1.   Must be a regular employee of EMD Technologies Philippines, Inc. (EMTEPH)

2.   Must be a bonafide member of NEC Tokin Employees Multi-Purpose Cooperative (NTEMPC)

3.   Must have paid a share capital of at least Php1,000.00, equivalent to 10 shares at Php100.00 per share.

4.   Must meet the paying capacity requirement which is, net pay must be more than or equal to 30% of his gross pay, inclusive of monthly loan amortization

5.   Must meet the minimum 90% attendance rate for three (3) consecutive months prior to application of loan

1.   The member/borrower shall secure a loan application form from NTEMPC Credit Committee.

2.   Fill-up the application form completely.

3.   Submit the completely filled-up form together with a photocopy of all the requirements of the borrower and the co-maker as needed. The credit committee may require additional co-maker if the co-maker’s capacity to pay is insufficient to cover the loan applied for.

4.   The credit committee shall evaluate the application and approve/disapprove the same based on the borrower’s qualification to include the applicant’s capacity to pay. To determine applicant’s capacity to pay, his/her net pay must me more than or equal to his/her gross pay, inclusive of monthly loan amortization.

5.   The credit committee shall forward all approved applications to the treasurer of NTEMPC.

6.   The treasurer shall prepare the check and submit/forward the same to the authorized check signatories for their signatures.

7.   The treasurer shall submit a summary of all released loans to HR Section c/o payroll staff for semi-monthly deduction from the member-borrower’s payroll account for his amortization payments.

§  Cut off of submission of loan applications is every Wednesday.

§  Processing of loan applications is every Thursday.

§  Approval of loan applications is every Friday.

§  Releasing of approved cash loan is through BPI Express Link. The applied loan amount can be withdrawn through their ATM   account the following day, Saturday. However, should the cooperative run out of funds, processing of loan applications shall be every payday (10th or 25th of the month). Thus, releasing of approved loans shall be on the first Saturday after the payday.

§  Releasing of approved appliance loans is after two weeks from processing.

§  In case the availed appliance is not offered by the nominated supplier, the borrower could suggest a possible supplier. However, it is still within the discretion of the BOD and/or credit committee to search for other possible supplier.

§  Should there be problems with the requirements of the loan applications, processing will be carried out on the succeeding cut-off period upon completion of the requirements.

1.   The co-maker is one who, jointly and severally, ensures the prompt and faithful payment by the principal borrower of the loan and its interest at its maturity date or in cases of loans payable in installments, when the installment due remains unpaid.

2.   A co-maker must posses the following qualifications:

-    Must be a regular employee of NTEPH and a member of NTEMPC for at least three (3) months from the date of loan application.

-    Must have the capacity to pay loans at the time of the submission of the loan application. In determining the co-maker’s paying capacity, the monthly amortization due on the loan shall not exceed forty percent (40%) of the co-maker’s gross pay.

3.   A member may become a co-maker as long as he/she has the capacity to pay.

4.   A co-maker shall be discharged from any responsibility with the loan he/she is a co-maker upon satisfaction of his/her exposure therein.

The following provisions shall apply in case of termination of membership and/or employment of the borrower and/or co-maker.

1.  Should the principal borrower resign from ETPI and cease to be a member of NTEMPC, the entire loan or any outstanding balance of the loan shall become immediately due and demandable. Should a balance remain after all the paid-up share, deposit, interest on share capital, patronage refund, separation pay and/or retirement benefit (if any) due to the principal borrower are applied, the co-maker shall continue to pay the balance in the same semi-monthly amortization to commence on the next payroll period from the date of default, resignation and separation of the principal borrower and after giving of a notice to deduct.

2. Should the co-maker/s resign or cease to be an employee, the principal borrower/maker must secure a replacement of the co-maker on or before the effective date of the co-maker/s’ resignation/termination. Otherwise, the unsecured portion of the maker’s loan shall become immediately due and demandable.

A borrower may replace a co-maker only in case of resignation/termination of concerned co-maker from the company. Any exception to this rule will require the prior approval of the majority of the members of the Board of Directors.

3. Should both the principal borrower and the co-maker resign from ETPI simultaneously, the entire loan or the balance of the loan shall become immediately due and demandable.

4. All resigning members must seek clearance from NTEMPC before they can be cleared by ETPI.