BFSB inks 3-year CBA

MANILA, Philippines - The BPI Family Savings Bank (BFSB) a wholly-owned subsidiary of the Bank of the Philippine Islands (BPI), and its employee organization BPI Family Savings Bank Employees Union has inked its collective bargaining agreement (CBA) last month at the BPI’s head office in Makati City. The accord covers the first three years of the five-year CBA starting 2010. BFSB senior vice president David Sarmiento Jr. chaired the eight-man management panel, while union president Bonifacio Frilles led the 17-man Union panel. BFSB president Jose Teodoro Limcaoco said that together with the union, the thrift bank could build a great team. BPI president Aurelio Luis Montinola III declared a one-off performance appreciation grant- an act of goodwill of the part of the bank. More than 1,000 employees from the BFSB will benefit from the accord.