MECADEC, THE MAGSAYSAY EMPLOYEES, CREW & ALLOTTEES DEVELOPMENT COOPERATIVE.

This is a multi-purpose cooperative under the Magsaysay Group and is open to Magsaysay employees, crew and allottees. Interested can subscribe with at least a minimum share capital of P1,000.00 but not to exceed 20% of the total capital of the cooperative. It aims to:

a. Encourage thrift and savings for capital formation.

b. Generate funds and extend credit for education, training, license renewal and
other emergency cases for our needy employees, seafarers and allottees.

Following loans can then be availed in the MECADEC: multi-purpose loan (for the purchase of equipment, appliances, and other related investments); educational loan, Christmas loan (during December only), training & license loan, housing loan, car loan; and micro-business loan (which ranges from P5,000.00 to P150,000.00 to finance businesses/enterprises).