Sacred Heart Savings Cooperative (SHSC) is a long-established, multipurpose cooperative based in Galimuyod, Ilocos Sur. Founded on April 2, 1972, it began as the Galimuyod Credit Union, formed by parishioners of the Sacred Heart of Jesus Parish. Starting with only ₱916 in capital and 33 members, it has now grown into one of the Philippines’ most dynamic multipurpose cooperatives with over 60,000 members and 21 branches across Regions I, II, and III.
SHSC has evolved through the years, eventually allowing it to be recognized as a top-performing cooperative by the Cooperative Development Authority (CDA) and awarded numerous accolades by Landbank and private institutions for its outstanding performance in both financial and community services. To date, SHSC continues to expand its reach while providing financial and community services aligned with its cooperative values. If you’re seeking a cooperative in the Philippines that offers diverse loan products, savings options, and community programs—then SHSC is worth considering.
Benefits
SHSC offers numerous benefits designed to highlight the cooperative’s commitment to both financial support and holistic community development.
Some of the benefits associated with SHSC membership include:
- Access to a wide range of loan products (microfinance, business, agricultural, multipurpose, car loans)
- Competitive interest rates on savings and time deposits
- Participation in the Saranay Program (with health care, support, and community benefits)
- Equitable sharing of annual net surplus
- Dividends based on share capital contributions
- Patronage refunds based on the extent of services availed
- Birthday savings reward (converted to cake)
- Retirement savings program with 5% annual interest
- Eligibility for gifts and special incentives
- Access to cooperative-run businesses like:
- SHSC Diagnostic and Medical Clinic
- Cooprints printing services
- Coop Bazaar grocery
- Ban-Aw Resort
- Voting rights and the ability to run for cooperative office
- Participation in the General Assembly and policy-making
- Membership in a stable, award-winning cooperative with over 60,000 members and multiple branches across Regions I–III
Member Responsibilities
While it comes with benefits, members are also expected to be responsible and to:
- Participate in coop programs and assemblies
- Support capital build-up
- Promote the coop’s vision and services
- Comply with coop rules
- Repay loans responsibly
Member Rights
During the entirety of your SHSC membership, you can exercise the right to:
- Vote and run in elections
- Attend General Assembly
- Avail of all coop services
- Receive dividends, patronage refunds, and gifts
Products and Services
Some of the products and services offered by SHSC are as follows:
Loan Products
- Microfinance Loans
- Micro-business: For small entrepreneurs
- Micro-agricultural: For small-scale farmers
- Group loans: For 5+ members in existing businesses
- Hog Fattening / Dispersal
- Poultry (Broiler and Layer)
- Regular Loans
- Business Loans: For SMEs needing capital or assets
- Agricultural Loans: For crop production, equipment, and facilities
- Production Loans: For seasonal farming input
- Agri-Facility Loans: For infrastructure and farm tools
- Other Loan Types
- Multipurpose Loan: For personal expenses (education, medical, appliances, housing repairs)
- Car Loan: For brand-new or second-hand vehicle purchases
Savings Products
- Regular Savings
- Interest: 2% p.a.
- Maintaining Balance: ₱500
- Pangarap Savings
- Goal-setting savings plan with customizable timeframe
- Saranay Savings
- For Saranay program contributors
- Interest: 2%
- Maintaining Balance: ₱500
- Birthday Savings
- Save ₱1/day; amount converted to birthday cake (₱360)
- Retirement Savings
- For 18–55 years old
- Earns 5% interest per annum
- Withdrawable at age 60
- Time Deposit Savings
- Minimum: ₱10,000
- Term: 3–12 months
- Long Term Deposit Scheme
- For members seeking longer investment terms
- For members seeking longer investment terms
Who Can Join
SHSC is open to individuals who are willing to commit to cooperative values and fulfill the documentary and financial requirements for membership. These include:
- Adults (18 years old and above)
- Must be in good health
- With good credit background
- Willing to attend the Pre-Membership Education Seminar (PMES)
- Children and Youth (1 to 17 years old)
- Can join as Laboratory Cooperative Members
- Must be in good health
- With parental consent and attendance in orientation or PMES
- Farmers and Agricultural Workers
- Eligible for agri-related loans and programs
- Small Entrepreneurs and Business Owners
- Can access microfinance and business loan products
- Employees and Professionals
- May avail of multipurpose loans and savings products
- OFW Applicants and Placement Seekers
- Eligible for loans related to overseas employment placement fees
- Drivers or Vehicle Buyers
- May apply for brand new or second-hand car loans
- Community Members from SHSC Branch Areas
- Residents near any of SHSC’s 20+ branches across Northern and Central Luzon
- Residents near any of SHSC’s 20+ branches across Northern and Central Luzon
Qualifications
They also need to satisfy the following criteria to qualify:
- Must be at least 18 years old
- In good health
- With good credit background
- Must attend Pre-Membership Education Seminar (PMES)
Required Documents
To begin the application, aspiring members must prepare the following:
- Completed application form
- Signature card
- Barangay clearance
- Cedula
- 1x 2×2 ID picture
- Photocopy of valid ID
Youth Membership: SHSC Laboratory Cooperative
Who Can Join:
- Children and youth aged 1–17
- In good health
- Must attend orientation or PMES
Requirements:
- Filled application form signed by parent/guardian
- Signature card (or parent’s signature for younger children)
- Medical certificate (Rural Health Unit or SHSC Clinic)
- 2×2 picture
- Photocopy of valid ID
How to Become a Member
Whether you’re a youth, an adult, a small business owner, or part of the farming community, SHSC welcomes you to a cooperative built on growth, savings, and responsible lending. To become a member, simply follow these simple steps:
For Adults (18 years old and above):
Step 1. Attend the Pre-Membership Education Seminar (PMES).
- This is mandatory for all new applicants.
Step 2. Fill out the Membership Application Form completely.
Step 3. Submit the required documents:
- Properly filled-out membership form
- Signature card
- Barangay clearance
- Cedula
- One (1) piece 2×2 ID picture
- Photocopy of a valid government-issued ID
Step 4. Pay the monetary requirements (Total: ₱1,500.00):
- ₱200 – Membership Fee
- ₱500 – Share Capital Deposit
- ₱500 – Initial Saranay Payment (₱100 allowed upfront; complete within 1 month)
- ₱100 – Initial Savings Deposit
- ₱200 – Health Care
For Children and Youth (1 to 17 years old):
Join through the Sacred Heart Savings Laboratory Cooperative
Step 1. Attend the Laboratory Cooperative Orientation or PMES.
Step 2. Secure written consent from a parent or guardian.
Step 3. Fill out the Membership Application Form.
Step 4. Submit the following requirements:
- Signed application form
- Signature card (parent signs if child cannot write yet)
- Medical Certificate (from Rural Health Unit or SHSC Clinic)
- 2×2 picture
- Photocopy of valid ID
Step 5. Pay the minimum required payment (Total: ₱75.00):
- ₱10 – Initial Savings Deposit
- ₱10 – Prime Savings
- ₱45 – Childsure Plan
- ₱10 – Membership Fee
Video: SHSC Video Pitch
To learn more about SHSC and what it offers, watch this video about the SHSC presented in the First Asia-Pacific Young Farmers Camp and Agrilympics (YFCA):
Contact Information
For inquiries and other concerns or questions, you may reach out to SHSC via the following:
- Main Address: Poblacion, Galimuyod, Ilocos Sur
- Mobile Number: +63917-579-9967
- Contact Person: Rey F. Tanglib (+63917-709-9978)
- Email: sacredheartsavingslabcoop2013@gmail.com (For inquiries related to youth membership)
- Official website: https://sacredheartcoopph/
- Facebook: https://www.facebook.com/sacredheartsavingscoop/