Frequently Asked Questions

How can I become a member of OFWTCC?

You can apply by filling out our Membership Application Form and submitting the required documents (valid ID, proof of address, and other necessary details). Your application will be reviewed and approved by the cooperative.

How much is the Share Capital to join?

New members are required to pay a minimum Share Capital contribution (amount set by the cooperative).This serves as you ownership share in OFWTCC and entitles you to rights and benefits as a member.

What are my benefits as a member?

As an OFWTCC member, you will enjoy:

Financial literacy training and mentorship.

Access to savings and loan programs at competitive rates.

Dividends from the cooperative's annual net surplus based on your Share Capital.

Community support and assistance programs for members and their families.

Livelihood and entrepreneurship opportunities through programs like Negosyo sa Baryo.

What are my obligations as a member?

Every member is expected to:

Maintain and regularly update your Share Capital contribution.

Be consistent with your Capital Build - Up (CBU) contribution, as this is the backbone of our cooperative's growth and sustainability.

Participate in general assemblies, training, and cooperative activities.

Abide by the By-Laws, policies, and rules of the cooperative.

Fulfill loan or financial obligations responsibly, if applicable.

Can I increase my Share Capital?

Yes Members are encouraged to add more their Share Capital overtime. A higher share capital means bigger dividends and stronger support for cooperative projects.

What happens if I can't fulfill my obligations?

The cooperative provide support and guidance for members facing challenges. However, repeated failures to comply (such as non-payment of loans or neglecting obligations) may affect your membership privileges or lead to penalties, in line with our policies.

Can I withdraw my Share Capital?

Yes, but only upon resignation or termination of membership, and subject to the cooperative's policies. Withdrawal is processed after settling any outstanding obligations.

How does OFWTCC support OFWs and their families?

OFWTCC is build for OFWs and their loved ones. We provide financial literacy programs, accessible lending services, livelihood projects, and community development initiatives designed to uplift the lives of every member and their family.

Where does the cooperative get its funds?

OFWTCC's funds come from member contributions (Share Capital and savings), loan repayments, and income from cooperatives projects. These funds are managed responsibly to ensure growth and sustainability.

What makes OFWTCC different from other financial institutions?

Unlike banks and lending companies, OFWTCC is owned by its members. This means profits are returned to members as dividends or reinvested into programs that directly benefit the cooperative community.