Frequently Asked Questions

* How does Cooperative work?

* What is Dividend and Patronage Refund?

– Dividend and Patronage Refunds are the members/co-owners equal share of the total net income of the Cooperative. The dividend will be based on the average Share capital earned while the Patronage Refund is the availed products in the Coop.

* What is Paid-up Share Capital?

– It is an investment of LIPIEMCO members in the cooperative.
– Minimum required amount is 200 pesos per month
– One share is equivalent to 50 pesos
– Can only be withdrawn once a member terminates their membership
– Yearly dividend earning
– It cannot be lowered within the subscription year and can be increased anytime

* What are the benefits upon joining LIPIEMCO?

– Take advantage of LIPIEMCO’s products and services (that includes free training e.g. Financial Literacy, Livelihood Training, etc.)
– Have a tax-free member’s deposit(s)
– Get mortuary assistance
List of Dependents:
– Married – spouse, children & direct parents.
– Single – parents and siblings (not more than 18 years old)
– Single Parent – parents, children and siblings (not more than 18 years old)
**Amount to be claimed will vary depending on total active membership
***Filing and completing of mortuary assistance documents should be within 6 months after the death declaration.
– Insurance on loans is shouldered by LIPIEMCO

* What is M-AID or the Mortuary Assistance contribution?

– M-AID or Mortuary Assistance is the benefit of LIPIEMCO when a member-co-owner died or his dependents (immediate family). Active members must contribute:
20 pesos – Member/co-owner
10 pesos – Dependents

* What are the Members in Good Standing (MIGS) criteria?

* What are the instances wherein I can avail of a loan without the need of a co-maker?

– You can avail of this when your loan amount does not exceed your paid-up share capital.

* What are the communication channels?

– Loans Concern – loans@lipiemco.coop
– Marketing Concern – info@lipiemco.coop
– Membership Concern – lipiemco.membership@gmail.com
– Savings Deposits / Withdrawal – cashier@lipiemco.coop
Statement of Account and other Related Inquiries
– Payment / Billing & Posting – accounting@lipiemco.coop
– Ultramart – 0977 021 2490
– Payment Methods – LIPIEMCO Office, Payroll deduction, Bank (provide transaction receipt)