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shall be the joint undertaking of the subscribing primary cooperative and Natcco. The MOA to be entered into by the subscribing primary cooperative and Natcco spells out their respective duties and responsibility. A system of representation in the general assembly of the Natcco MBA, Inc. to elect its officers and to yearly pass upon the actions of management of the previous years operation shall be designed to optimize representation. Natcco MBA, Inc. shall install the record system in each major operating branch of the subscribing primary cooperative for easy transmission and retrieval to and by the national headquarters. Any excess of the 10% of contribution for the administrative expense of the primary cooperative shall be treated by the cooperative as other income. The expenses out of the 10% of contributions for the administrative expenses of the Natcco MBA, Inc. shall be reported to the general assembly yearly. Transparency, accountability, and shared responsibility in governance are the keys to efficient and frugal management.
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Who are Inactive Members? Members who have not paid their monthly contributions for over two (2) months or those who are over 65 are considered inactive for purposes of computing the Damayan benefits upon death of the member or any of his/her spouse or three designated minor dependents. How are the Benefits Computed for Inactive Members? If the member is in inactive status upon his/her death or upon the death of his/her spouse or any of his three minor dependents, the benefits is computed by the ratio of his/ her number of cumulative monthly contributions against 240 months. For example, if he/she is over 65 but has paid only 120 months upon his/her death, his/her beneficiaries shall receive 120/240 or half of the Php45,000 plus the accumulated 5% savings. Note that he has only contributed Php9,200 for 120 months. However, even if he/she had only paid 120 monthly contributions upon his/her death but is below 65, his/her beneficiaries get the Php45,000 plus the accumulated 5% savings. Is this System Sustainable? The contributions are allocated for risk, members savings, pooled savings, contingency savings, and administrative expenses. Only 20 percent of contributions are allowed by law for administrative expenses which is equally shared by the primary cooperatives and Natcco MBA, Inc. All the rest shall go to members benefits.
The risk component is computed to pay the benefits while the members are still paying according to the table of mortality by the National Statistical Office plus some factor of safety of about 40%. The pooled savings and the contingency savings whose certificates of deposit are to be kept in trust by the Insurance Commission are computed to pay all beneficiaries after the paying period. The members savings are designed to determine the extent of their membership with the Damayan System and they thereby get more than Php45,000 in benefits since the savings are to be guaranteed 6% per annum interest compounded monthly plus a rebate from the surplus of the 10% of contributions allotted for administrative expenses of Natcco MBA, Inc. by virtue of efficient and frugal management and interest earnings of the savings over and above the computed 6% per annum compounded monthly. Additionally, the system can allow the primary cooperatives to list three non-paying active members for every 2,000 members or a major fraction thereof according to their own selection criteria but preferably those who have served their primary cooperatives as officers for ten years or so.
.. Though our outward man perish, yet the inward man is renewed day by day. II Cor. 4:16