CLARK FREEPORT—The provident fund and employees association of Clark International Airport Corp. (CIAC) has extended assistance and benefits to its 113 employees, which its top official has cited.
The CIAC Provident Fund Inc. (CPFI) reported that from its 2020 earnings and revenues, it was able to grant various loans to members ranging from P30,000 ($592.12 at current exchange rates) to as much as P200,000 (about $3,947.50).
A statement by the CIAC on October 25 said that the CPFI also distributed monetary dividends to members, paid in advance the health maintenance and life insurance fees with no interest charges and partially settled its outstanding debts to the government agency.
CIAC’s Provident Fund ceased its loan facility services in 2019 right after the Clark airport’s operations were privatized in 2019 resulting to the CPFI’s drastically reduced membership.
Some 316 out of 434 CPFI member-employees were transferred to the airport’s private operator, which prompted the CPFI to subsequently distribute the corporate and personal shares of its members.
The Provident Fund is a savings scheme where monetary contributions from both the government agency and its member-employees serve as a loan facility and provider of supplementary welfare to personnel.
The revival of CPFI is led by its chairman, Irish C. Calaguas, who is also CIAC vice president for operations, and Lilibeth Enriquez, CIAC manager of the treasury department, as vice chairman and concurrent CPFI president.
Both Calaguas and Enriquez are now on their second term as CPFI officers.
The CIAC’s Employees Association, on the other hand, provided life and health insurance to the employees, including their family members.
Retired General Aaron N. Aquino, CIAC president and CEO, said the CPFI’s quick resurgence under a new set of officers resulted to the granting of multi-purpose loans for members needing assistance, especially those adversely affected by the Covid-19 pandemic.
“This is the first time in the agency that the same officers lead both the Provident Fund and the CIAC Employees Association and I have my full trust and confidence in the sound fiscal policies of the leadership,” Aquino was quoted in the statement as saying.