The SMPC Laboratory Cooperative is a school-based social and financial literacy program which aims to encourage social and financial responsibility in children.
Section 1. Membership
A. QUALIFICATIONS:
a. The child must be 6-17 years of age; and
b. A bonafide student of the Aflatoun partner schools.
B. REQUIREMENTS:
a. PSA Birth Certificate
b. Accomplished Membership Form
c. 2×2 ID Picture
Section 2. Guidelines
a. An initial deposit of P50.00 shall be required from the member to open a savings account.
b. Passbook is given free of charge, however, a lost passbook shall be replaced at Php25.00 cost.
c. Net earnings of the aflatoun shall be distributed to the members in a form of dividends.
d. Coop in-charge shall conduct a weekly collection of savings deposit and passbook update. Students may have the option to deposit their money directly to the coop office bringing with him/her the Aflatoun ID and Passbook
e. Lab coop memebrs who are no longer connected with the school for whatever reason will have the option to continue their savings account ( may coordinate directly with the coop office).
f. In case of accident/death, the parent/guardian shall assume responsibility of claiming the deposit of their child.
g. In case the child reaches the age of 18, he should fully withdraw his deposit and apply for regular membership with the cooperative of his choice.
Section 3. Investment and Management of Funds
Collection from the Lab Coop shall be handled by the guardian cooperative. Investment shall be limited to time deposit accounts or government issued securities which offer good rates.