RULES AND REGULATIONS FOR THE ESTABLISHMENT AND ADMINISTRATION OF A PROVIDENT FUND IN THE PHILIPPINE POSTAL CORPORATION
For purposes of clarification, the following terms and phrases, as used in these Rules, shall have the meaning indicated hereunder, unless the context requires otherwise:
Shall automatically be members of the Fund, unless they choose otherwise in writing ninety (90) days from the effectivity of these rules and regulations.
For purposes of determining continuous membership in the Fund, such suspended member shall be deemed to have continuous membership, but exclusive of the period he was on leave of absence without pay or under suspension as a penalty for an administrative offense.
In the case of a member who suffers preventive suspension during the pendency of any administrative case against him, the contributions mentioned above shall likewise be suspended during the period of suspension; provided, however, that if he is finally exonerated in the administrative case and his back salaries are paid, the suspended contributions shall be deemed to have accumulated during the period of suspension and may be paid into the Fund as if no suspension had ever been suffered; and provided, further, that the membership or such member shall be deemed to have been continuous even during the period of his suspension.
Investment of the Fund or any portion thereof shall be made in loans to members; interest–earning deposits; money market instruments; high-grade securities; real estate investment and/or other non speculative investments, under proper guidelines and established loan policies. These investments shall be reported monthly or periodically to the Board of Trustees for approval, confirmation or notation as the case may be.
There shall likewise be available for distribution to the members of the Fund any portion of the General Reserve for Employee Benefits Account which the Board of Trustees may deem to be in excess of what is necessary to meet the contingencies for which the reserve has been established.
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Provided, however, that if the resigning/retiring member has attained the age of 60 years or more and has completed at least twenty (20) years of service to the Corporation, he shall be entitled to 100% of the amount standing to his credit. The portion of the Corporation’s contribution and its earnings not paid to a resigning/retiring member for one reason or another shall automatically accrue to the General Reserve for Employee Benefits.
Unless otherwise provided herein, a member cannot draw against his credits in the books of the Fund, nor can any such credit be made available as security for a loan except in favour of the Provident Fund.
Except for the member designated by the Board of Directors, all other members of the Board of Directors, all other members of the Board of Trustees shall be subject to confirmation by the PPC Board of Directors.
In the absence of the Chairman and the Vice-Chairman, the Trustees designated by the majority of the Trustees present, provided that they constitute a quorum as provided in Section 5 immediately following shall act as the presiding officer.
The Board of Trustees shall have a Secretary who shall be an officer of the Corporation and appointed by the Postmaster General.
The authorized signatories of the Fund shall be the Administrator and the Treasurer, and such other officers as may be designated by the Board of Trustees from time to time.
All contracts entered into for and in behalf of the Fund shall be executed by the Philippine Postal Corporation as the trustee of the Fund.
For the first five (5) years of the Fund’s actual operation, all costs, expenses and taxes, if any , including office space, allowances and salaries of personnel, except honoraria/per diems of the Trustees, which are incidental to and necessarily connected with the administration of the Fund shall be borne by the Corporation. Thereafter, the Fund shall reimburse the Corporation for all personnel-related expenses.
RENAN V. SANTOS
Chairman of the Board
EDUARDO P. PILAPIL PASCUAL C. KLIATCHKO
JORGE M. MARIANO III ROBERTO LL. AMOR
FRANCISCO R. FLORO RONALDO S. TUAZON
MARY ANN E. AREVALO
Acting Board Secretary