Letter of Notification – Dividend

October 15, 2001

Dear Co-Owners,

Greetings of Peace!

We would like to inform you that the partial dividend to be released this year is lower than the last year.  This is due to the following reasons:

1.    Transition from 70% (share capital) – 30% (patronage refund) to 60% (share capital) 40% (patronage refund).  Last Annual General Assembly, it was approved that the dividend for year 2002 will be distributed in the form of 60% Interest on the Share Capital (or based on the individual share capital of each member) and 40%  Patronage Refund (or based on the actual patronage of each member).  In other words, the total dividend of each member will not be affected by this transition if he/she is always patronizing the products and services of the cooperative.  However, if the member is not patronizing the products and services of the cooperative then he/she will have a decrease in dividend this year.  The partial dividend is based only on the Interest on Share Capital.

2.    Decrease in Sales. The renovation of the BPSU administration building started last May 2002.  The sales of the TMPS Canteen decreased tremendously.  Even though the TMPC management was able to provide additional businesses to alleviate the situation, it is not enough to cover the big loss in sales of the Main Canteen. Another is the accessibility of the TMPC Canteen for outside customers especially the employees of the Provincial Capitol because of the closing of the BPSU Main Gate which is the shortest way for Capitol Employees to buy at TMPC Canteen and Stores.

3.    Increase in Membership.  Increase in membership means that the whole dividend of the cooperative will be divided to more members.

Despite of the many difficulties faced by the TMPC this year, the management and its Board of Directors are doing their best to do precautionary measures to handle all the problems to improve the operation of the cooperative.  This year, we have started our business expansion by providing business space for rent and by negotiating to outside proprietors and/or investors to establish business partnership with them.  With these, we are expecting that the operation of the cooperative will again grow for the next months and years to come.

Thank you and let’s continue to work hand in hand for the best of TMPC

Yours,

Emelie Y. Matito
Chairwoman