SOEMCO Products and Services

Traditionally, poor people were perceived as clients for “credit only”. But experiences of SOEMCO as well as other successful Micro-Finance Institutions (MFIs), concluded that the poor people also need access to lump sums of money to send their children to school, to buy medicines, to respond to other shocks and emergencies that beset their households, for social and religious festivals, to save up for old age, etc. Thus, it is increasingly becoming clear that poor people need a range of “financial services” not just the traditional mono-product working capital loan but more importantly an array of savings products to meet the needs of various types of clients.

Account Type Initial Deposit Maintaining Balance to earn interest Interest Rate Benefits
PASA Savings (Passbook Account) P100.00 P500 3% per annum based on ADB computed and compounded quarterly Insurance and other hosts protection. Auto-debit / credit convenience
GROWTH Savings (Teens & Kiddies) P50.00 P100 4% per annum based on ADB computed and compounded quarterly Education-related savings and non-financial subsidies
TIME Savings (Time Deposit) P10,000.00 n/a Tiered (6% to 11.5%), based on amount, term and prevailing market rates Higher than average yield on deposits for funds allocated for special purpose/s
HOLIDAY Savings P500.00 n/a 10% per annum computed based on the ADB. Higher than average yield on deposits for funds allocated for special purpose/s

SOEMCO’s credit services aim to provide financial and livelihood support to members. These policies and guidelines serve as a yardstick for the effective, smooth and systematic implementation of its lending activities.

SOEMCO seeks to assist clients and their family in times of emergencies such as hospitalization or when someone passed away by providing timely assistance to the concerned members. This is already a perennial felt needs of the members and one of the reasons during workshops on why clients don’t and can’t pay their loan. Offering this SOTOBE Program not only answers the member’s needs but in the process create loyalty, promote family bonding as SOEMCO family, provide liquidity to the coop and one way of mitigating credit risk.

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