Provident Fund Office BACK TO LISTOctober 23, 2018
The Philippine Postal Corporation will issue a special â€œCOMMEMORATIVE COVERâ€ on October 12, 2018 in celebration of the â€œ25thAnniversary Philippine Postal Corporation Provident Fund Officeâ€. It will have slogan-cancelled in Manila.
The Provident Fund was created under the Philippine Postal Corporation to maximize the payment of benefits of PHLPost employees and officials. It was established on October 14, 1993 per PHLPost Board Resolution No. 93-116.
The Provident Fund is a source of quick loan to cover unexpected financial needs of postal employees; thereby discouraging them from going to private financiers and preserving their dignity as PHLPost employees.
On November 11, 2003, former President Gloria Macapagal-Arroyo finally granted Post Facto approval of the creation of the Philippine Postal Corporation-Provident Fund Office. Thereat, the approval of the provident fund was subjected to the following conditions:
1. The employerâ€™s counterpart to the Fund should not exceed 5% of the employeeâ€™s basic salary.
2. The employees shall be given the discretion to decide the amount of their contribution to the fund; and
3. The herein approval of the President shall be strictly effected in accordance with applicable budgeting, accounting, and auditing rules and regulations.
In 2008, 50% of the outstanding corporate share was returned to PHLPost in compliance with the order of the Commission on Audit. The other 50% remained in the books of the Provident Fund Office and lodged as additional capital of the fund amounting to Php69,715,106.45.
Today the PPC-Provident Fund Office continues to strive and help Postal employees.
The commemorative cover, designed by, Victorino Z. Serevo, will be sold at thirty pesos (PHP 30) per piece. Commemorative covers will be available for sale starting onOctober 12, 2018 at the Philatelic counter, Manila Central Post Office, Liwasang Bonifacio, 1000, Manila.