As part of its 2018 initiative to increase capitalization in order to better meet the increased demand for loans among its members, PAFCPIC signed into effect credit line facilities of PhP 1 billion and PhP 2 billion with the Philippine National Bank (PNB) and Development Bank of the Philippines (DBP) respectively.
Representing PNB during the official signing of the agreement were its President Mr Reynaldo A Maclang, and Executive Vice President (EVP) and Head of Institutional Banking Sector Mr Cenon C Audencial Jr. PNB Senior Vice President (SVP) and Head of Financial Institutions Division Ms Elisa M Cua, First Vice President and Head of Non-Bank Financial Institutions Department Ma Rowena S Conda and Relationship Manager Ms Katrina Jane O Mayoca also witnessed the event which took place at the PNB Financial Center along President Diosdado Macapagal Boulevard, Pasay City on 25 July 2018.
PAFCPIC Chairperson BGen Francisco M Paredes (Ret) (2nd from right) and PNB President Mr Reynaldo A Maclang (2nd from left) together with PAFCPIC President BGen Fernando S Zabat (Ret) (rightmost), and Executive Vice President Mr Cenon C Audencial Jr (leftmost) shown after the official signing.
Mr Audencial, in his message, expressed his sincere hope for a long and fruitful partnership with PAFCPIC: “This is a milestone… by providing you with a working capital loan of a billion pesos, there are other types of partnerships that we are looking forward to pursuing with you as you help our fellows in the military in their daily lives. We would like to assist you in providing tuition fees, funding for their emergency medical services and even purchasing second-hand cars as part of a larger project of financial inclusion.”
In related news, the signing between PAFCPIC and DBP was held at the PAFCPIC Main Office along Bayani Road, Fort Bonifacio, Taguig City on 26 July 2018. Representing DBP were its President and Chief Executive Officer Ms Cecilia C Borromeo, EVP and Head of Development Lending Sector Mr Anthony T Robles, and SVP and Head of Corporate Banking Group Ms Lilia G Baun. Also from DBP were VP and Head of Financial Institutions Department Ms Suzanne S Aquino, Senior Manager and Head of Wholesale Banking Unit Mr Alex S Eugenio, and Assistant Manager and Account Officer Ms Nina Patricia P Paggabao.
PAFCPIC Chairperson BGen Francisco M Paredes (Ret) shakes hands with DBP President and Chief Executive Officer Ms Cecilia C Borromeo with PAFCPIC President BGen Fernando S Zabat (Ret) (2nd from left), and VP for Cooperative Planning LtGen Aurelio B Baladad (Ret) (leftmost), and DBP Executive Vice President and Head of Development Lending Sector Mr Anthony T Robles (2nd from right), and Senior Vice President and Head of Corporate Banking Group Ms Lilia G Baun (rightmost) present.
“We at DBP are more than happy to be of assistance to the cooperative and its members especially the soldiers who put their lives on the line in fulfilment of their sworn duty to protect the Filipino people… This initiative also reveals a lot about the scope of DBP’s work as a development financing institution… DBP is a bank for the Filipinos regardless of their stature. We are privileged to be of assistance to the Filipino soldier,” stated Chairperson Mr Alberto G Romulo on his speech as read by Ms Borromeo.
On a personal note, Ms Borromeo expressed her aspirations for both institutions, “I trust that PAFCPIC can do more for the good of your members. Let this be the start of a stronger and growing bond between our institutions as we pursue our goals of serving more Filipinos as we develop a stronger Philippines.”
In response, PAFCPIC Chairperson of the Board of Directors (BOD) BGen Francisco M Paredes (Ret) expressed the cooperative’s gratitude and resolved to honor its commitments: “As PAFCPIC was looking for new partners to assist us in our capital requirements, it was noted several times that PAFCPIC had a ‘good problem’ on its hands… We at PAFCPIC commit to be continuously deserving of your trust and confidence as we pray that from these relationships shall emerge flourishing partnerships.”
Also present during the signing from the BOD were Vice Chairperson MGen Alexander C Costales (Ret) and members Ms Lucila B Balangue, Col Cristopher T Calulot Sr PA, Sgt Jojimae G Collado PA, Col Regidor M dela Cruz (Ret), Ms Grace G Denamarca, Ms Lucrecia R Guibone, Col Felimon P Masa Jr PA, MSgt Pedro A Plaza (Ret), Col Rolando P Soriano (Ret), MSg Reynaldo Joel M Valles PA and LtCol Orlando P Valeroso (Ret).
President BGen Fernando S Zabat (Ret) welcomed the guests. Other Management officers were also on-hand including EVP Col Emmanuel M Gongora (Ret), Cooperative Secretary Ms Maria Rosario G Abad, VP for Cooperative Planning LtGen Aurelio B Baladad (Ret), VP for Legal Affairs Atty Joseph Patrick V Britanico, VP for Operations BGen Anastacio C Cabading Jr, VP for Human Resource Ms Miraflor A Cabalan, VP for Membership Affairs and Community Services Ms Maria Teresa Z Garnace and VP for Treasury and Finance MGen Rolando V Picar (Ret). Also in attendance were select managers and staff.
