What is a Cooperative Bank?
A Cooperative Bank is one organized for the primary purpose of providing a wide range of financial services to cooperatives and their members.It shall be organized only by cooperative organizations that are duly established and registered under the Philippine Cooperative Code.
A cooperative organization is a duly registered association of persons with a common bond of interest, who have voluntarily joined together to achieve their social, economic and cultural needs and aspirations by making equitable contributions to the capital required, patronizing their products and services and accepting a fair share of the risks and benefits of the undertaking in accordance with universally accepted cooperative principles.
What is Cooperative Bank of Benguet?
Our Coopbank is the first Cooperative Bank established in the Cordillera that was able to meet the rigid requirements of Cooperative Development Authority and by its supervising agency, the Bangko Sentral ng Pilipinas (formerly Central Bank of the Philippines).
CBB is owned by our General Assembly: the common/stockholders-cooperatives operating within the different parts of the Province and the individual/preferred shareholders within and outside the Cordillera.
We cater quality services to micro, small and medium enterprises, by that, we were the first cooperative bank in the Philippines that received the 2009 Presidential Citation for Best Practices in Improving Access to Finance for Implementing MSME Financing Programs. Furthermore, we provide practical advises and conduct training and seminars for business growth to business oriented and business enthusiast.
With our aim to serve you best, the Bank on its 18’th year has already four operating branches where you could easily access on at your most expedient preferences.
How can I invest to CBB?
There are two ways to invest in our Coopbank, as common/stockholders, (Cooperative-member) and as individual known as our Preferred Shareholders.
How Much is the minimum and maximum investment?
For a common shareholder, a minimum of 20 shares equivalent to Php20,000.00 is required and the maximum is not more than 40% of the total paid-up capital of the CBB.
As preferred shareholder, you just have to buy a minimum of one share amounting to Php 1,000.00.
Can an individual outside the country invest?
Absolutely yes! For detailed information, just contact us or/and send us your inquiry and we’ll be glad to answer you.
ATM Card Savings Account Requirements
- Minimum amount to open = P 500.00
- Non – interest bearing account
- Can be used to pay your bills like credit cards
Documentary Requirements For Individual Account
- 2” x 2” or 1” x 1” recent picture of applicant
- 1 valid identification card
What can be considered as a valid ID?
For Filipino Individual/s:
- Passport including those issued by foreign governments (Note: In case of foreign passport, it must have English characters/translations and the holder must have a residence address in the Philippines)
- Driver’s License issued by Land Transportation Office (LTO)
- Professional Regulations Commission (PRC) ID
- National Bureau of Investigation (NBI) Clearance
- Police Clearance with dry seal of PNP
- Philippine Postal ID
- Voter’s ID
- Tax Identification Number (TIN) ID
- Barangay Certification with dry seal from the Barangay where it was issued
- Government Service and Insurance System (GSIS) eCard
- New Social Security System (SSS) ID
- Health Insurance Card ng Bayan issued by PhilHealth Insurance Corporation
- Senior Citizen ID
- Overseas Workers Welfare Administration (OWWA)
- Overseas Filipino Workers (OFW) ID
- Seaman’s Book
- Government Office and GOCC ID (e.g. Armed Forces of the Philippines [AFP], Home Development Mutual Fund [HDMF] IDs)
- Certification from the National Council for the Welfare of Disabled Persons (NCWDP) or Person with Disability Identification Card issued by National Council on Disability Affairs (NCDA)
- Department of Social Welfare and Development (DSWD) Certification
- Integrated Bar of the Philippines (IBP) ID
- Company IDs issued by private entities or institutions registered with or supervised or regulated either by the BSP, SEC or IC.
Documentary Requirements For Cooperatives, Association, Organization
- Notarized Board Resolution to Open an account with the CoopBank of Benguet and the Authorized Signatories
- Certificate of Registration
- Article of Cooperation and By-Laws and any amendments if any
- General Information Sheet
- Business Permit, BIR Certificate of Registration
- Certificate of Tax Exemption
- For the Authorized Signatories
- >2” x 2” or 1” x 1” recent ID picture
- >1 valid identification card
General Documentary Requirements
- Project Proposal, if applicable
- Audited Financial Statement, if applicable
- Collaterals Accepted
Real Estate Mortgage (REM)
- Owners Copy of OCT/TCT together with its latest tax declaration (lot and building if with building) and Certificate of Non-Tax delinquency
- Approved Survey Plan ( Blue Print)
- DAR Certification that subject property is not CARPABLE, if applicable
Chattel Mortgage (CM)
- Certificate of Registration (CR)
- Official Receipts
- Certificate of Public Convenience ( CPC)
- Identification Card
- Residence Certificate or Cedula
- Proof of Residence like water bills, current bills,
- 2” x 2” recent ID picture
Additional Requirement for Juridical borrowers like Cooperative
- Notarized Board Resolution for the application of financial assistance and the authorized signatories of at least two
- Project Proposal
- Three years audited Financial Statement if applicable
- General Information Sheet
- Articles of Cooperation and By-Laws and any amendments if any
- Certificate of Registration to CDA or SEC
- Business Permit
- 2” x 2” recent ID picture of the authorized signatories
- 1 Copy of Valid Identification Card of authorized signatories
- Residence Certificate or Cedula of the authorized signatories