The 42nd Annual Membership Meeting wassuccessfully held at the AFP Museum and Multi-Purpose Theater last May 31, 2014.
Regular Members arrived as early as 6:30 AM to register.The new corporate tagline of the Association, “We value your trust” was used as the theme for the meeting. Highlights of the Membership Meeting are the message of Gen Emmanuel T Bautista AFP, Chairman of the Board of Trustees;Report of the President & CEO, Col Diosdado M Domingo PA (Ret) on the financial and operational performance of the Association for 2013; amendments to the AFPSLAI By-laws; and election of the members of the Board of Trustees for 2014-2015.
Gen Bautista expressed his gratitude to all the stakeholders of AFPSLAI for the continued success of the Association.He said that the past year waschallenging for AFPSLAI as it faced new regulatory requirements, policy changes and competition from other financial services providers. He said that we responded to the challenges well and ensured the continued viability of AFPSLAI. As the Association moves towards the second half of the year, he urged everyone to further enhance operational efficiency, improve loan collection efforts, look for more growth opportunities and create value for our products. He also challenged the trustees, management and employees to strengthen their commitment to good governance and ensure the attainment of our vision of becoming the preferred and leading provider of financial products and allied services to members.
The following are the highlights of the President’s report:
- Gross Income reached P 8.17B, which is 3% above the 2012 figure of P 7.96B.
- Total Expenses amounted to P 2.10B posting a favorable variance of P 24M or 1% as against the year’s allocation ofP 2.13B.
- Net Income of P 6.07B is 4% above its target for the year.
- Average dividend granted was 16% per annum. Reduction in dividends from 2nd to 4th quarters of 2014 was a direct effect of the additional provision for probable losses in anticipation of the fullimplementation of the BSP Circular 789 in 2014.
- Loan production was P 37.19B or P 614M higher than the recalibrated target.
- Adopted the Expected Dividend Advance(EDA) facility starting at the end of first quarter of 2014 to comply with the required annual distribution of income.
- Total Assets reached P 55.11B posting an increase of P 5.17B or 10%.
- Loans portfolio grew to P 48.77B registering an increase of P 4.58B or 10%.
- Capital Contribution posted consistent growth as it increased by P 3.33B or 10% when compared with previous year.
- Deposit Liabilities grew by 16% and is nowat P 9.55B.
- Membership stood at 473,093 or an increase of 15,792 from 2012 level of 457,301.
- Implemented the Integrated Mission Critical System 2 (IMCS 2) on December 2, 2013.
- Launched the enhanced AFPSLAI website in October 2013.
- Launched the Calamity Loan in December 2013 for regular members affected by the Zamboanga siege and Super Typhoon Yolanda.
- Review and enhancement of Car and Housing Loans to expedite processing.
- Donated a total of P 35.77M to various partner institutions.
- Acceptance of 38 new scholars, 36 of whom are pursuing tertiary education.
- Conducted medical missions in 19 branch offices benefitting 3,489 members.
- Released death assistance of P 20.14Mbenefitting 2,700 beneficiaries.
For 2014, the President identified the following priority issues with the corresponding strategic response:
- Balance priorities between investors and borrowers through programs mutually beneficial to both stakeholders.
- Increase market share through enhanced and sustainable marketing programs.
- Be an industry model in regulatory compliance through constant review/ assessment and compliance to regulations.
- Improve manpower competence and ensure organized leadership transition through continuous training anddevelopment support system.
- Establish an operational and efficient technology support system.
Proposed amendments to the Articles of Incorporation and By-laws were presented to the members for approval, prior to their endorsement to the BangkoSentralngPilipinas (BSP) and Securities and Exchange Commission (SEC). The amendment to the Articles of Incorporation pertains to the principal office address of AFPSLAI, while the amendments to the By-laws pertain to the expansion/reclassification of Regular and Associate Members and Termination of Membership (Expulsion and Separation).
All fifteen members of the Board of Trustees were re-elected and they are as follows:
Gen Emmanuel T Bautista AFP
Col Wilfredo G Nuqui PA (Ret)
Col Diosdado M Domingo PA (Ret)
LtGen Cardozo M Luna AFP (Ret)
RAdm Ramon T Punzalan AFP (Ret)
Mr Romeo D Roderos
P/C Supt Danny Ramon E Siongco (Ret)
P/C Supt Rex Milton A Dolino (Ret)
P/DepDir Gen Rommel DF Heredia (Ret)
P/DepDir Gen Felipe L Rojas Jr
Col Anastacio C CabadingJr (GSC) PA
Capt Ramon S Ochoco (GSC) PN
Col Danilo T Cortez (GSC) PA
Col Simplicio A LumantasJr (GSC) PAF
FCMS Guillermo P Francisco (INF) PA
AFPSLAI’s Corporate Officers likewise retained their current positions, namely:
Gen Emmanuel T Bautista AFP - Chairman
Col Wilfredo G Nuqui PA (Ret) - Vice Chairman
Col Diosdado M Domingo PA (Ret) - President & CEO
MGen Romeo D Lustestica AFP (Ret) - EVP-GM
Atty Samuel B Padilla - Corporate Secretary
Mr Hector M Atienza - Treasurer
Ms Rosario D Santos - Comptroller
At the end of the meeting, various items were raffled off, and members were given packed meal and umbrella as giveaway.