AFPMBAI turns 41

The Armed Forces and Police Mutual Benefit Association Inc. (AFPMBAI), which serves men in uniform and their families by providing for their welfare needs, will be celebrating its 41st anniversary on Sept. 1.

AFP Chief of Staff Lt. Gen. Hermogenes Esperon Jr. will grace the celebration as guest of honor and speaker.

The theme "Rendering Responsive and Quality Welfare Benefits and Services to Members" aptly describes AFPMBAI’s 41 years of serving soldiers, policemen, firemen, coast guard, jail personnel and their families.

AFPMBAI, which has declared P35 million as dividends to 139,592 policyholders, has granted P5 million as special salary loans for 200 Kawal Kalingan beneficiaries.

It has also increased the Members’ Educational Assistance Loan (MEDAL) ceiling to P50,000 per member at seven percent interest per annum payable in one year as well as reduced the interest rate on real estate loans to 11 percent for those amounting to P500,000 to P3 million.

The real estate loan program has been expanded to include ROTC graduates with additional insurance affected for at least a year among qualified real estate loan borrowers.

It has approved the development of a 10-hectare Bacolod property to serve the housing needs of members.

In terms of loan facilities, for the first half of 2006, AFPMBAI was able to grant a total of P626.42 million as policy loans to 52,491 member-borrowers. Likewise, salary loans amounting to P604.6 million were given to 12,422 borrowers.

Under the MEDAL program, 869 members have availed of loans amounting to P23.64 million. Overall, AFPMBAI has released more than P1.254 billion to 65,782 loan borrowers for the said period.

True to its mission of providing for the housing needs of members, AFPMBAI was able to grant a total of P16.84 million as mortgage loan to 158 member-borrowers while P16.69 million was granted to 61 housing loan beneficiaries for the period of January to June 2006.

During the anniversary celebration, the Association will honor outstanding personnel for their exemplary and excellent performance and unparalleled contributions to the growth and stability of AFPMBAI.