MIFAMCO Savings and Credit Services
Savings, loans, and insurance products for the members of MIFAMCO — since 1999.
How it began
In September 1998, the farmer-members of MIFAMCO conceptualized expanding into greater business opportunities. To support this vision, the cooperative's 88 farmer-members worked together through the bayanihan system to construct an office in Poblacion B, Midsalip, Zamboanga del Sur, which became the home of MIFAMCO's Savings and Credit Services. On March 25, 1999, the Savings and Credit Services were formally launched, with the 88 farmer-members contributing their extra income as the cooperative's initial capital. Their combined deposits amounted to Php 88,000.00. During the same year, MIFAMCO was officially transformed into a multi-purpose cooperative as it expanded and diversified its business activities, marking a significant milestone in its organizational growth and development.
MIFAMCO offers a wide range of savings and loan products to meet the diverse financial needs of its members. These services are designed to encourage regular savings while providing accessible financial assistance for personal, agricultural, business, and emergency purposes. Through its various savings and loan offerings, MIFAMCO continues to promote financial stability and improve the economic well-being of its members.
Savings Deposit
- 1Regular Savings (RSD)A convenient savings account that helps members grow their funds through regular deposits. Encourages disciplined saving while providing a secure place to keep money for future goals.
- 2Time Savings (Time Deposit)A secure savings option that allows members to grow their funds through a fixed-term deposit with higher interest earnings.
- 3Kiddie and Youth Savings (KYS)Designed for young savers to develop good financial habits from an early age. It encourages children and youth to save regularly while building financial awareness and responsibility for the future.
- 4Occasional Progressive Savings Program (OPSP)Flexible savings program that allows the members to make deposits based on their available resources and preferred schedule.
- 5Share CapitalA form of investment that represents a member's ownership and participation in the cooperative.
Credit / Loan Services
Business Loans
- MEAL (Micro-Enterprise Assistance Loan)Categorized under business loans to provide additional working capital or financial support for members engaged in micro-trading, micro-services and micro-manufacturing.
- SMILE (Small and Medium Investment Loan for Entrepreneurs)Loan designed to support larger, expanding small-to-medium enterprises.
Providential Loans
- LASAP (Loan Assistance to Salaried and Active People)For Government and Private Employees (Regular), Pensioners (SSS, GSIS, & ETC.), and Barangay Honorarium.
- SEAL (Special Education Assistance Loan)Helping the members manage the financial burdens of tuition, enrollment fees and other college expenses for their dependents.
- PLASSM (Privilege Loan Assistance for Salaried Super Star Member)An elite credit line designed for salaried employees who have an exemplary, long-term track record of financial discipline and active membership in the cooperative.
- JRL (Jewelry Redemption Loan)Owns Jewelry Items and wishes to redeem their Pawned Jewelry from any Pawnshop.
- BL (Bonus Loan)
Agricultural Loans
A credit program designed to provide financial help to local farmers for crop production, livestock raising and agribusiness activities.
- FARM (Farmers Assistance for Rural Management)Rice Production, Swine Production, Copra Production.
- MALP (Micro-Agri Loan Product)
Incentive Loan
Short-term, quick access credit products for members with immediate cash for urgent or unplanned personal expenses.
- PCL (Petty Cash Loan)
- IL (Instant Loan)
- HAIL (Health Assistance Insurance Loan)
Consumer Loan
Tailored to help members finance specific everyday consumer products, retail and healthcare expenses.
- Purchase Order
- Cereal Loan
Special Loan
Asset protection and leveraging existing member savings.
- LOAD (Loan Against Deposit)
- LARELO (Land Redemption Loan)
Insurance Products
- 1Loan Protection Plan (LPP)Loan insurance products are available for all types of loan here in Mifamco to ensure that the loan will still be fully paid even if the borrower passed away.
- 2Mortuary Aid Program (MAP)For members aged 18–65 yrs old and a regular member.
- 3Mortuary Aid Program for Special Membership for ElderlyQualified age of 66 yrs old and above who's mentally and physically fit.
The 5 C's of Credit
Basis of Background / Credit Investigation
- 1Character
- 2Capacity
- 3Condition
- 4Capital
- 5Collateral