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|
- Multi-purpose Loan
- Educational Loan
- Medical Assistance Loan
- Quick Loan
- Calamity/Emergency Loan
- Housing Loan
- Vehicle Loan
I. QUALIFICATIONSBorrower and Co-Maker
- Must be a bona fide PFO member
- In case of casual/contractual borrowers/applicants, the co-maker must be a permanent/regular employee
- Net take home pay should not be less than Four Thousand Pesos (P 4,000.00) after deducting all statutory deductions and loan availments including the current loan application
- Must have at least the required leave credits at the time of filing of the loan
- Must be of good standing in all loan availments with PFO.
- Must not be retiring (60-65 yrs. Old) within the duration of the loan
- Co-maker must have a salary grade equal or more than the salary grade of the borrower.
- Must not have administrative and/or criminal case filed against him/her.
Back-to-back” co-guaranteeing is not allowed. The borrower and co-maker are not allowed to guarantee the loan of each other.
- A co-maker is allowed to guarantee a maximum of three (3) borrowers only.
II. REQUIREMENTS FOR FILING
- An applicant must secure a loan form from Phlpost Provident Fund. All blanks should be properly filled and must contain the following:
- Complete data of the Borrower
- Name, address and signature of qualified co-maker
- Number of leave credits signed by the assigned personnel
|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|
- Certification by the Chief of Personnel Division
- Certification by the Chief Accountant
- Certification by the Legal Officer
III. INTEREST, PENALTY,PROCESSING FEE, OTHER FEES
- Interest rate depends on the type of loan applied by the borrower
- Multi-Purpose loan/Educational and Quick Loan-8% p.a. (straight computation
- Medical and Calamity Loan-6% p.a (straight computation)
- Housing Loan-8 to 9% straight computation
- Vehicle/Motorcycle Loan-6% diminishing computation
- One percent (1%) per month on the amount due shall be imposed on any past due amortization.
- Three Hundred Pesos (P 300.00) processing fee shall be deducted from the loan proceeds (except for housing and vehicle in which processing fee depends on the amount of loan applied.)
- Premium for loan insurance coverage shall be deducted from the loan proceeds at a certain amount for every P1,000.00 of the loanable amount. Insurance premium is based on the approved agreement/policy by the Board of Trustees with the qualified insurance company.
IV. PAYMENT OF LOAN
- Payment of shall be on a monthly basis, deducted from member/borrower’s salary.
- The borrower shall authorize the Philippine Postal Corporation through the concerned Area/Central office to deduct from his/her salary the monthly deduction until the loan is fully paid.
- Borrower must also monitor his/her monthly deductions, any error or omission in the deduction must be immediately reported to PFO for notation and appropriate action.
- Any request for stoppage or suspension of payments (salary deduction) shall not be allowed unless the loan is fully paid.
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|