CBMPC Launches Project Angel

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Thus, is the essence of Project Angel, a mutual benefit fund to be launched by the Coop to provide financial assistance to beneficiary/ies of deceased CBMPC members.

Under the guidelines approved by the CBMPC Board recently, membership to Project Angel or the Mutual Benefit Fund (MBF) is open to all members with at least one year membership with the Coop, be they are active, inactive or delinquent borrowers. However, membership to MBF shall be mandatory for all BOD members, Coop Officers, Committee/Editorial Board members and Coop Management staff. Membership is voluntary for all other members.

Those who want to join MBF must signify their intent by accomplishing an application form available at the Coop office.

MBF members must pay an initial membership fee of P500 to be lodged at MBF Reserve Fund account. They must also open a separate savings account with the CBMPC the required minimum amount of P500. In case of death of an MBF-member, P100 shall be automatically deducted from their accounts. In case of zero balance in their MBF accounts, they can withdraw the required amount from their existing regular saving account with CBMPC, provided their regular savings account shall not fall below the required maintaining balance of P1,000.

In case the balance falls below the P1,000 maintaining balance, Management shall notify them that they should replenish the amount deducted, within 15 days from receipt of notice from Management. Failure to do so will mean cancellation of their MBF membership.

The amount of financial assistance to the beneficiary of deceased member is the amount collected from all MBF members at P100 per member.

The designated beneficiary of a delinquent coop member who is a MBF member at the time of his/her death will receive the balance of the collected amount after deducting the loan balance, plus penalties, interest, principal, etc. In case there is no balance left, a cash assistance of P1,000 shall be given to the beneficiary which will be taken from the MBF reserve fund.

A deceased MBF member who was a co-maker of a delinquent Coop member shall receive the full amount collected from the MBF members.