A Message from Chairman Winston F. Garcia News & Articles
Today, we are facing a crisis as we have never seen before. As our government is trying to deal with the spreading coronavirus of 2019 (COVID -19), our country is at a standstill from the nationwide lockdowns and community quarantines imposed on all of us.
While these draconian measures are aimed at protecting public health, they have resulted in economic dislocation upon all of us. Thousands of businesses have closed down, while millions are out of work. Even those among us who are still fortunate to receive their paychecks are struggling to survive from paycheck to paycheck.
No one is spared from this crisis. Everyone and everybody, in one way or another, is financially and adversely affected. It is for this reason your CFI COOP has decided to implement certain measures to provide some relief to its members at this time of great need.
First. A moratorium of one month starting 1 April 2020, has been declared in the repayment of the monthly installment of all loans. Thus, CFI will not collect the monthly installments due for the month of April but will move it to the following month of May. However, for those who have advanced their installment for April, their monthly installment for the month of May will not be collected.
Second. Interest on the remaining Loan balance as of 1 April 2020 will be reduced from 12% to 10% per year. This will mean lower installments for the succeeding months resulting in higher monthly net take-home pay for our borrowing members.
Third. Interest in all existing types of loans was reduced from 12% to 10% per year. Effective 1 April 2020. This will result in higher loan proceeds once our borrowing members will avail of a new loan or renew their existing loan.
In response to the limited movement imposed on all from the lockdowns and community quarantines, the CFI tapped the 2,500 branches of Mlhuillier nationwide to enable our members to file their applications for loans, renewal of loans and withdrawal of their deposits at any of these wide networks of outlets. Our members can now even encash their loan proceeds or pay their loans through them.
But there is still more in store for our members in response to this crisis. Your CFI is working feverishly to address the technical issues so that its services may be available to its members at their fingertips anytime and anywhere without having to leave their homes.
And once this is done, we will be launching a new loan facility to our members where they can access anytime anywhere just like a credit card but a lot better and more accessible.
Watch out for it.
In the meantime, we want to assure all of you that as we are implementing these measures, we are also taking steps to ensure the financial stability of your cooperative. We all know that these measures will impact adversely its finances.
But we also know it is now more than ever our members need them
We ask for everyone’s cooperation and understanding. We are confident that as we stand united in this crisis, we will all survive it together.