The OLMC also provide education and training for their members and employees so that they can contribute well and effective for the development of OLMC.  One of the seminars that OLMC employees have attended is the “Seminar Forum Salient Features on the Manual of Rules and Regulations for the Credit Cooperative” this seminar held last Saturday, February 23,2008.  

Reflection: 

          I learn that members must attend the seminars, training and education program held by the coop so that members will continue to gain more knowledge about the cooperative. Also, the cooperative institution itself must continue to give training and education program for its members. Management staffs are also have the opportunity to attend this seminar because they are the one who maintains the flow of the organization. I learn that this principle is important for the development of the cooperative organization

          In this principle, for them to serve members well, the Board of Directors and Committees held meetings every first Saturday of the month.  In their meeting according to them, they talk about on the development of the cooperative.  They talk also on implementing new programs that can help for the generation of funds and how it will going to make that can help for the improvement of their cooperative.  They also tackle the problems that OLMC have encountered, and they make solutions for it.  They make solutions that cannot only prevent whatever problem they have encountered but even solve it for the coop future sake so that it will not happen again.  

Reflection: 

           Members of the OLMC credit cooperative contribute a lot in the improvement of their cooperative. They have meetings that members of the coop should attend. I learn that participation of the members is needed. They should have cooperation. I also knew that not all members is active on that coop so they must work on the inactive members because cooperation is needed for the development of their on coop. 

          The OLMC until now did not have accepted any donations from other organizations or even in government.  They try to apply to get grant from Pondo ng Pinoy and also try from Congressman Bingbong Crisologo, but because of lack of requirements to be passed until now they still haven’t accepted any donations from said organizations.  They give donations especially in church.

Reflection:       

            OLMC credit cooperative is free from external control. This coop can stand alone because they don’t accept grants and donations. Sometimes they are the one who give donations to the Our Lady of Mount Carmel Parish. I learn that cooperative must not accept grants and donations so that it will not affect the system of the coop and they are free from external control.

            Members of OLMC contribute a lot for its developments especially in the money contribution.  Members must pay P200 for membership fee and must participate in the savings programs which indicated below;

·        Subscribe for at least ten (10) shares and pay for them either in lump sum or installments under the terms and conditions prescribed in the Membership Agreement;

·        Increase contribution by at least twenty percent (20%) of his/her capital share annually;

·        Maintain P200 deposit for the Damayan Fund.

Active member of OLMC can avail his/her patronage refund every end of the year the amount he/she can get depend on the contributions that he/she have contributed in lending program of OLMC.

Reflection:           

            Every members of the OLMC credit cooperative gives or contribute their share capital. They must give exact money for the programs of the coop. Share capital is the primary resources of the coop without which, coop will not run. I learn that this cooperative has program for the development of their community.

            Cooperatives are democratic organizations controlled by their members. In OLMC, members have equal voting rights (one member, one vote) and also organized in democratic manner.  The members in OLMC treated equally regardless of member background or what social status he/she might be.

Reflection: 

            I learn that members of the OLMC credit cooperative have equal voting rights. Every year, these rights are exercised by its members. They have the right to vote and be voted. Also members must attend the general assembly so that they should know who they will give trust

·        Application and Pre-Membership Seminar

      In applying membership in Our Lady of Mt. Carmel Parish Credit Cooperative, they have to attend the PMS (Pre-Membership Seminar). In PMS, the principles of cooperative are explained and all the rights, responsibilities and privileges are given and are encountered. The PMS was held every 2^nd Saturday of the month. The purpose of the PMS is for the people to understand the objectives and the purposes of this credit cooperative.

·        Responsibilities

      The responsibilities of a member of the cooperative are to attend the general assembly; to increase the contribution by at least twenty percent (20%) at their capital share annually; to pay their loans at the right time; and to cooperate, helping each other by cooperating and attending their seminars and programs.

·        Rights of the Members

      The rights of a member of the credit cooperative are entitled to all benefits they got from all their lending operations.

·        Privileges

      A person once become a member of OLMC credit cooperative, he/she will get lots of privileges and this are the following:

1. Every member called share holder
2. They can loan without collateral
3. They can loan at a less interest
4. Dividend
5. Death-aid benefit
6. Loan Redemption Fund
7. No tax