Amidst the ongoing pandemic, the NAMRIA Provident Fund (NPF) held its General Assembly (GA) online on 09 July 2021. This year’s virtual GA highlighted the report of the Chairperson of the Board of Trustees. The proposal for putting up an NPF Benevolent Fund for deceased members and assistance to non-members, the formal launching of the NAMRIA Provident Fund Information System (NPFIS), and the election of an Internal Auditor were also discussed during the event.
In her welcome remarks, NPF’s Chief Executive Officer, Resource Data Analysis Branch Officer in Charge (OIC)-Director Ofelia T. Castro emphasized the learnings brought about by the ongoing pandemic. She noted that the NPF should lead a path towards transformation, with financial education and management as the core of its objectives.
The accomplishments in the past fiscal year were reported by the newly appointed Chairperson of the Board of Trustees, OIC-Deputy Administrator John Santiago F. Fabic. A total of 10 board resolutions were approved in the fiscal year 2020, including the adoption of diminishing balance method for computing loan interests, imposition of new service fee of 2% for loan applications, and the adoption of a policy on partial withdrawals, among others. The financial report for the past fiscal year, which highlighted the status of loan applications, dividends, membership contributions, and the NPF’s General Reserve Fund, was also reported. For FY 2021, the NPF will prioritize the improvements on the lending business, investments, and contributions, as well as its registration with the Securities and Exchange Commission (SEC). As of 2020, the NPF has 414 active members coming from the five branches of the agency.
NAMRIA Administrator, Usec. Peter N. Tiangco, PhD, in his special message, extended his appreciation to the officers and staff of the NPF for their outstanding leadership and support to the organization. He also noted the important role of the Fund in promoting financial literacy and management to all the NAMRIA employees.
NAMRIA Administrator Tiangco delivers a special message to all the members of the NPF.
NPF’s Corporate Secretary, LCdr. Jasmin D. Lerio of the Hydrography Branch served as the emcee for the event.
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