CBMPC Board Okays Expansion of Dream Loans Purposes

To assist our members realize their dream of traveling to other countries to explore/experience their different cultures and traditions, the CBMPC Board of Directors during its May 30, 2023 meeting, approved the proposal of the Credit Committee (Crecom) to expand the purposes of Dream Loan I (for regular members) and Dream Loan II (for associate members) to include the use of loan proceeds as show money for visa application.

As contained in the Crecom proposal, show money is the colloquial term for the funds that one has access to when traveling. It is called “show money” because the applicant will need to show some proof of amount, often in the form of a bank certificate or statement of account. Most embassies require visa applicants to submit proof of funds. They make sure that the applicants can sufficiently support themselves financially during the trip.

For Dream Loans I and II proceeds to be used as show money for the issuance of a visa for travel abroad, additional terms and conditions shall be implemented as follows:

• Release of loan to be credited to the borrower’s account in LANDBANK;
• CBMPC will coordinate with LANDBANK Cash Department to issue a Certificate of Time Deposit (CTD) for the account of the borrower;
• Upon issuance of a CTD, the borrower will surrender it to CBMPC  as collateral of the released loan;
• Upon maturity of the CTD, the funds will be withdrawn by the borrower and deposited to CBMPC Account No. 3402-1011-63 as loan payment. The borrower shall be accompanied by a CBMPC staff; and
• The CTD maturity shall be co-terminus with the maturity of the loan.

The existing terms and conditions of Dream Loans I and II that are also applicable for other eligible purposes shall remain.