maintain the high quality of management and supervisory services to the credit cooperative; and

*      Continue adherence to the objectives and ideals of service thru cooperatives among its members/investors and staff.

 

MODERNIZATION

*      As the volume of transactions grew, changes and improvements in the services and operations of the credit union were affected. Computerization now provides a faster and efficient servicing of:

*      Deposit/withdrawal

*      Loan transactions

 

 

 

 

 

 

 

MEMBER INTEGRATION (OPEN AND VOLUNTARY MEMBERSHIP)

 

How does one become a member of a cooperative?

*      The applicant shall fill-up the application for membership and other forms concerning about the application and pay at least P200.00 for the membership fee. The applicant will be asked if he/she is applying as a member or as an investor. What are member and investor? The member is the regular member as  the original concept of a cooperatives says that, it is the member who enjoys all the rights and privileges and has the right to vote during election of officials the coop while the investor is the associate member who also enjoys all the rights except for voting. They only accept employees of the Bangko Sentral ng Pilipinas as members and investors. The applicant must pass all the requirements like paying the membership fee, fixed deposit and time deposit as their share capital to the coop.

 

Here is the application for membership of DSE (BSP) Credit Cooperative

 

APPLICATION FOR MEMBERSHIP
I hereby apply for membership in the DSE (BSP) CREDIT COOPERATIVE for …………………………………I agree to obey faithfully its rules and regulations as set down in its Articles of Incorporation and Bylaws, the decisions of the general membership meetings and those of the Board of Directors.
I hereby pledge to:
1.        Attend and finished the prescribed membership education courses.
2.        Pay the membership pay of P……………………………………
3.        Participate in the following savings program:
a.)      Subscribed for at least……………shares and pay for them either in lump sum or installments, under the terms and conditions prescribed in the Membership Agreement;
b.)     Contribute daily/ weekly/ bi-monthly/ monthly at least 2% of my monthly salary into the share capital; and
c.)       Contribute into the share capital at least 50% of the annual interest on capital and patronage refund due me.
4.        Comply with the membership and subscription agreement. For your consideration, I hereby attach my information sheet.
…………………………………………………
signature of Right hand thumbmark of Applicant
…………………….
           Date
……………………..
           Place
PERSONAL DATA
Name……………………………………………………Civil status:………………………………….
Birthplace:………………………………………………Date of Birth:………………………………..
Present Address:………………………………………………………………………………………….
Occupation:………………………………………………………………………………………………
Employer or Office:…………………………………………………Salary:……………………………
Other sources of income:…………………………………………………………………………………
Nearest relative:……………………………………………………..Relationship:……………………..
Number of dependents:…………………………………………………………………………………..
This application for membership was approved / disapproved by the board of directors in the meeting held on ……………………………………………………..20……………………
                                                                                                                ……………………………………………..
                                                                                                                                 (secretary)
MEMBERSHIP NO……………………………………
                                                EARN AND SAVE THE COOPERATIVE WAY
PROCESS / EVALUATION SHEET
APPLICATION FOR MEMBERSHIP WITH THE
DSE(BSP) CREDIT COOPERATIVE
  1. PERSONAL DATA OF APPLICANT:
Name:___________________________________________ Civil status:____________________
Name of Spouse:___________________________________Birthday:______________________
Birthplace:________________________________________Age:__________________________
City Adress:_____________________________________________________________________
Provincial Adress:__________________________________No. of Dependants:______________
Date Employed with BSP:____________________________ Dept.:________________________
Present position:____________________________________Mothly Basic Salary:____________
Other allowance:_________________________________________________________________
Other sources of income:___________________________________________________________
                I hereby certify that the information stated above is true and correct in the best of my knowledge and belief and that I have never been convicted of any crime, dismissed from employment of charged with dishonesty or non-payment of obligation.
                                                                                                                ____________________________
                                                                                                   (Signature over printed name)
  1. PERSONAL DATA OF SPONSOR:
Name: __________________________________________Data of membership with Credit Cooperative: ___________________________________Dept./ Office:_____________________
Position in BSP:_______________________________________ No. of years associated with applicant:_______________ Sponsor for the first ( ) , Second ( ) time in_____________________
            I hereby certify that the above applicant has been personally known to me for the past ____________________years and I vouch for his /her good moral character, honesty and integrity.
                                                                        _______________________________
                                                                        ( Signature of Sponsor over printed name)
                                                                                        Date:________________________
                                                                (to be filled up by the committee)
  1. ACTION TAKEN:
Evaluation /Recommendation:                                          Date:_______________________________
________________________________                           _________________________________
                           Chairman                                                                                      Member
________________________________                           __________________________________
                           Member                                                                                         Member
  1. Approved by the Board in its Special / regular Meeting held on________________________
DSE (BSP) CREDIT COOPERATIVE
Bangko Sentral ng Pilipinas
Manila
                                                                                                                                                 Investor [  ]
                                                                                                                                                   Member [  ]
Personal Information
1. Name:_______________________________________ Dept. / Office:_______________________
                 (Family)             (Given)           (middle)
    Civil Status:_________Sex:___________ Tel No. ___________________ Loc.: _______________
    Date of birth:_______________________ Position in BSP ________________________________
    Place of Birth: ______________________Monthly Salary: ________________________________
                                                                                No. Of Year of Service in BSP_____________________
                                                                                 Immediate Supervisor____________________________
2.Residence Address:___________________________________Tel. No. ______________________
   Provincial Address: _____________________________________ Tel. No. _____________________
3. Spouse:_______________________________________________Monthly Salary:_______________
    Employer: _____________________________________________Position: ____________________
    Business Address: __________________________________________ Tel. No.__________________
4. Dependents:
                Age                        Name                      School                                                    Grade / year
_______________     ______________    __________________________   _____________________
_______________     ______________    __________________________   _____________________
_______________     ______________    __________________________   _____________________
5. Experiences in Cooperative
                Inclusive date                                     Position                                                 Name of Cooperative
________________________    ________________________   ________________________________
________________________    ________________________   ________________________________
6. Training / seminar on Cooperative ( including SN attended )
                Inclusive Date                     Course Description                           No. of Hours                     Place
_____________________  ___________________________  ________________________  ___________
_____________________  ___________________________  ________________________  ___________
7. Business Activities / other/ Source of income:
    Nature of business:___________________________________________________________________
    Estimated Annual Income:_____________________________________________________________
   
8. Have you ever been accused or convicted of any crime? ______________________________________
    If in the affirmity, please amplify ________________________________________________________
9. Give names of two Bangko Sentral employee, their Department / office and Telephone
No, who can vouch for your character:
CERTIFICATION
I hereby certify that the information is true and correct to the best of my knowledge.
                                                                                                               
                                                                                                                                __________________________
                                                                                                                                      Signature of applicant
                                                                                                                                Date: _________________
SUBSCRIBED and SWORN to before me this _________ day of ____.______ of Manila Philippines.
DSE (BSP) CREDIT COOPERATIVE
Bangko Sentral na Pilipinas
Manila

OATH OF MEMBERSHIP

            I _______________________________________________________________
Of the _______________________________________Bangko Sentral ng Pilipinas, Manila, having been duly accepted as member of the DSE (BSP) CREDIT COOPERATIVE, hereby solemnly swear that I will faithfully abide and observe all existing rules, regulations and policies promulgated by the cooperative. That I will bear true faith and allegiance to the same; that will obey the applicable Circulars, laws and legal orders and decrees promulgated both by the national and local government and that I will impose this obligation upon myself voluntarily, without mental reservation or purpose of evasion.
            SO HELP ME GOD.
            Manila, Philippines_______________________________
                                                                        Date
                                                                                                ________________________
                                                                                                  signature of member
ATTESTED:
____________________

   President

 

Gentlemen,

            I/ We have read and understood the provision of DSE (BSP) C. C. rules and regulations savings/ time deposits accounts.

            I/ We agree to be bound thereby as well as by  the applicable rules and regulations of the Cooperative Development Act. The provision R.A. 6938 and R.A. 6939 of the Philippines shall not apply to this account.

& OR

Depositors Signature over Printed name

Beneficiaries :

            Wife/ Husband __________________________________________________

           

Children:

1.       ________________________________________________________

2. _________________________________________________________

                        3. _________________________________________________________

 

 

                        DSE (BSP) CREDIT COOPERATIVE

                                      SIGNATURED CARD

Name ____________________________________TIN __________________

Employee No. _____________ Dept. _______________Tel. No. ___________

Res. Address _____________________________________________________

________________________________________________________________

Tel. No. _________________________________________________________

Savings Deposit No. _______________________________________________

Mem/Inv No. ____________________________________________________

The DSE (BSP) CREDIT COOPERATIVE will please recognize any signature below in the payment of funds or other business transactions against account.

            1. ______________________2. _________________ 3. _________________

& or

            1. ______________________2. _________________ 3. _________________

 

Signature taken b:                                                                  Authenticated by:

Approved by:                                                                          Date:

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