SOEMCO Membership

Regular Member

  • An individual of legal age who has fulfilled the minimum requirement for Share Capital contribution and other set requisites such as attendance to the Pre-Membership Education Seminar (PMES).
  • He/she has the right to take part in the general decision making of SOEMCO.
  • Has the right to elect and be elected as officer of the cooperative after having completed the requirements and qualified.
  • Entitled to avail the products and services offered by the cooperative.

Associate Member

  • An individual, joint accounts or association that has opened any deposit account in SOEMCO and has only subscribed to the minimum Share Capital of Five Hundred Pesos (PhP500.00).
  • Has no right to take part in the decision making but can provide suggestions to improve the services and management of the cooperative.
  • Has no right to elect and be elected as officer of the cooperative.
  • Entitled to receive information regarding the cooperative’s product updates and newsletters.
  • Not entitled to avail the cooperative’s regular loan services.
SOEMCO’s membership shall be open to all persons who are eighteen (18) years of age and above, with capacity to contract or heads of the family and are:
  • Residing and/or working within the area of operation as defined in Article III of the cooperative’s Articles of Cooperation thereof;
  • The prospective members should:
    – Pledge to undertake the responsibilities of members;
    – Complete the prescribed Pre-Membership Education Seminar (PMES), and
    – Use or anticipate to use the services of Socorro Empowered People’s Cooperative (SOEMCO)
Prior to the approval of applications of new members to the cooperative, they should meet the following requirements:
  • He/she has to pay Membership Fee of One Hundred Pesos (PhP100.00) and must have a complete attendance to the Pre-Membership Education Seminar (PMES). In case the applicant had missed a session, he/she has to make-up on the session where he/she was not able to attend.
  • He/she has to put in a minimum Share Capital of One Thousand Pesos (PhP1,000.00) and pledge to continuously pay in regular basis his/her subscribed capital share.
  • Must be eighteen (18) years old and least one (1) year working or residing within the cooperative’s area of operation.
  • At least with regular source of income. If housewife, household income is at least within the minimum level.
  • Attached to the filled-up Membership Application Form is his/her one (1) 2 x 2 picture.
  • Has passed through PMES validation, oath taking, and background and credit investigations.
  • Has signed the Member’s Oath as agreement to follow the rules and regulations of SOEMCO and promise to adhere to the principles of cooperatives.
To properly classify the cooperative’s membership status, SOEMCO has established its rating scale to determine its members in good standing and how they perform their duties and responsibilities per category.

Diamond Plus and Diamond Members

It is the highest classification of SOEMCO’s members in good standing (MIGS). They are members who attained ratings that range from 90 to 100 points and in no case have missed even just one (1) instance in paying their loan amortization. They missed only once in paying their pledged monthly share capital subscription/CBU and regular monthly savings to their accounts but able to settle such within 2 working days after it has lapsed, and 100% participation in all activities initiated by the cooperative.

Gold Plus and Gold Members

It is the second highest classification of SOEMCO’s members in good standing (MIGS) who attained ratings from 80 to 89 points. They are members who missed a maximum of two (2) instances in paying his/her pledged monthly share capital subscription/CBU, regular monthly savings to their accounts, loan amortization, but able to settle such within three (3) working days after the schedule had lapsed, and 100% participation in all activities initiated by the cooperative.

Silver Plus and Silver Members

This is a membership classification wherein, the member achieved 70 to 79 points and needs improvement in the performance of his/her duties and responsibilities. The member has missed a maximum of three (3) instances in paying his/her pledged monthly share capital subscription/CBU, make regular deposit to their savings accounts and loan amortization, but able to settle such within three (3) working days after the cut-off/schedule had lapsed but not 100% participation in all activities initiated by the cooperative. They are still classified as members in good standing (MIGS).

Bronze Members

They are considered as members who are not in good standing (non-MIGS). They are in-active members who attained less than 70 points and failed to perform their duties and responsibilities for more than five (5) times particularly in paying their pledged monthly share capital subscription/CBU, regular deposits to their savings accounts, loan amortization and not 100% participation in all activities initiated by the cooperative.