Since 2013
Common Wealth Credit Cooperative works to bring essential and responsive financial service offerings closer to our members, particularly those who may otherwise not have such access through the traditional financial channels.
It aims to encourage members to save periodically in the amount of their own choosing and realize higher interest earnings than regular bank products.
It serves to bridge the income gaps that individual members may face, by offering them various loan products at competitive rates vis-à-vis informal lenders and conventional financial institutions. Further, it provides financing to member-nominated livelihood projects operating near our institutional partners’ markets and selected targets.
The business also generates additional income for members. Yearly surplus is shared via reduction of loan interest to member-borrowers, and as additional interest on savings placed by member-contributors.
Our Beginnings
Inspired by the successes of credit cooperatives in bridging financial needs, as well as augmenting incomes, Common Wealth Credit Cooperative (CWCC) was formed to provide the un-served and under-served workers, access to savings and credit facilities. Registered in September 18, 2013 with the Cooperative Development Authority, Calamba Extension Office as a primary credit cooperative.
It was formed by twenty four (24) workers and employees in Laguna assisted by a group of practicing professionals with substantial years of collective experience in, among others, human resources, change management, financial services, system development, credit & collection, debt recovery, revenue, sales & marketing, and project management. The cooperative commenced operations in 2014 with around a thousand members and one institutional partner.
Our Operating Framework
We are technology driven, our systems designed for ease and speed of every member transaction, web-mobile based, user friendly. Transactions can either be face-to-face (F2F) or via web with any time inquiry on savings balance and available credit. Guaranteed maximum one day of loans and withdrawal processing.
We are also member driven-need fit, products and programs designed to fit member’s individual need at the time of need.
We have competitive and market driven rates, deposit rates markedly above commercial rates while loan rates are effectively lower than informal lenders and competitive with industry rates.
Our Commitment
We commit to support our members’ financial needs, initiatives and aspirations.
In partnership with our institutional partners/vendors, we adapt technological innovations to make our support systems mobile, flexible, user-friendly, and easily accessible to substantially reduce cost and time of processing transactions with our members.
We offer savings facilities that earn market-driven interest rates and loan facilities at competitive lending rates.
Our Vision
To be the most trusted and leading savings and credit cooperative in the Philippines.
Our Mission
Bridge gaps to ease lives by providing relevant financial programs and services to our members.
Build wealth and strengthen families through resource accumulation and personal financial literacy programs.
Inspire meaningful and fulfilled lives with our members.
Our Goals
Instill savings consciousness and financial discipline.
Develop creative , innovative and entrepreneurial aptitude.
Enhance purchasing power.
Augment earning capacity.
Bringing Our Services to where our Members are
Savings & Loan Caravan
Loan caravans are occasions where members can make inquiries and file for a loan on-site. Savings and Loan Advisers (SLA) set-up a temporary workstation on-site where the members are located. Since all members belong to a regular workforce, SLAs are the one visiting them in their work site / farms. Leveraging on our online credit system and field-tested equipment, SLAs are able to bring our services closer to our members Members may transact, inquire and apply for a loan right where they are situated, saving time and money.
PMES and Re-orientation
The Pre-Membership Education Seminar is the first step in helping members understand the mission of the cooperative and appreciate the benefits it provides to its members. The PMES helps the member learn how the cooperative works, what its role is in the community is, and what it can offer to them as a member.
During orientation, members are first given an overview of the cooperative's structure including its governance, key officers, board of directors. Included in the topics are members responsibilities, services and benefits, such as savings programs, loan products’; and how these are designed to promote financial freedom and help boost the community.
Regular Farm & Site Visits
Savings and Loan Advisers regularly visit our members in their work sites. Members’ meetings and consultations are conducted in order to share updates about the Cooperative and gather feedback or suggestions from the general membership. Members are given the opportunity to raise questions and concerns directly to SLAs. This ensures all concerns are cleared and acted upon in a timely manner.
