AFPSLAI: We don’t manage AFP’s pension

This is in reference to the news article that came out in the Philippine STAR on Jan. 31, 2016, regarding the Salary Standardization Law (SSL), where the Armed Forces and Police Savings & Loan Association Inc. (AFPSLAI) was mentioned.

In particular, the article highlighted the following:

“…President Aquino requested Congress in his last State of the Nation Address to reform the pension system of the military since the Armed Forces and Police Savings and Loan Association Inc. (AFPSLAI) that used to fund this had collapsed. The AFPSLAI is the military’s in-house version of the Social Security System or the Government Service Insurance System… the pension for military retirees had to be included in the national budget when the AFPSLAI ceased to exist.”

We would like to clarify that AFPSLAI does not manage the pension of the military. AFPSLAI is a private non-stock savings and loan association which offers deposit and loan products to its members. AFPSLAI started its operations in 1972 and continues to exist, with more than P69 billion in total assets and 500,000 members. For more than 40 years that it has been in the industry, AFPSLAI has provided financial assistance to our members and their respective families, while they risk their lives in the service of our nation.

We hope we have clarified the matter, and that necessary actions be taken to correct the statements for the sake of our members who have put their trust in us. – Lt. Gen. VIRGILIO O. DOMINGO AFP (Ret), president and CEO, AFPSLAI