The UP Provident Fund (UPFFI) held its 19th Annual General Membership Meeting at the National Institute for Science and Mathematics Education Development (NISMED) Auditorium on August 12, 2017.
Its new chairman, UP President Danilo L. Concepcion, presided over the meeting with members coming from various UP units in the System, such as Diliman, Cebu, Baguio, Manila, and Los Baños.
“Since its founding in 1997 as a retirement and savings fund for UP employees, the UPPFI has continuously provided benefits and financial assistance to its members. Through the years, the UPPFI enhanced its operations and services to help improve the financial lives of UP employees. It remains a reliable provider of free life and accident insurance, and fast and low-interest loans for the various needs of its members,” Concepcion said.
“With the Fund’s revenues surpassing the P100 million mark in 2015, the UPPFI has become bigger and more vigorous in performing its mandate. Growing investments, better delivery of services and benefits, and improving confidence in the Fund translate to stronger membership. For these accomplishments, we are truly grateful to the UPPFI Board of Trustees and officials of the University,” he added.
UPPFI Executive Director James Ryan O. Jonas said that “the UPPFI remains steadfast in the promise to deliver excellent service with the goal of providing financial comfort to UP employees.”
Jonas reported that “a bigger, better, and stronger UP Provident Fund was the goal last year and the Fund is proud to say that it was successfully achieved with brand new financial and membership milestones in 2016.”
Among the Fund’s major achievements are: revenues continued to grow last year, rising to P104.43 million from P100.91 million in the previous year with a net income that rose 6% to P91.8 million, the highest in recent years; membership continuously increased, reaching 77% penetration rate across all UP units with a total membership of 9,444, the highest number of members in 10 years; and, UPPFI embarked on transferring the highest amount of “partial return of equity” given to members, a first time in the Fund’s history, according to Jonas.
The Fund pledged to uphold its vision of giving UP employees a life of financial comfort through its goals: to sustain the Fund’s outstanding financial and membership performance; to delight members by offering innovative financial products and excellent customer service; and, to contribute to positively changing the lives of UP employees.
Former UP president, Alfredo E. Pascual, UP Vice President for Administration Nestor G. Yunque, UP Vice President for Planning and Finance Joselito G. Florendo along with other UP Provident Fund officers, namely Atty. Teodulo G. San Juan Jr., Prof. Neil Kenneth F. Jamandre, Professor Rachelle Denise G. Sison, and Prof. Luis Diego D. Lee also attended the assembly. (Stephanie S. Cabigao, UP MPRO)