AFPSLAI has recently donated P1,512,500.00 to the Philippine National Police. This serves as financial assistance to cover the transportation cost of medical equipment that will be shipped from the World Medical Relief Inc. (WMRI) Headquarters in Michigan, USA to the PNP General Hospital in Camp Crame. The equipment, such as bedside cardiac monitors, defibrillator, incubators, ventilator, oxygen hood, among others, donated by WMRI will surely enhance the facilities of the hospital and will benefit PNP personnel and their dependents.
With the retirement of Gen Emmanuel T Bautista, Gen Gregorio Pio P CatapangJr AFP assumed the chairmanship position of AFPMBAI, AFPSLAI and AFPRSBS. Gen Catapang expressed his appreciation and gratitude to Gen Emmanuel T Bautista AFP (Ret) for instituting strong initiatives vital to the long-term viability of these institutions.
Gen Catapang AFP mentioned that the work ahead will center on strengthening assistance extended to clients. “Given the commitment of soldiers to their duties, it is only fitting for them to be provided with excellent financial services and opportunities to allow them to be financially stable and capable. Not only will the men in uniform be at peace if they are offered the right opportunities to manage their hard-earned salaries and address their financial needs, but more importantly, the roles of the financial institutions are pivotal in helping them achieve a future of financial stability with better options that are offered to them compared to outside private financial corporations”, Gen Catapang said.
The new Chairman advised the leaders of these institutions to put emphasis on the sound management of their assets to further strengthen existing portfolios and consider further diversification. He also encouraged all employees to work with renewed energy to ascertain the long-term stability of all AFP institutions.
On July 11, 2014, AFPSLAI held its Special Membership Meeting at the AFP Commissioned Officers Club (AFPCOC), Camp Aguinaldo, Quezon City. Regular members attended the meeting for the purpose of amending the By-Laws and delegating the power to amend the By-Laws to the AFPSLAI Board of Trustees.
Members started to arrive as early as 7:00 AM to register. The meeting started promptly at 9:00 AM, with then AFP Chief of Staff and Chairman of the Board Gen Emmanuel T Bautista AFP, Vice Chairman Col Wilfredo G Nuqui Pa (Ret), members of the Board of Trustees and Corporate Officers.
Proposed amendments were presented by the Chairman of the Amendment Committee, P/DepDir Gen Rommel DF Heredia (Ret). Amendments to the By-Laws that were approved by the general membership are as follows:
- New provision on the Limit of Fixed and Withdrawable Capital, in compliance with the provisions of BSP Circular 789, where NSSLAs are required to set the maximum fixed and withdrawable capital contributions of a member and that of his immediate family subject to the terms and conditions prescribed under the By-Laws or written policies as approved by the Board of Trustees and duly confirmed by the general assembly (Article III, Section 3).
- New provision on the Limit of Capital Contribution Withdrawals to conform with the provision of BSP Circular 789 where NSSLAs may limit the withdrawal of the members’ withdrawable capital contributions, based on conditions and circumstances to be prescribed by the Board of Trustees, notwithstanding its withdrawability (Article III, Section 4).
- Inclusion of Short Messaging System as a means of informing the members of the Board about a meeting (Article VI, Section 8).
- Meeting and election of the new Board of Trustees for the purpose of electing the officers of the Association, immediately after the Annual Membership Meeting (Article VII, Section 1).
- Correction on the grammatical error in relation to the duties of the Treasurer from “incident” to “incidental” (Article VIII, Section 5).
- The Comptroller acting as a budget officer instead of a trustee (Article VIII, Section 7, letter d).
- Correction on the grammatical error in relation to the duties of the Comptroller (Article VIII, Section 7, letter g).
- Insertion of the missing word (put) for clarity under the section of the Board of Trustees (Article X, Section 1).
- The Chief of Staff, AFP, as the principal adviser of the Association (Article XVI, Section 2).
These amendments shall take effect upon approval by the BangkoSentralngPilipinas and the Securities & Exchange Commission.
CRI or Credit Redemption Insurance is a special form of insurance under which the lives of the borrowers who have loans with the Creditor are insured. In the event of death of an insured borrower, the Insurance Company will pay the Creditor the amount equivalent to the programmed loan balance of said borrower, assuming that all installments are paid on their due dates.
Effective July 1, 2014, the Philippine American Life and General Insurance Company (Philam Life) assumes to be the accredited insurance provider of AFPSLAI to recover the programmed loan balance of borrowers of consumption loans (salary/pension loan, multi-purpose loan, emergency loan and personal loan) in case of death.
Having a CRI entitles AFPSLAI members to the following benefits/advantages:
- Promotes peace of mind because in case of death of the borrower, the outstanding balance of the loan will be paid by the insurer
- Provides protection from losing savings, retirement benefits or other monetary benefits due to the family of the borrower in case of death
- The insurance Company will pay for the beneficiary/iesP25,000.00 as burial benefit
- A borrower with CRI coverage is given a rebate on his/her gross premium
All present and future bonafide member-borrowers of AFPSLAI for the consumption loans, who, at the inception of the coverage, are at least 18 years old but have not attained their 86th birthday, have made representation in their insurance application that they are in good health and are actively doing the normal activities of life.
Improvements in the CRI include:
- Reduction of premium rates (per P1,000.00) of at least 10% and as high as 11.59%
- Higher amount of refund for unused premiums
- Increased coverage by age
The insurance coverage of an insured loan borrower will automatically terminate on the earliest of the following dates:
- The date policy terminates or the maturity date of the loan applied for
- The date the borrower reaches his/her 86th birthday
- The date the premium is not remitted by AFPSLAI to the Insurance Company beyond the grace period
- The date the borrower’s loan is transferred to another person
- The date the borrower’s loan is transferred to a creditor other than the policy-holder