Project Angel Discontinued

Mr. Bonifacio T. Escamis, Inspector from the Cooperative Development Authority (CDA) , advised the CBMPC management to discontinue the Project Angel as this is not allowed under CDA rules and regulations. According to Mr. Escamis, since Project Angel (a mutual benefit fund launched by CBMPC to provide financial assistance to beneficiary/beneficiaries of the deceased coop members) is like an insurance in which a certain amount will be paid to the members when needed, a group life insurance can instead be offered to them if the coop wishes to have this benefit.

In line with this, the CBMPC Board approved the discontinuance of Project Angel and directed Management to immediately refund the members’ contributions by crediting these to their individual savings accounts.