On my Mac, I use Ecto to plan and write my entries. What is great with Ecto is that it is pretty straight forward although there was an instance that I lost what I have written once. No idea what happened, but it just went kaput. Anyway, life is good and I am happy that although I have not updated my blog for awhile, I have been receiving alot of traffic specifically my entry, Why I keep my money in FICCO . I am happy that FICCO has been gaining alot of attention and more and more Pinoy are thinking of putting their money in cooperatives.

Due to the demand of information about how you can keep and maintain your savings in FICCO, I will be posting more information laden entries about FICCO, the benefits of signing up as a member including their non-banking services offered. Nonetheless, I intend to write more frugal tips on the coming weeks, including the lessons learned everyday.

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To encourage my children and get them to learn how to save their own money, I give them P50/weekly allowance each.  My eldest daughter I observed is more aware of her spending.  Instead of buying snacks in school she would ask me to make sandwiches for her and even brings her own water or juice in a bottle along.

First Community Cooperative  (FICCO) is a cooperative which originated in Cagayan de Oro City.  It is one of the largest and a fast growing cooperative in the Philippines. From its very humble beginning, within the confines of Xavier University, it has now extended its reach throughout Mindanao. This effort is based on the belief that FICCO is a variable and beneficial product which can benefits the locals here in Mindanao.  FICCO now has twenty five offices spread in Northern, Southern and Eastern Mindanao. And two more branches are coming up in Bayugan, Agusan Sur and Maranding, Lanao Norte.  FICCO now boasts of almost 97,000 members, resources of P 2.1 billion, and share capital of P 830 million.

According to Isagani Daba, FICCO‘s Chairman of the Board, the reason why the credit unions in the US has survived and thrive amidst the economic crisis in the US is due to the fact that cooperatives normally don’t hold many of the investments that are poisoning financial institutions.  Ofcourse being a member of FICCO would give me more advantage as members are offered health insurance, hospital coverage and benefits, and granted emergency loans to name a few.

Although I am not a member of FICCO yet, I have opened several accounts with them including Time Deposits because of their high interest yield compared to the local banks.  Not only that, the minimum requirement to open a TD is only P1,000.  This is really very encouraging to low income earners like me who wanted to start saving. With as little as P100, you can actually begin your saving accounts.

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