PNB inks deal with PAFCPIC

MANILA, Philippines — The Philippine National Bank (PNB) further strengthened its partnership with the Philippine Army Finance Center Producers Integrated Cooperative (PAFCPIC) to enhance financial services and benefits for the cooperative’s employees and members.

In a statement, the bank said its retail banking sector and trust banking group signed a memorandum of agreement (MOA) with the PAFCPIC on Dec. 11 at its main office in Fort Bonifacio, Taguig.

According to the listed bank, the partnership gives PAFCPIC employees and members access to PNB’s comprehensive suite of financial services and a structured retirement program.

“Building on a relationship established in 2018, PAFCPIC entrusted PNB with managing its employee benefit trust/retirement fund, ensuring financial stability for over 400 employees,” PNB said.

The cooperative also adopted PNB’s ePay disbursement facility and bulk account opening system for fast cash ATM cards to streamline dividend and patronage refund payments for over 190,000 members.

PNB said a pilot run would be conducted this year, targeting 10,000 new accounts through partner PNB branches aligned with its 25 PAFCPIC satellite offices.

PAFCPIC, a cooperative serving active and retired Armed Forces personnel and their dependents, continues to prioritize its members’ financial well being through innovative programs and long-term planning.

“Through this MOA, PAFCPIC solidifies its position as a trusted financial partner for uniformed personnel and their families, taking every step together and further enhancing its legacy of delivering value and stability,” PNB said.

In 2018, PNB and PAFCPIC signed a credit line facility of up to P1 billion to provide customized financial solutions to its members.

PAFCPIC was founded in 1981 by 15 cooperators composed of officers, enlisted personnel, and civilian employees of the Philippine Army Finance Center. Composed of active and retired military and civilian personnel from the Philippine Army, Philippine Navy and Philippine Air Force, the organization provides its members with financial services such as deposits and loans.

PNB is one of the country’s largest private universal banks with a domestic footprint of over 630 branches and more than 1,700 ATMs strategically located nationwide. It also has over 70 overseas branches, representative offices and remittance centers.