The Provident Fund was created at the Philippine Postal Corporation together with its rules and regulations for its establishment and administration per Board Resolution No. 93-116 dated 14 October 1993.).(Annex “A”)
Membership in the Fund shall be voluntary. All incumbent officials and employees of the Corporation, whether permanent, casual or contractual may join the Fund, provided, they have been employed for six (6) consecutive months.
An employee becomes a member of the fund only after his/her application for membership is approved by the Board of Trustees. There shall be a one-time Membership Fee for incoming members in the amount of Fifty Pesos (Php 50.00) to be collected upon approval of the membership application.
A qualified member must contribute a monthly premium of Five Hundred Pesos (P500.00) which is deducted from his/her basic salary.
The employer’s contribution should not exceed 5% of the employee’s basic salary. During the year 1998, Philippine Postal Corp. stopped the employer’s contribution in compliance with COA recommendation and did not resume payment until now.
|Life/Natural Death||P 100,000.00|
|Accidental Death & Dismemberment||P 100,000.00 (even if not on duty or at work)|
|Accidental Medical Reimbursements||P 20,000.00 per accident|
|Hospital Income Plan||400/day (maximum of 31 days)|
|ANNUAL PREMIUM/MEMBER||P 495.00|
I. QUALIFICATIONSBorrower and Co-Maker
Back-to-back” co-guaranteeing is not allowed. The borrower and co-maker are not allowed to guarantee the loan of each other.
II. REQUIREMENTS FOR FILING
|Type of Loan||Maximum Loanable Amount||Required Leave Credits (no. of days)|
|Multi-Purpose Loan||P 200,000.00||45|
|Educational Loan||P 75,000.00||45|
|Medical Assistance Loans||P 150,000.00||75|
|Housing Assistance Loan||P 1,000,000.00||100|
|Vehicle Loan||Below P 100,000.00 & Above P 100,000.00||45 100|
|Quick Loan||P 15,000.00||30|
III. INTEREST, PENALTY,PROCESSING FEE, OTHER FEES
IV. PAYMENT OF LOAN
V. TERM OF THE LOANThe term of the loan depends on the amount to be availed, as follows:
|TYPE OF LOAN||AMOUNT||TERM|
|Multi-Purpose Loan||35K to 100K||3 yrs|
|105K to150K||4 yrs|
|155K to 200K||5 yrs|
|Educational Loan||10K to 25K||2 yrs|
|30K to 75K||3 yrs|
|Quick Loan||15,000.00||1 to 1 ½ yrs|
|Vehicle Loan||Depends on the vehicle to be purchased||3 yrs to 5 yrs|
|Calamity/Emergency loan||Depends on the amount set by BOT||3 yrs|
|Housing Loan||3 to 10 yrs|