PNB, PAFCPIC team up for retirement program

The Philippine National Bank (PNB) is extending investment and other financial services as well as a retirement program to members and employees of the Philippine Army Finance Center Producers Integrated Cooperative (PAFCPIC).

In a statement on Friday, the PNB said it signed a memorandum of agreement with PAFCPIC on 11 December last year to offer the latter more financial services as they strengthen their partnership which began six years ago.

“The PAFCPIC has entrusted PNB with managing its Employee Benefit Trust/Retirement Fund, ensuring financial stability for over 400 employees,” the PNB said.

The PAFCPIC serves over 190,000 active and retired personnel of the Armed Forces of the Philippines and their dependents.

Pilot run

This year, the PNB said PAFCPIC will conduct a pilot run of dividend and patronage refund payments for an initial 10,000 accounts using the bank’s ePay disbursement facility and Bulk Account Opening System for Fast Cash ATM Cards.

PNB also offers wealth management, Unit Investment Trust Fund, and investments in government securities for fixed income.

The bank reported a consolidated net income of P15.1 billion for the first nine months of 2024, up 12 percent compared to the level in the previous year.

Loans and investments grew 15 percent, leading to a 10 percent growth in total net interest income of P36.5 billion.

In October last year, the PNB announced a successful offering of $300 million in sustainability bonds, which drew total tenders amounting to $1.1 billion from global investors.

“The bank’s core revenues steadily increased as we continue to enhance our policies and processes to sustain the growth momentum of PNB’s core banking activities amidst continued economic expansion,” PNB chief financial officer Francis Albalate said.