What is ADTEMPCO
It is a cooperative duly established in 1985 by 74 individuals within the Diocese of Bangued spearheaded by the late Bishop Odilo Etspueler, SVD. It is classified as a large cooperative by the Cooperative Development Authority (CDA) and one of the largest cooperatives in Northern Luzon
How to become a member of ADTEMPCO?
Must attend the Pre-Membership Education Seminar (PMES)
Any individual of legal age with capacity to contract
Resident of any province or city in Luzon
Good health condition
Good Credit Background
Filled-up Membership Application & Mortuary Aid Form
2 pcs. 2×2 colored ID picture
1 valid ID (photocopy)
What are the types of membership?
A regular member is one who has complied with all the membership requirements and entitled to all the rights and privileges of membership as stated in the Cooperative Code and the cooperative by laws.
An associate member has no right to vote and be voted upon and is entitled only to such rights and privileges provided by the cooperative’s by laws.
What are the benefits I get from being a member?
- Tax-free Interest on deposits and investments
- Divindend/interest on share capital
- Affordable credit services
- Business and livelihood opportunities
- Mortuary Aid Benefit
- Patronage refund and Incentive points
- Other privileges and Member-In-Good-Standing (MIGS) Incentives.
What are the obligations of a member?
- Capital build-up of at least P 300.00 per month
- Savings build-up of at least P 100.00 per month
- On time payment of loan obligations
- Mortuary aid contribution
- Attend Co-op assemblies, meeting and activities
- Patronize Co-op products and services
Share Capital is the member’s investment to ADTEMPCO. It cannot be withdrawn unless membership is terminated. Share capital may be used as a collateral or guarantee in availing loans.
Upon membership, a member is required a minimum share capital subscription of Php 5,000.00 wherein at least 25% or P 1,250.00 must be paid-up. As per By-Laws, the share capital limit of a member is P300,000.00.
Yes. An individual, joint, organization or company may open a regular savings or time deposit account.
Regular Savings is the member’s savings account with required maintaining balance of Php 1,000.00. Members must have at least P 500.00 regular deposit balance to earn interest.
Only ADTEMPCO members may avail loan products. Members are required to attend loan counseling before availing any loan product. This process is required to emphasize the responsibilities of a borrower and to ensure that the ideal loan package is given to the member. Detailed loan requirements is discussed during this process.
Mortuary Aid Program provides funeral benefits with a maximum amount of P115,000.00 to deceased member and P12,000.00 to deceased extended beneficiaries of the member. Mortuary aid contribution of members is collected directly from the regular savings deposit account.
After settling all loan balances and other outstanding liabilities, one has to formally write a letter addressed to the Board of Directors stating the reason/s of the termination. Thirty (30) days is the maximum period for the approval of the BOD, after which the management effects the termination by closing the member’s account.
ADTEMPCO as a financial institution with a distinctive characteristic of being Controlled, Owned, Operated and Patronized (COOP) by its thousands of member-owners is strictly adhering and advocating TRANSPARENCY of of its Core Values.
As a member, you are entitles to examine its books of account anytime during office hours within the limits provided by the law (R.A. 9520) Updated Financial statement is always available for every ember for scrutiny a and readiness of the management in answering queries and doubts regarding the operation is ore than enough guarantee of the safety of your investment and deposits.
Withdrawal of membership entails settling all loan balances and other outstanding liabilities. The members writes a formal letter to the Board of Directors stating the reasons of termination of membership. The BOD has 30 days to approve such withdrawal nd thereafter the Management effects termination by closing the members’ account.
