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Coop also affected by pandemic, declares 5.09% dividend rate and 10.16% patronage refund rate

The Ayala Coop has not been spared from the far-reaching effects of the Covid-19 pandemic.  Just like many other businesses, the Coop was not able to duplicate previous years’ returns owing to the general slowdown in business and other normal activities.

                  Despite the abnormal situation, however, the Coop was able to declare a 5.09 dividend rate for 2020 and a 10.16 percent rate for patronage refund.  The figures are down from the 2019 ____ percent dividend rate and _____ percent rate for patronage refund, and the previous year’s 6.56 percent dividend rate and 32.15 percent rate for patronage refund.

                  The downturn in patronage refund rate was a direct consequence of the drop in loan availment by Coop members, despite the various initiatives that the Coop’s braintrust took to make it easier on members.  These initiatives included the easing of the requirements for a special emergency loan and the offering of the “Damayan” loan at reduced interest rates.  Financial assistance to members afflicted with Covid-19 as well as those directly affected by several typhoons that hit the country in 2020 was also extended by the Coop.

‘Notwithstanding uncertainties’

                  “Notwithstanding these and considering the uncertainties brought about by the pandemic, the demand for loan was generally less compared to the pre-Covid-19 period as our members’ focus was more on their daily needs,” Ayala Coop General Manager Dina Orosa said.  “The ongoing pandemic continues to pose a challenge to all of us.  From the start of the Covid-19 crisis in 2020, the Coop has been relentless in providing various ways to help its members address their financial needs.”

                  Ms. Orosa cited the fact that the Coop also complied with the Bayanihan 1 and 2 program of the government as well as a directive from the Cooperative Development Authority, which provided for the deferment of loan payments and share capital contributions from members of cooperatives.

Members assured

                  Ms. Orosa, however, assured Coop members that the Ayala Coop will remain true to its mission of helping them out and making sure that they get their money’s worth even as it contends with the challenges of the pandemic that entered its second year last March.

                  “Despite all these challenges the Coop had to overcome and continues to contend with, the Coop will continue to endeavor to ensure its viability and remain a trusted and reliable institution for its members and the communities it serves,” the GM said as she thanked members for their continued trust and patronage of the 25-year-old cooperative.

                  “With God’s help and the guidance of our board of directors, I’m confident that the Ayala Coop will continue to thrive and fulfill its mission of providing a prime savings and loan vehicle for its members while serving the community-at-large,” Ms. Orosa concluded.