Another milestone!
The Board of Directors is pleased to announce that just on our first full year of operation, during the period ending December 31, 2015, the HPP Employees Credit Cooperative generated an audited net surplus of THREE HUNDRED FORTY THREE THOUSAND FIVE HUNDRED THIRTY & 32/100 PESOS (P343,530.32).
In a meeting held on January 29, 2016, the Board of Directors has approved the allocation of the said net surplus as follows:
- SIXTY SEVEN PERCENT (67%) to be allocated to General Reserves and mandatory funds to be used for the sustenance and growth of the cooperative as well as to comply with CDA (Cooperative Development Authority) regulations.
- THIRTY THREE PERCENT (33%) to be allocated as Surplus Available for Distribution to members. Of the total Surplus Available for Distribution, 70% will be distributed as Dividends and 30% will be for Patronage Refund exclusive to borrowing members.
This will translate to about 3.91% interest on Share Capital and about 8.89% return of interests paid on loans. A more detailed explanation of how to compute for Dividends and Patronage Refund is available on the website. Just go to http://hppecc.com/about/faq.
This declaration is based on our Audited Financial Statements as of December 31, 2015.