MIGS

What is MIGS?

“Member In Good Standing” means meeting all financial and member obligations as described in LIPIEMCO’s policies, bylaws, or any agreements between the cooperative and the member.

Criteria

1. Paid the share capital of at least PhP1,000
   – minimum monthly shared capital of PhP200
2. Monthly maintaining balance in regular savings of at least PhP500
3. Has participated in any of the following:
   a. The election (for members joining before the election period)
   b. Attended the Annual General Assembly
   c. Responded to social audit surveys
4. Has an existing loan or availed of at least 1 loan package
   – loan balance of the current year will determine the MIGS rating for the year
5. Membership status for the last 3 months must be Non-delinquent

Scoring

1. Governance (15%)
   1. Annual General Assembly
      • Attendance to the Annual General Assembly (8)
      • Not able to attend GA (0)
   2. Exercise voting during election
      • Voted (5)
      • Not able to vote (0)
   3. Member’s Satisfaction
      • Answered the Social Audit Survey (2)
      • Did not answer the social audit survey (0)
2. Economic Participation (20%)
   1. Investment or Share Capital
      • Php 70K and above (30)
      • Php 50K – 69,999 (25)
      • Php 30K – 49,999 (20)
      • Php 10K – 29,999 (15)
      • below Php 9,999 (10)
3. No. of years as a coop member (10%)
   • 5 years and above (10)
   • 4 years (8)
   • 3 years (6)
   • 2 years (4)
   • 1 year (2)
4. Patronizing Coop Services (10%)
   Demand Deposits (average monthly balance)
   Time Deposits
   Kiddie Savings
   Regular Savings
   • Php 70K and above (10)
   • Php 50K – 69,999 (8)
   • Php 25K – 49,999 (6)
   • Php 10K – 24,999 (4)
   • Below Php 9,999 (2)
5. Loans (25%) – average monthly balance
   • Php 60K and above within the year (15)
   • Php 40K – 59,999 within the year (12)
   • Php 20K – 39,999 within the year (10)
   • Php 10K – 19,999 within the year (8)
   • Php 9,999 and below within the year (5)
   • No loans (0)
6. Delinquency/Unapplied (20%)
   • No delinquency (20)
   • 1-2 months deferred payment for the year (5)
   • Delinquent for more than 2 months (0)

Benefits

Platinum (100 points)

• Recognition during GA
• Priority release of dividend
• One month skip payment for every loan
• Lower service fee @ 1.5% for providential loan
• Lower interest rate for providential loan @ 1% for 2-year term

Royalty (90 – 99 points)

• Recognition during GA
• Priority release of dividend
• One month skip payment for every loan
• Lower service fee @ 1.5% for providential loan

Prestige (51 – 89 points)

• Can avail the regular products and services of LIPIEMCO

Member/Non-MIGS (50 points and below)

• Limited on products and services of LIPIEMCO
• Vote is not counted during election
• Can participate in the GA meeting but their votes are not valid for approving any official resolutions

Scoring (total of 100%)