FOR HIS GLORY MULTI-PURPOSE COOPERATIVE Minutes of Annual General Assembly Meetings 2017

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1 FOR HIS GLORY MULTI-PURPOSE COOPERATIVE Minutes of Annual General Assembly Meetings 2017 The General Assembly of For His Glory Multi-Purpose Cooperative (FHG MPC) held the Annual General Assembly Meetings (AGAM) on the following dates and places: Date Area of Members Venue HO, Valenzuela, Marilao, Baliwag, March 11, 2017 West Ave., Tandang Sora, Tramway Garden Buffet, 65 Timog Ave., Quezon Novaliches, Antipolo, Angono, City Manila, Upper Cavite, Bacoor, Daet, Naga, GOA, Iriga March 18, 2017 Bacolod, Kabankalan, Roxas, Victorias Jollibee, 5 th Lacson St., Bacolod City March 18, 2017 Cebu North, Mandaue, Bogo Chowking, ABM Bldg., Sta., Cebu City March 25, 2017 Felis Resort Complex, Shanghai, Felis Resort Complex, Shanghai, Matina Aplaya, Matina Aplaya, Davao City Davao City The following Directors and Officers were present to spearhead the s: 1. Mr. Marvin E. Barrieta (MEB) Chairman, Board of Directors 2. Mr. Jeff (HHC) Vice Chairman, Board of Directors 3. Mr. (AEBA) Member, Board of Directors 4. Mr. (POD) Member, Board of Directors 5. Mr. Ronel L. Castor (RLC) Member, Board of Directors 6. Mr. (JDC) -Member, Board of Directors 7. Ms. (ECT) Member, Board of Directors 8. Mr. (JARC) Member, Board of Directors 9. Mr. Jeff 10. Ms. Sharon O. Dionco (SOD) Secretary 11. Ms. Ma. Cristina G. Ramos (CGR) Treasurer 12. Mr. Jasper T. Nazarro (JTN) General Manager 13. Mr. Ronwaldo P. Viray (RPV) Audit Committee Head 14. Mr. Miller C. Placeros (MCP) Audit Committee Chairman 15. Mr. Eric F. Domingo (EFD) Elecom Head 16. Mr. Freddie Reyes (FDR) - Elecom Member 17. Mr. Czar Madelo (CAM) Elecom Member I. CALL TO ORDER, ROLL CALL, PROOF OF DUE NOTICE AND DETERMINATION OF QUORUM Sharon O. Dionco (SOD), Coop Secretary conducted roll call and read the Proof of Due Notice of the 10th Annual General Assembly Meeting which was disseminated to members one (1) week before the scheduled s. Moreso, the Coop Secretary reported to the Chairman as well to the General Assembly that 560 regular members or 86% were present out of the 650 registered members in good standing & qualified to vote, therefore it constituted quorum to proceed to the Annual General Assembly Meetings. Below is the breakdown of AGA Meetings attendance. Date Venue No. of Attendees March 11, 2017 Tramway Garden Buffet, Timog Ave., Quezon City 311 March 18, 2017 Jollibee, 5 th Lacson St, Bacolod City 54 March 18, 2017 Chowking, ABM Bldg., Sta., Cebu City 38 March 25, 2017 Felis Resort Complex, Shanghai, Matina Aplaya, Davao City 157 TOTAL 560

2 II. APPROVAL OF THE AGENDA RDR, Chairman informed the General Assembly of the following agenda of the AGAM: 1. Approval of Minutes of the Previous General Assembly Meeting Ratification of Approved Board Resolutions for 3. Chairman and Committee Reports 4. Presentation and approval of Cooperative Annual Reports 5. Management & Financial Reports 6. Annual Business Plan Organizational Budget Appointment of the CDA Accredited External Auditor 9. Amendments on Articles of Cooperation and By-Laws Motion to approve and seconded were given by the following members: Venue of Meeting Motion Seconded Tramway Garden Buffet, Timog Ave., Quezon City Robert Samortin Jr. Reginold Delos Reyes Jollibee, 5 th Lacson St, Bacolod City Vanessa Gimena Ariel Alera Chowking, ABM Bldg., Sta., Cebu City Rebecca Prada Randy Aton Felis Resort Complex, Shanghai, Matina Aplaya, Davao City Maribeth Pabayos Hazel Laurente There were no objections to the motion with the majority approval of the general assembly. III. APPROVAL OF MINUTES OF PREVIOUS GENERAL ASSEMBLY MEETING There was a motion by Margaret Rose Rodriguez seconded by to dispense the reading of the minutes of the previous general assembly for the Quezon City General Assembly Meeting. Silent reading for five (5) minutes of the minutes of the previous General Assembly because e- copy was already provided to all members by Coop Management. Motion to approve the minutes of the previous General Assembly were given by the following members: Venue of Meeting Motion Seconded Tramway Garden Buffet, Timog Ave., Quezon City Mark Anthony Capuno Victor Palce Jollibee, 5 th Lacson St, Bacolod City Alan Lumangyao Hazel Palma Chowking, ABM Bldg., Sta., Cebu City Irene Dibdib Rosalio Embodo Felis Resort Complex, Shanghai, Matina Aplaya, Davao City Cresmar Escalon Amelita Andilab There were no objections to the motion with the majority approval of the general assembly. IV. MATTER S ARISING FROM THE MINUTES OF THE PREVIOUS MEETING There were no matters arising from the minutes of the previous General Assembly. V. RATIFICATION OF APPROVED BOARD RESOLUTIONS FOR Chairman presented to the General Assembly the approved Board Resolutions for year which shall be ratified for approval as follows:

3 Board Reso # Type of Meeting Date of Meeting 001 regular January 09, 002 regular January 09, 003 regular January 09, 004 regular January 09, 005 regular 006 regular 007 regular 008 regular 009 special 010 special 011 regular 012 regular 013 regular 014 regular 015 regular 016 regular January 09, January 09, January 09, January 09, January 21, January 21, February 20, February 20, February 20, February 20, February 20, February 20, Motion by Seconded by Resolution Joselito S. Peñalosa Jefferson T. Ng Marvin E. Barrieta Joel P. Marvin E. Barrieta Joselito S. Peñalosa Marvin E. Barrieta Joselito S. Peñalosa Joel P. Joel P. Joselito S. Peñalosa Joel P. Joel P. Joselito S. Peñalosa Marvin E. Barrieta Ronel L. Castor to accept and approve all presented agenda for as follows: to ratify the approval of Christmas Bonus, which was released to all the qualified employees of For His Glory Multi-purpose Cooperative based on the presented implementing guidelines as approved by the Board of Directors. to accept and approve, after thorough review of discussion highlights, agreements, resolutions and action points, the previous minutes of the regular board held last December 15, 2015 applications of five (5) KMBI employees as regular coop members that has successfully passed and met all eligibility requirements as prescribed in the membership policy resignation of five (5) regular members and to accounted accountabilities and liabilities both in FHG MPC and KMBI. to review the actual performance of Circuit Hub, including the existing service rates and packages, versus the financial projection based on the study conducted prior the start of the operations, to determine the appropriate actions to recover the capital investment. for the month of December presented before the Board of Directors present during the. to accept and approve the 9th General Assembly Meeting schedules and members of Board of Directors and Coop Officers that will be assigned to facilitate the Allot budget amounting to PhP1,800, to purchase Van for the FHG Tours and Travel to accept and approve, after thorough review and status update of all agreed action points, the previous minutes of the regular board held on January 9-10,. applications of 30 KMBI employees as regular coop members that has successfully passed and met all eligibility requirements as prescribed in the membership policy resignation of 12 regular members and one (1) associate member to release the capital share and savings less all accounted accountabilities and liabilities both in FHG MPC and KMBI. to accept and approve the estimated amounting to PhP 457,00.00 as working budget of 9th Annual General Assembly. to accept and approve the Business Plan and Budget for the year

4 019 special 020 special 021 special 022 special 023 special 024 special March 03, March 16, March 16, March 16, March 16, March 16, 025 regular April 02, 026 regular April 02, 027 regular April 02, 028 regular April 02, 029 regular April 02, Joselito S. Peñalosa Marvin E. Barrieta Joel P. Marvin E. Barrieta 030 regular April 16, 031 regular April 16, 032 regular April 16, 033 regular April 16, 034 regular April 16, 035 regular April 16, 036 regular April 16, 037 regular April 16, 038 regular May 21, 039 regular May 21, Celajes Jr. Joel P. Joel P. Celajes, Jr. applications of 14 KMBI employees as regular coop members that has successfully passed and met all eligibility requirements as prescribed in the membership policy resignation of 13 regular members and to accounted accountabilities and liabilities both in FHG MPC and KMBI. to accept and approve the voluntary resignation of Marietta Japson as member of the Coop to accept and approve the appointment of Ma. Cristina G. Ramos as Coop Treasurer to accept and approve the new set of Bank signatories: Primary -, Jose Archie R., Marvin E. Barrieta Secondary - R. Aruelo, Jasper T. Nazarro, to accept and approve to have recess to accept and approve, after thorough review of discussion highlights, agreements, resolutions and action points, the previous minutes of the regular board held last March 16, applications of 10 KMBI employees as regular coop members that has successfully passed and met all eligibility requirements as prescribed in the membership policy resignation of 17 regular members and to accounted accountabilities and liabilities both in FHG MPC and KMBI. to accept and approve the membership of FHG MPC to the Valenzuela Credit Union to accept and approve the appointment of Celajes Jr. as the official signatory of DOSRI account transactions. for the month of February and March to accept and approve, after thorough review and status update of all agreed action points, the previous minutes of the regular board held on April 2 & 6,. applications of 12 KMBI employees as regular

5 042 regular May 21, 043 regular May 21, Celajes Jr. 044 regular May 21, 045 regular May 21, 046 special June 01, 047 special June 01, 048 special June 01, 049 special June 01, 050 special June 01, Celajes Jr. Claveccilla 051 regular June 11, 052 regular June 11, 053 regular June 11, 054 regular June 11, 055 regular June 11, 056 regular June 11, 057 regular June 11, Claveccilla 058 regular July 16, 059 regular July 16, 060 regular July 16, 061 regular July 16, Claveccilla Claveccilla Celajes, Jr. Celajes, Jr. accounted accountabilities and liabilities both in FHG MPC and KMBI. to accept and approve the appointment of SBC Digibanker signatories: Admin - Lea Manlapaz and Password - Candida Montaos to accept and approve Mr. Jasper Nazarro as the authorized signatory in the BIR Certificate of Tax Exemption Renewal for the month of April to accept and approve the implementation of the new loan product - Probee Loan for regular members under probationary status in KMBI with a maximum loan of Php5,000 (share capital 2,500 to 4,999) and Php7,500 (share capital 5,000 and above) to accept and approve the Crossfit Challenge for the FHG Circuit Hub business for the period June 1 to August 6, to accept and approve to amend the Articles of Cooperation and By-Laws and Memorandum of Agreement between KMBI and FHG MPC to accept and approve, after thorough review and status update of all agreed action points, the previous minutes of the regular board held on May 21,. applications of 11 KMBI employees as regular coop members that has successfully passed and met all eligibility requirements as prescribed in the membership policy resignation of 15 regular members and to accounted accountabilities and liabilities both in FHG MPC and KMBI. to accept and approve the voluntary resignation of Jeanseng Devarbo as member of the Coop for the month of May to accept and approve, after thorough review and status update of all agreed action points, the previous minutes of the regular board held on June 11,. applications of 24 KMBI employees as regular coop members that has successfully passed and met all eligibility requirements as prescribed in the membership policy resignation of 14 regular members and to

6 063 regular July 16, 064 regular July 16, 065 regular July 16, 066 regular 067 regular 068 regular 069 regular 070 regular 071 regular 072 regular 073 regular 074 regular 075 regular 076 regular 077 regular 078 regular 079 regular 080 regular 081 regular August 20, August 20, August 20, August 20, August 20, August 20, August 20, August 20, August 20, September 17, September 17, September 17, September 17, September 17, September 17, September 17, Ronel L. Castor Ronel L. Castor Ronel L. Castor Claveccilla Ronel L. Castor Celajes, Jr. insurance payable in two (2) years effective July 18, to accept and approve the appointment of Ronel L. Castor as Board of Director in replacement of effective July 16, for the month of June presented before the Board of Directors present during the. to accept and approve, after thorough review and status update of all agreed action points,the previous minutes of the regular board held on July 16,. to accept the Audit Report for the period January 1 to June 30, applications of 19 KMBI employees as regular coop members that has successfully passed and met all eligibility requirements as prescribed in the membership policy resignation of 20 regular members and to accounted accountabilities and liabilities both in FHG MPC and KMBI. to accept and approve, that Paramount Life and General Insurance Corporation as the new Group Life insurance provider for the regular and associate members of the Coop effective September 1, to accept and approve the implementation of the Dormant Account Policy effective August 20, for the month of July to accept and approve, after thorough review and status update of all agreed action points,the previous minutes of the regular board held on August 21,. applications of 20 KMBI employees as regular coop members and 1 associate member that has successfully passed and met all eligibility requirements as prescribed in the membership policy resignation of 13 regular members and to accounted accountabilities and liabilities both in FHG MPC and KMBI. to accept and approve the Membership of FHG MPC to Tagalog Community Development Cooperative (TAGCODEC) for the month of August

7 084 regular 085 regular 086 regular 087 regular 088 regular 089 regular 090 regular 091 regular 092 regular 093 regular 094 regular 095 regular 096 regular 097 regular 098 regular 099 regular 100 regular 101 regular 102 regular 103 regular October 08, October 08, October 08, October 08, October 08, October 08, October 08, October 08, November 12, November 12, November 12, November 12, November 12, November 12, November 12, December 17, 2006 December 17, 2006 December 17, 2006 December 17, 2006 December 17, 2006 Ronel L. Castor Ronel L. Castor Ronel L. Castor Claveccilla Claveccilla Celajes, Jr. Celajes, Jr. Ronel L. Castor Celajes, Jr. Celajes, Jr. to accept and approve the conduct of special board to accept and approve, after thorough review and status update of all agreed action points, the previous minutes of the regular board held on September 17,. applications of 19 KMBI employees as regular coop members that has successfully passed and met all eligibility requirements as prescribed in the membership policy resignation of 9 regular members and to accounted accountabilities and liabilities both in FHG MPC and KMBI. for the month of September to accept and approve, after thorough review and status update of all agreed action points,the previous minutes of the regular board held on October 8,. applications of 4 KMBI employees as regular coop members that has successfully passed and met all eligibility requirements as prescribed in the membership policy resignation of 6 regular members and to accounted accountabilities and liabilities both in FHG MPC and KMBI. to accept and approve the renewal of lease contract with Industrial Timber Corporation (ITC) for the period January 1 to December 31, 2017 for the month of Accept to accept and approve, after thorough review and status update of all agreed action points, the previous minutes of the regular board held on November 12,. applications of 14 KMBI employees as regular coop members that has successfully passed and met all eligibility requirements as prescribed in the membership policy resignation of 7 regular members and to accounted accountabilities and liabilities both in FHG MPC and KMBI. to accept and approve the Policy on Mandatory Savings from loan proceeds effective January 1,

8 106 regular 107 regular 108 regular December 17, 2006 December 17, 2006 December 17, 2006 increase from 500-1,000 to accept and approve the 2017 Business Plan and Budget for the month of November to accept and approve the Release of Christmas Bonus amounting to Php159, to be released on December 19, for Management staff and coaches Motion to approve the one hundred eight (108) board resolutions for were given by the following members: Venue of Meeting Motion Seconded Tramway Garden Buffet, Timog Ave., Quezon City Wilson Cortes Margaret Rose Rodriguez Jollibee, 5 th Lacson St, Bacolod City Theresa May Larawan Allan Banaglioroso Chowking, ABM Bldg., Sta., Cebu City Cris Joy Ropecio Dandy Ybarita Felis Resort Complex, Shanghai, Matina Aplaya, Davao City Amelita Andilab Grace Asedillo There were no objections to the motion with the majority approval of the general assembly. VI. CHAIRMAN S AND COMMITTEE REPORTS Chairman reported to the General Assembly the following accomplishment, concerns and plans of the Board of Directors: Isang taon na naman ang nagdaan, at ngayon nga ay isang dekada na tayo. Subalit datapwat marahil mapait sa atin ang nakaraang 2 dalawang taon, naging inspirasyon naman po ito sa ating mga bagong talagang board of directors na maibangon ang ating kooperatiba. Dahil po dito, our boards commit: - to ensure sustainability and profitability of the cooperative - to ensure business continuity of the cooperative. - to strengthen the ties with kmbi which is the life-blood of the cooperative. Last October we have called for a special GA to amend our articles of cooperation and by-laws, and memorandum of agreement between kmbi and coop - this is also to balance the risk and benefits between two parties. On the business side, tumaas po ang ating membership ng 26% from 582 to 732 members. Maraming salamat po sa ating mga BM s at AM s malaki po ang naging papel nyo dito. Naitaas po natin ang ating net income ng humigit kumulang sa tatlong daang porsyento, ibig sabihin nalagpasan na natin ang aftershock na dulot ng nakaraang corporate dispute. At para magtuloy tuloy na sa pag-usad ang ating coop tinanggal na natin ang lahat ng accounts na may kaugnayan sa kanila. Kasama po sa paglilinis natin ng mga accounts the boards approved policy on dormant accounts. Ito po ung mga account ng resigned/terminated/awol staff or members natin na hindi na naasikaso sa matagal nang panahon. Kaya magsisilbi po itong other income ng coop. Makalipas po ang dalawang taon, nakatangap na po uli tayo ng award mula sa VAL-KOOP BILANG BEST PERFORMING COOPERATIVE SA MEDIUM CATEGORY FOR INSTITUTIONAL OR ASSOCIATION LEVEL. Nakapagdala din po tayo ng 85 na turista sa korea mula sa mga coop network natin. Ngayong po mismo ay epektibo na ang pagbabago ng alokasyon ng ating dibidendo kung saan tinaasan po natin ang porsyento ng hatian sa patronage refund. Ito po ay para mas lalo pa nating tangkilikin ang sariling atin nang sa gayun ay mas lalo po tayong lalago. Ngayong taon po, our boards approved the implementation of Coop Care fund na naglalayong mabigyan ng financial na suporta ang ating mga myembro na tinamaan ng kalamidad gaya ng bagyo, sunog, at lindol.

9 mga makabuluhang kritisismo, positibo man o negatibo para sa ikauunlad at ikaaayus ng ating koop. Sa taon pong ito the coop is looking forward to a more productive year. A year of change and excitement. Maraming salamat! No committee reports were presented due to all concerns and details are already incorporated in the Chairman s Report and Management Report. Motion to approve the Chairman s and Committee Reports were given by the following members: Venue of Meeting Motion Seconded Tramway Garden Buffet, Timog Ave., Quezon City Pio Marquez Joel Jollibee, 5 th Lacson St, Bacolod City Daily Ledoma Jevalyn Bebanco Chowking, ABM Bldg., Sta., Cebu City Marben Acson Irene Dibdib Felis Resort Complex, Shanghai, Matina Aplaya, Davao City Lanie Montano Hazel Laurente There were no more objections or clarifications to the motion with the majority approval of the general assembly. VII. COOPERATIVE ANNUAL REPORTS Business Activity CREDIT Amount Php35,155, TOURS AND TRAVEL Php6,383, CIRCUIT HUB Php739, Particulars Male Female Total No. of Regular members No. of Associate members Total No. of Members Target/Potential Membership CAPITALIZATION Common Preferred Total Authorized Capital Php60M Php20M Php80M Subscribed Capital Php34,278, Php31, Php34,309, Paid Up Capital Php23,473, Php31, Php23,505, Deposit for Capital Subscription Php0.00 Php0.00 Php0.00 Par Value per Share P P Php Treasury Share Php10,804, Php10,804,300.00

10 STATUTORY FUNDS General Reserve Fund CETF - Local Community Development Fund Land and Building TOTAL STATUTORY FUNDS Accumulated Balance Php2,500, Php32, Php459, Php325, Php3,317, COOPERATIVE PERFORMANCE AUDIT REPORT Components Target/ Standard Actual Points NON-FINANCIAL 35% 30.8 FINANCIAL 65% 46.8 TOTAL 100% Over-all Rating EXCELLENT Satisfactory COOPERATIVE SOCIAL AUDIT REPORT Components Target/ Standard Actual Points Organization 15 POINTS 15 Membership 35 POINTS 29 Staff & Employees 10 POINTS 10 Cooperation among Cooperatives 10 POINTS 6 Community and Nation 25 POINTS 3 Network Alliances and Linkages 5 POINTS 5 TOTAL POINTS OVER ALL RATING EXCELLENT Satisfactory AUDITED FINANCIAL STATEMENTS Comparative Figures for & 2015 FINANCIAL CONDITION Account 2015 % Inc./(Dec.) Assets 41,343, ,980, % Liabilities 14,520, ,781, (18%) Equity 23,505, ,123, % Statutory Funds 3,317, ,075, %

11 RESULTS OF OPERATION Account 2015 % Inc./(Dec.) Revenues 9,634, ,200, % Expenses 8,341, ,862, % Net Surplus 1,292, , % No. of members % Average Dividend 1, % Net Surplus for Distribution 100% 1,292, , Reserve Fund 10% 129, , Coop. Education & Training Fund 5% 64, , Land & Building 5% 64, , Community Development 3% 38, , Net Surplus for Distribution before ISC&PR 82% 995, , Interest on Share Capital 55% 547, %-182, Patronage Refund 45% 448, %-78, Consolidated Credit Travel Circuit Hub Revenues 9,634, ,004, , , Expenses 8,341, ,475, , ,108, Net Surplus 1,292, ,528, , (369,375.02) % 100% 118% 10% (28%) MANAGEMENT REPORT LOAN PERFORMANCE

12 2015 Year-to-Year Target Loan Disbursement 40,830, ,701, ,871, Actual Loan Disbursement 35,155, ,057, , Variance (5,674,799.11) (11,643,593.04) % of Variance (14%) (25%) Target Loan Availments Actual Loan Availments Variance 495 (360) % of Variance 29% (14%) Actual Average Availment per Loan 16, , NO. OF MEMBERS % WITH LOAN % Reached Maximum Credit Limit % With available credit limit % WITHOUT LOAN 83 11% Without loan with credit limit 56 68% Without loan below 2,500 SC 27 32% WITH SHARE 50K ABOVE % WITH SHARE BELOW 50K TO 30K % WITH SHARE BELOW 30K % CREDIT BUSINESS Account Assets 32,683, ,836, ,811, ,810, ,060, ,865,432.9 Liabilities 23,853, ,440, ,225, ,078, ,620, ,539,977.8 Equity 8,830, ,396, ,585, ,731, ,440, ,325,455.1 Revenue 6,803, ,289, ,670, ,866, ,769, ,004,002. Expenses 2,337, ,137, ,858, ,686, ,424, ,475,655. Net Surplus 4,465, ,152, ,811, ,179, , ,528,346.

13 TRAVEL BUSINESS Account Assets 461, , , , ,182, ,004, Liabilities 503, , , , , ,041, Equity (42,808.18) 16, , , , , Revenue 307, , , , , , Expenses 435, , , , , , Net Surplus (127,466.59) 112, , , , , CIRCUIT HUB BUSINESS Account (December) 2015 Assets ,158, , , Liabilities , , , Equity , , , Revenue , , , Expenses , ,068, ,108, Net Surplus (115,126.75) (480,968.68) (369,375.02) Particular Target/Standard Actual Operational Self-sufficiency 120% 118% Average Loan Disbursement per member 30, , Average Share Capital per member 20, , Average Savings Deposit per member 2, , Savings Deposit to Asset Ratio 55%-65% 17.28% Volume of Business to Total Assets 100% % Solvency 110% % Liquidity 10%-30% 50.52% Turn-over Ratio 4x and more 3.50x Administrative Efficiency 10% and below 19.64% Particular Target/Standard Actual Total Revenues 9,000, ,634, Net Surplus 1,400, ,292, Statutory Funds 560, , Interest on Share Capital 1,008, , Patronage Refund 432, , Members Equity to Total Asset 40%-50% 56.00% Percentage of Non-Earning Asset to Total Assets 10% and below 8% Receivables to Asset Ratio 60%-70% 62% Portfolio-yield 10% 20% Business, Loan Products and Services Effectivity Probee Loan June 1, Dormant Account Policy August 20, Wellness Loan Pureit Water Purifier December 1, Policy on Mandatory Savings on Loan Proceeds December 21, Policy on Coop Care Fund December 21,

14 Management and Financial Reports for was given by the following members: Venue of Meeting Motion Seconded Tramway Garden Buffet, Timog Ave., Quezon City Margaret Rose Rodriguez Jamescar Quesada Jollibee, 5 th Lacson St, Bacolod City Katheryn Nobleza Vanessa Gimena Chowking, ABM Bldg., Sta., Cebu City Rosalio Embodo Randy Aton Felis Resort Complex, Shanghai, Matina Aplaya, Davao City Jennifer Catayas Cresmar Escalon There were no more objections or clarifications to the motion with the majority approval of the general assembly. VIII. ANNUAL BUSINESS PLAN 2017 I. ORGANIZATIONAL ASSUMPTIONS A. MANPOWER/CLIENTS Credit 800 Tours & Travel - availments 2000 Circuit Hub - Availments 2000 B. PRODUCTS AND SERVICES Business 2017 Credit Tours & Travel Circuit Hub Coop Store / 7 Eleven Regular Loans Promotional Loans Wellness Loan Programs Ticketing Land Tours Domestic Tours Educational Tours International Packages Van Rental VISA Assistance NSO Documentation Personal Trainings (Circuit/Martial Arts/Gym) Daily/Monthly/Yearly Company GX CH Health Corner Franchising or Owned C. OFFICES Main Office Valenzuela City (Defer Expansion/opening of Satellite Office) D. TARGET NON-CREDIT MEMBERS/CLIENTS

15 II. MANPOWER PROJECTIONS 2017 Ending Hiring Ending Management Finance & Acctg Admin/HR Credit & Collection Tours & Travel Circuit Hub Total III. COOP ACTIVITIES AND PROGRAMS A. SPIRITUAL TRANSFORMATION BUDGET Annual Praise & Worship Night 55,000 Financial Literary Seminar / Booklet 50,000 Total 105,000 B. COMMUNITY DEVELOPMENT BUDGET Adopt-A-Day Care Center 220,000 C. BOARD & STAFF TRAINING AND DEVELOPMENT BUDGET Compliance Training 100,000 Executive Leadership 20,000 Staff Development 50,000 Teambuilding 15,000 Total 185,000

16 D. FINANCE AND ACCOUNTING BUDGET External Auditor Engagement 25,000 Audit Committee Engagement 15,000 Total 40,000 E. INFORMATION TECHNOLOGY BUDGET Web-based Consultation 6,000 F. RESEARCH AND DEVELOPMENT BUDGET Operation Manual Development 3,000 Business Development Exposure 5,000 Total 8,000 G. COOP EVENTS AND COMMUNICATION BUDGET Annual Report 3,000 Anniversary Celebration 50,000 Christmas Party 10,000 Annual General Assembly Meeting 666,471 Cooperative System Planning and Review 150,000 Total 879,471 IV. STAFF COMPENSATION AND BENEFITS ANNUAL COMBEN BUDGET Proposed Salary Increase 100,000 Uniform Subsidy 17,000 Rice Subsidy 156,000 Performance Bonus/Incentive 207,000 13th Month Pay 207,000

17 Group Life Insurance 24,674 Communication Package 21,000 Leave Credits Adjustment 90,000 Convertible Unused Leave Credits 70,000 Total 1,053,549 V. NETWORKING AND LINKAGING CREDIT BUSINESS PARTNERS BUDGET NATCCO 10,000 KMBI 50,000 VAFEMCO 2,000 VCDC 2,000 VCDO 0 VCMC 1,000 PARAMOUNT LIFE AND GEN. INSURANCE 0 PHILAM 0 International Cooperatives 5,000 TAGCODEC 10,000 INTELLICARE HMO 0 Total 80,000 TRAVEL BUSINESS PARTNERS BUDGET BATA 2,500 NAITAS 2,500 Tour Operators Association 5,000 Department of Tourism 5,000

18 CIRCUIT HUB PARTNERS BUDGET Fitness Association Accreditation/Certification 20,000 Ichiban Martial Arts 5,000 Total 25,000 VI. CAPITAL EXPENDITURES OVERALL BUDGET Server 150,000 Document Scanner 50,000 UPS 15,000 Computerized and Website Enhancements & Dev't. 50,000 Web hosting and domain registration renewal 10,000 Anti-virus Software 5,000 CCTV 30,000 Total 310,000 CREDIT BUSINESS BUDGET Desktop Computer 40,000 Projector 40,000 UPS 2,500 Emergency Lights 4,000 Table 3,500 Chairs 5,000 Total 95,000 TRAVEL BUSINESS BUDGET Transportation Van Maintenance & Insurance 98,000 Desktop Computer 40,000 UPS 2,500 Filing Cabinet 5,000 Total 145,500 CIRCUIT HUB BUSINESS BUDGET

19 Motion to approve the Business Plan for 2017 was given by the following members: Venue of Meeting Motion Seconded Tramway Garden Buffet, Timog Ave., Quezon City Lea Domingo Kenneth David Jollibee, 5 th Lacson St, Bacolod City Chowking, ABM Bldg., Sta., Cebu City Fatima Lealde Jufy Vilas Felis Resort Complex, Shanghai, Matina Aplaya, Davao City Grace Asedillo Amelita Andilab There were no objections to the motion with the majority approval of the general assembly. IX. BUDGET BUDGETARY HIGHLIGHTS NO. OF MEMBERS REGULAR ASSOCIATE Beginning Ending Difference % Difference 9% 900% LOANS RECEIVABLE 2017 LR, December 22,238, LR, December ,000, Difference 2,761, % Difference 11% SHARE CAPITAL - COMMON 2017 Beginning 23,473, Ending 25,000, Difference 1,526, % Difference 6% SHARE CAPITAL - PREFERRED 2017 Beginning 31, Ending 50, Difference 18, % Difference 37% SAVINGS DEPOSITS 2017 Beginning 4,437, Ending 6,000, Difference 1,562, % Difference 26% CASH AND CASH EQUIVALENTS 2017 Beginning 11,990,142.03

20 OPERATIONAL INDICATORS 2017 Operational Self-sufficiency 120% Average Loan Disbursement per member 50, Average Share Capital per member 30, Average Savings Deposit per member 5, Savings Deposit to Asset Ratio 55%-65% Volume of Business to Total Assets 100% Solvency 110% Liquidity 10%-30% Turn-over Ratio 4x and more Administrative Efficiency 10% and below FINANCIAL INDICATORS 2017 Total Revenues 10,300, Net Surplus 1,700, Statutory Funds 391, Interest on Share Capital 719, Patronage Refund 589, Members Equity to Total Asset 40%-50% Percentage of Non-Earning Asset to Total Assets 10% and below Receivable to Total Assets 60%-70% Portfolio-yield 20% Motion to approve the Financial Budget for the year was given by the following members: Venue of Meeting Motion Seconded Tramway Garden Buffet, Timog Ave., Quezon City Shelley Sampani Czar Madelo Jollibee, 5 th Lacson St, Bacolod City Suzette Coros James Ramos Chowking, ABM Bldg., Sta., Cebu City Irene Dibdib Elizabeth Alarcon Felis Resort Complex, Shanghai, Matina Aplaya, Davao City Arceli Oribado Reynaldo Cayao There were no objections to the motion with the majority approval of the general assembly. X. APPROVAL ON CDA ACCREDITED EXTERNAL AUDITOR Management had presented the following CDA Accredited External Auditors for the approval of the General Assembly: CDA Accredited External Auditors Fees Lovelle Balgos 25,000 Simon I. Aguilon 25,000 Rosalinda Romulo 1% of total assets Wilfredo Esguerra 1% of total assets Management recommended that the External Auditor Simor I. Aguilon shall provide audit services starting 2018 to Motion to approve the CDA Accredited External Auditor was given by the following members: Venue of Meeting Motion Seconded Tramway Garden Buffet, Timog Ave., Quezon City Cashmere Cayaban Alvin Ofemia Jollibee, 5 th Lacson St, Bacolod City Daisy Ledoma Sheila Dianne Ostrea Chowking, ABM Bldg., Sta., Cebu City Rebecca Prada Lorena Marin

21 XI. ELECTION PROPER There was 100% voter s turnover based on 560 registered voters present. Results of the said election are as shown below: Rank Name Board of Directors 1. BASIYA, RACHELLE M. 2. MONTANO, LANIE C. 3. TACASTACAS, EUNICE C. 4. CLAVECILLA. JOEL D. Election Committee 1. SANTOS, HENRY I. The Board of Directors shall serve for two (2) years. The said Officers shall assume office starting at eight o clock in the morning of April 1, 2017 as prescribed under article 2,section 12 of the Cooperative Election Code. XII. ADJOURNMENT There being no further business to come before the General Assembly, the Annual General Assembly was adjourned. Minutes taken by: Attested by: SGD. SHARON O. DIONCO Cooperative Secretary SGD. MARVIN E. BARRIETA Chairman, Board of Directors