Tycoon Lucio Tan-led Philippine National Bank (PNB) has opened a credit line of up to P1 billion for the Philippine Army Finance Center Producers Integrated Cooperative (PAFCPIC).
This is to support the cooperative’s customized financial solutions to its members, the bank said in a statement.
“PNB is here to support PAFCPIC and to be its partner in keeping its members connected to convenient financial solutions. This is our way of helping our fellow military and their families in their loan and cash requirements,” PNB executive vice president and head of institutional banking sector Cenon Audencial, Jr.
PAFCPIC was founded in 1981 by 15 cooperators composed of officers, enlisted personnel, and civilian employees of the Philippine Army Finance Center.
Composed of active and retired military and civilian personnel of the Philippine Army, Philippine Navy and Philippine Air Force, the organization provides its members with financial services such as deposits and loans.
PAFCPIC is a cooperative duly registered with the Cooperative Development Authority. In a cooperative, all members are considered “co-owners” and have equal rights exercised through voting during its annual general assembly and election of officers.
This cooperative offers short-, medium- and long-term loans depending on the member’s purpose. Payment terms range from one month to six years depending on the type of loan and branch of service.
PNB, which has been operating for over a century, has more than 690 branches and 1,240 ATMs strategically located nationwide. It has the most extensive international footprint among Philippine banks with more than 70 overseas branches, representative offices, remittance centers and subsidiaries across Asia, Europe, the Middle East, and North America.—DORIS DUMLAO-ABADILLA