2014 – In an effort to further assist Asiapro’s member-owners, and to bridge the financial gap, the Member Savings and Loan Group (MSLG) was restructured and revitalized. Sporting a new name, Savings and Credit Services (SCS) brings service offerings closer to the members. Operations were decentralized, and Savings & Loan Facilitators were assigned to provide personal finance advices to the members.
A self-help financial program of the SCS, the Savings Program allows members to accumulate savings while they are with Asiapro. They can periodically save in small amounts, (Php50.00 per month), which will yield higher interest earnings than the usual bank offering.
The member can deposit, voluntarily, an amount of their own choosing above Php50.00 per month. Their savings earn 6% per annum, and they can withdraw their accumulated savings any time, for as long as maintaining balance is retained at Php3,000.00. This gives them something to run to in cases of emergencies, or financial needs.
At Asiapro, member-owners have access to loan programs to aid them in the event of financial needs. Grant amounts depend on the member’s earning capacity and related covers.
There are three types of loans the members can apply for: Provident Loans, Commodity Loans, and a Special Loan Window. From emergencies, vehicles, to appliance and even educational loans, the SCS gives Asiapro members a better option than informal lenders, and traditional financial institutions.
Yearly Surplus Shares
As with any cooperative, yearly surplus provides members additional interest on their savings, or reduction of loan interest.