PRRD Greets HPPECC On Its 5th Annual General Assembly
- Jose Val Dulay Hilario
One of the most avoided, if not neglected, topics in life is the eventual loss of a loved one. But when it happens, things immediately turn into chaos - lots of decisions to make, lots of preparations to do, lots of expenses to settle, etc.
The ideal situation for everyone is to have a memorial life plan. But as we all know, that is not the case. Thus, our cooperative has come up with the HPP Life Plan.
Details of the HPP Life Plan and how to avail will be sent separately but essentially, HPP has purchased several St Peter Life Plans that members and their dependents can use "when the time comes". As commonly known, the "at-need" cost of a memorial service can be up to 3x more expensive than its "pre-need" equivalent. So to help members who had an untimely death in the family, HPP can "lend" one of its St Peter Packages. The member only need to replace it with the same St Peter Package which he/she can buy at "pre-need" cost. This is to make sure we have a ready inventory of life plans in case other members would need one.
Sample Cost Comparison |
St Gregory Plan Pre-Need Cost
|
St Gregory Plan At-Need Cost |
Contract Price |
P 47,400.00 | P 115,000.00 |
Yet another innovation of the HPP Employees Multipurpose Cooperative.
Notice is hereby given to the general membership that the 2019 HPP Employees Credit Cooperative Election of Officers will be conducted and that those who wish to run for any of the elective positions are encouraged to submit their Certificate of Candidacy no later than midnight of Friday, March 1, 2019.
Elective Positions:
To view Functions and Responsibilities, click here.
To file your COC online, click here.
Schedule of the 2019 HPPECC Election:
At the monthly meeting of the Board of Directors held on February 20, 2019, the board has approved revisions to our Share Capital Policy. The objective is to give members flexibility on their investments with the cooperative.
You can read the new policy here but the salient points are as follows:
Further, as a result of the above changes, for those members with P20,000.00 or more share capital already, their current monthly capital build-up wll be transferred as monthlly savings deposit. Members who wish to continue with share capital build-up just need to inform the cooperative of their preference.
The Board believes that making these changes will help members manage their funds better because unlike share capital which can only be withdrawn upon termination of membership, savings deposit are withdrawable anytime. Also, the cap of P500,000.00 maximum share capital will make the coop more equitable to all members.
Frequently Asked Questions
1. Does this mean you will transfer my share capital in excess of P20,000.00 to my savings account?
Answer: No. Per cooperative bylaws, share capital can only be withdrawn/transferred upon membership termination.
2. Can I make partial withdrawal of my share capital and just leave the minimum required paid-up of P20,000.00?
Answer: No. Per cooperative bylaws, share capital can only be withdrawn/transferred upon membership termination.
3. Once I reach at least P20,000.00 share capital, can I totally stop my monthly capital build-up contribution?
Answer: Yes. However, we encourage you to at least maintain monthly savings deposit so you can continue the habit of saving.
4. When is the effectivity?
Answer: The new policy will take effect next pay period (i.e. Mar 10 payroll).
5. Can I change the amount of my monthly capital build-up later?
Answer: Yes. Monthly capital build-up can be changed anytime within policy.
6. What are the pros and cons of Share Capital vs Savings Deposit?
PROS | CONS | |
Share Capital | Share Capital is like Stocks in corporations. It earns dividends which is normally higher than interest on savings deposit.
Most coop loans require 20% Share Capital. Thus, the higher the Share Capital, the higher the maximum loanable amount. Note: Like Corporate Stocks, dividend rate depends on the performance of the cooperative. The more members patronize the products of the cooperative (e.g. loans), the better the coop performance will be which will mean better dividends. |
Cannot be withdrawn unless member resigns from cooperative.
As earnings depend on the performance of the cooperative, Share Capital is inherently riskier than Savings Deposit. |
Savings Deposit | Can be withdrawn anytime if needed (e.g. emergencies) without the need to resign from coop.
Earns fixed interest. Rates are similar to most commercial banks but coop interest earnings are tax-free. As earning is fixed, Savings Deposit is inherently the more conservative option vs Savings Deposit. |
Historically, Savings Deposit (<1%) earns lower than Share Capital (3-4%). |
Since it's launch late last year, the HPP Mobiel App has received a lot of positive feedback from members. Some members have also given their suggestions on how to further improve the app and make it a more useful tool. One of the features most requested by members is the ability to be able to reset their HPPECC portal password using the app.
Thus, a new feature has been added right on the HPP Mobile Login Screen that will do just that. Members just need to click "forgot password" and a link will be emailed to them where they can conveniently reset their password.
For comments, feedback, and concerns regarding the HPP Mobile App, please email us This email address is being protected from spambots. You need JavaScript enabled to view it..
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