Cebu CFI Community Cooperative highlights membership benefits

Cebu CFI Community Cooperative highlighted the key features and the benefits of being a member-consumer-owner at the 8th Asian Innovation Forum (AIF) hosted by the DAILY TRIBUNE.

During the 8th AIF, Kevin Alejar, communications head for Luzon of Cebu CFI Community Cooperative, stressed the benefits of choosing digital cooperative.

Among those are easy availability of loan programs, easy re-payment, real-time view of account details and history, and being safe and secured.

The loans offered by Cebu CFI are micro-lending programs where members could borrow up to P500,000.

Salary loans, for members whose agency office has an existing memorandum of agreement (MOA) with CFI Cooperative, payment through salary deduction.

Another loan option is a health loan, a program solely funded by contributions of members of the cooperative.

For as low as P520 per month, members could receive coverage of up to P100,000 for medical and P50,000 for life insurance.

Housing loans, meanwhile, are for low-cost but quality housing.

Members could borrow up to P10 million with a low interest rate and the payment is up to 20 years for construction purposes.

"Recognized po kami ng gobyerno (We are recognized by the government) under Cooperative Development Authority (CDA), recognized po within our nation kaya't sigurado pong safe na safe kayo samin," Alejar said.

Aside from loans, Cebu CFI is also offering investments.

"Ang bawat miyembro po natin ay nag-iinvest sa cooperative at yun pong investment po ninyo yun naman po yung ginagamit namin for our financial services (Each member of ours invests in the cooperative and your investment is what we use for our financial services)," Alejar said.

"Again, 54 years na po si CFI kaya po pagdating sa trust and confidence, we can assure you of that (Again, CFI has been existing for 54 years, so when it comes to trust and confidence, we can assure you of that)," he added.

Alejar added that all their investments are tax-free.

Cebu CFI is the second largest cooperative in the country by assets and approved loans, loans disbursed.

Cebu CFI is an incorporated cooperative that has existed since 1970.

It is duly registered as a Cooperative in Good Standing with the CDA.

Currently, Cebu CFI is a multi-billion cooperative with a membership base of 155,000 members.