ALEKBC-MPC (Abbott Laboratories Philippines, Employee Multi-Purpose Cooperative)
Loans are Available to all ALEKBC-MPC members(active , resignee, retiree, employees). However ,there being no-comakes required , retiree/resignee members could not avail of a petty cash loan. Loan(s) up to the extent of fixed deposit requires no co-makers. Any loan application, regardless of nature of the loan , except petty cash loan, in case of the fixed deposit needs co-makers.
The co-makers are jointly and severally liable with the maker for the entire loan amount; that is, ALEKBC-MPC can legally demand from any of the co-makers the payment of the entire balance legally demand from any of the co-makers the payment of the entire balance of the loan if the maker fails to make payment, regardless of the reason. To cushion the impact of the additional deduction from the co-makers, payment of outstanding obligation of defaulting members shall start after the 6th consecutive unpaid amortization (equivalent to 3 months.) with the 3-months period, the Board of directors shall apply the necessary collection procedure againts the maker, among which are the application of available fixed and savings deposit of the maker.
Apply the maker`s fixed and savings deposit balance againts the outstanding balance of his/her loans in the following order after failure to pay.
Petty Cash
Hospitalization
Educational
Short Term
Regular
House/Car Repair
Appliances
Computer
Equity
Car/Vehicle Assistance
Pre-Needs Plans
Special
Housing Loan (Pag-ibig/Bank Assisted)
Other Multi-Purpose Loan
If the fixed and savings deposit are not enough to pay outstanding loan of the defaulting member the semi-monthly amortization of the unpaid loan balance shall be divided equally between/among the co-makers of the loan who are still members of the ALEKBC_MPC and shall be deducted from their salaries.