Rights and Responsibilities of a Member

By choosing to become a member, you are entitled to certain rights and privileges. You also pledge to adhere to the conditions of AFPSLAI Membership as defined in the Articles of Incorporation & By-laws, as well as the policies promulgated by the Association. Here is a summary of your rights and responsibilities as a member:

Member Rights

Right to disclosure and transparency – Member has the right to receive clear, concise, and full disclosure of all information relative to the Association, as well as the financial product or service that is being offered. Member also has the right to be informed of the how his data is being processed.

Right to access, dispute, correct or erase data – Member has the right to access his personal information with the Association. Member also has the right to make necessary corrections or erasures if information were found to be incomplete, outdated, false, unlawfully obtained, used for unauthorized purposes, subject to applicable laws and regulations.

Right to privacy and protection of member data – Member has the right to keep their financial transactions and personal data confidential and secured consistent with the provisions of the Data Privacy Act of 2012 and its IRR. Please note, however, that the Association is required to submit, disclose basic data to various government entities and regulatory authorities (i.e. Anti-Money Laundering Council, Bureau of Internal Revenue, Credit Information Corporation).

Right to fair and equitable treatment – Member has the right to be treated fairly, honestly, and professionally at all stages of transaction.

Right to dividends – Member has the right to receive dividends proportionate to their Capital Contributions, as well as interests on their savings and other similar deposits.

Right to effective recourse – Member has the right to a full, timely and fair process for resolving complaints or disputes.

Right to protection of consumer assets against fraud and misuse – Member has the right to receive information on the action taken or to be taken about a complaint, inquiry, or request involving fraud and unauthorized transactions; and to seek redress for misrepresentation, breach of contractual obligations, or unsatisfactory services.

1. Maintain the minimum balance for all deposit accounts as required by the Bangko Sentral ng Pilipinas


2. Patronize and support the products and services of the Association


3. Pay loan obligations according to the contract


4. Observe and obey laws, decisions, rules and regulations adopted by the Board of Trustees, Management and general membership


5. Update membership records and specimen signature cards every three (3) years as required by Bangko Sentral ng Pilipinas


6. Attend Membership Meetings (for Regular members)


7. Be an active member and be involved with the Association’s affairs


8. Keep track and respond accordingly to notices, advisories and updates from the Association


9. Conduct oneself ethically, truthfully and with integrity when dealing with the Association and fellow members


10. Abstain from any action that may be detrimental to the Association


11. Inform legal beneficiaries of their responsibility to notify AFPSLAI in case of your death