The Members Savings Operation Program of the Kabankalan Government Employees Multi-Purpose Cooperative was launched yesterday together with the inauguration of the new office building of KABGEM at the city hall compound, a press release from the Kabankalan mayor’s office said.  

Lolly Saluta, KABGEM general manager, said the program aims to encourage thrift and savings mobilization for its members.

The MSO-KABGEM functions like a bank where members enjoy an interest rate of five percent per annum from their savings deposit. Required minimum maintaining balance for children is P100 while for individuals/organization, P500. Interest for time deposit is at least 11.5 percent per annum without VAT and withholding tax.

Kabankalan Mayor Pedro Zayco Jr. attended the launching rites with Rogelio Diaz, chairman of KABGEM Board of Directors,            Cesar Artesano, branch head of Land Bank of the Philippines and Adolfo Mangao Jr., branch manager of Postal Savings Bank.

Both LBP and PSB are extending financial assistance and guidance to KABGEM which   presently has 772 members, the press release added.*

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