Oct 23, 2015
The Ayala Coop continues to be more creative as it goes on. More importantly, that creativity is backed by a generosity that benefits various sectors, not the least of which is its own members.
As it celebrates its 20th anniversary, the Coop has come up with a scheme that will cost it millions of pesos but in turn serve as a boon to its more than 26,000 members, particularly those who are taking out loans until October 31, 2015. This is in the form of giving back P20 – symbolic of its number of years of existence – for every P1,000 loan amount that is applied for.
A loan of P20,000, for example, will give the loan applicant an additional discount of P400.
The creative scheme is the first of its kind that’s known in the history of any cooperative in the world, and speaks not only of the generosity of the Ayala Coop but also how stable it has become after seven daring incorporators got together and put it up back in 1995.
This is because at the two percent discount rate that’s being given back on top of the patronage refund that’s standard with the Coop, the total amount that’s bound to be given back could reach millions of pesos. The total would depend on the final amount of loan booking at the end of the month, according to Jenny Cura, head of the Coop’s Finance and Administration Department.