Why I Keep My Money in FICCO
Apr 09
I have started several accounts in our local FICCO months ago in an attempt to start my children’s savings account. What is amazing about opening an account in FICCO is that you can open an account with as little as P50. So there go your excuse that it is just simply difficult to open a savings account for your children.
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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This is a sound call to everyone to raise their financial IQ. I am reminded of the Happy Savers’ Club (not sure if that was how it was called) when we were younger with banks enticing kid to maintain accounts with them. I seriously think that our educational system does not introduce us to a wide financial vocabulary. I think entrepreneurship should be taught in grade schools.
I think so too, Dred. I am actually encouraging my children to sell items in school! I bought stickers for my daughters and been teaching them that they can earn money from what they have. Pascalis is actually learning how to trade her stuff for other things!
That’s very good training. I too had classmates who were early entrepreneurs selling homemade polvorons, and what not. They turned out to be among the most successful in the batch.
Hello ka-ficco and the coop!!! I attended the seminar to become a ficco member sometime in the year 2007. I made my first loan after 5 months of being a member, but this is not a regular but a loan against deposit (LAD) instead. I paid it for 4 months and the interest was just 8% per annum and a 1% for service charge. Now, it is already 2009. More than a year ago. I keep saving small amounts in ficco for my education and if not to be able to help my brother or sisters finish college. Now I wonder if how much is their interest at the moment since I could not go to ficco office, Englad is too far away.lol
I don’t have worked at the moment, but very desperate to keep my brother on his last year in his education course. Is there someone there to help me? I want to know the interest rate for regular loan, and the service charge just to be keep updated. Thank you!
Hi Elizabeth, thanks for the comment. The main goal for this entry is to educate more people here in Mindanao that FICCO is a reliable institution.
I would gladly get back to you re: current loan rates and service charge. Just send me a message using the contact form at the right side of the website, or you can accessed it here. And don’t forget to leave me your email address so I can send you the rates soon. Have a great day.
halo ka FICCO..I’m a ficco member also 3 years now and it is very helpful in times of financial problems. Ficcoc is now bigger and bigger in our society..
Hello Alma, Thanks for the immediate reply to my comments here. Fortunately, I was able to text one of my friend in CDO and asked him the Telephone Number of FIcco Main Office, Corrales STreet, Cagayan de ORo City, then i called the number and able to get the interest at the moment. What a surprise!!! Ficco did not increase their interest rate despite of the falling economic condition at the moment. ITs really Great!!!
Today, because of the site you gave to me, naka access ako sa webpage in ficco.at agad nag enrol ako. I want to ask questions from them and communicate with the Ficco whenever I could have something to inquire or put some money in my savings there.
)
To all who can read the message, join the FAmily of Ficco!!! and save your money!!!
I couldn’t agree more.
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Elizabeth
April 25th, 2009 5:56 pm – Reply
Hello ka-ficco and the coop!!! I attended the seminar to become a ficco member sometime in the year 2007. I made my first loan after 5 months of being a member, but this is not a regular but a loan against deposit (LAD) instead. I paid it for 4 months and the interest was just 8% per annum and a 1% for service charge. Now, it is already 2009. More than a year ago. I keep saving small amounts in ficco for my education and if not to be able to help my brother or sisters finish college. Now I wonder if how much is their interest at the moment since I could not go to ficco office, Englad is too far away.lol
I don’t have worked at the moment, but very desperate to keep my brother on his last year in his education course. Is there someone there to help me? I want to know the interest rate for regular loan, and the service charge just to be keep updated. Thank you!
*
Alma
April 28th, 2009 3:56 pm – Reply
Hi Elizabeth, thanks for the comment. The main goal for this entry is to educate more people here in Mindanao that FICCO is a reliable institution.
I would gladly get back to you re: current loan rates and service charge. Just send me a message using the contact form at the right side of the website, or you can accessed it here. And don’t forget to leave me your email address so I can send you the rates soon. Have a great day.
Hello I am the admin of Philippine Cooperative Blog. I am also an employee of FICCO
I would like to express my thanks to your positive comments about FICCO.
You are welcome Toti! Kudos to Ficco for the wonderful service. Keep up the great work.
Hello Totti, just wonder. Due to the existence of Gcash and Smart money pera padala, I wonder if ficco would like to avail this services by making its branches as Gcash Pay-In and Pay out/or other may call it cash in/Cash Out. Becasue the remittance fee is very low compared to any bank, this will make the people become more interested to join ficco because they offer many services.
I also have this in mind if ficco had already this, considering the fact that they even have a western union pay out services. Do you have any idea? Does ficco sell smartmoney load and gcash? if so, please let me know.thanks!
hello there!
i would like to inquire how i could open or be a ficco member, i am now in columbus ohio but i want to save money there
Thanks for the inquiry Bem! I have forwarded your inquiry to someone in FICCO. Please let me know if you have heard from them so I can personally get the necessary requirements for you in the FICCO office nearest my place. I am happy you are taking the chance in saving your money through our local cooperative. By keeping your money in FICCO you are also helping others.
i will definatly give it a try
hello everyone! I am Candice and I am a ficco member since I was in college sometime in 1999. My mom who has been one of the first members of FICCO in the 80′s, introduced it to us. I would like to share a success story with the help of FICCO. This ccoperative has been a great blessing to our family beacuse it gives us the oppurtunity to borrow capital to begin a business. We came from a poor family, my father was a caretaker at a cemetery and my mother was a dressmaker, but beacuse my parents are “madiskarte sa buhay” and good payors, they were able to start a small business and made it grow with the help of FICCO. My parents were able to send their 4 kids to college to good schools. I am now a medical technologist working in Texas, USA. I am still a member until now and continues to increase my share capital. I also recommend it to my friends in the philippines and here in the US.
I opened my first FICCO account when I was 7. I deposited P20 every now and then. Since then FICCO has grown to what it is now and I’m proud of them! I hope more and more Filipinos think of saving even small amounts every month rather than overspending.
FICCO is truly one of the most reliable multi-cooperative here in Mindanao. More Filipinos should definitely consider putting their money in FICCO and make their money work and help others as well. Thanks for the comment, Grace.
You have time to share your finance experience as well? Send me some topics you want to write about and lets post it here! 