ATTENTION! If you are trying to find information about the AFPSLAI loan moratorium in relation to Bayanihan 2 law, go to this article instead.
A photo circulated online, as of the late night of 24 March 2020, showed a message from AFPSLAI President and CEO declaring that the financial institution will suspend the loan payment collection from its members.
In a “Message of the President & CEO”, MGEN ESMERALDO C MAGNAYE AFP (Ret) announced that they know the COVID-19 situation has brought financial distress to our members, hence, Management has decided to implement the following:
- a) One-month suspension of loan payment, with no penalty charges for all loans of active and retired personnel which are paid through salary/pension deduction. This means that all loans through automatic remittances will be subject to an additional one-month amortization; and
- b) No penalties for over-the-counter payments on loans with due dates falling from March 16 to April 19, 2020, provided payments are made on or before April 30, 2020.
AFPSLAI Offices Closed
In the same letter, MGEN MAGNAYE said, “since the outbreak of the coronavirus, our top priority has been the health and safety of our employees and members. In line with this, we made a difficult but necessary decision to close our offices nationwide effective March 18, 2020, and postpone our corporate activities (such as medical missions, financial literacy seminars, etc.), in order to prevent the potential exposure of our employees and members to the COVID-19.”
“While our frontline operations have been put on hold, our Crisis Management Team has been working remotely under our Business Continuity Plan (BCP). We are actively monitoring the COVID-19 situation, and regularly reviewing and modifying our plans in keeping with the (BCP). We are actively monitoring the guidelines of the national government and regulatory bodies”, the message added.
“We are presently evaluating measures to address other concerns that are brought to our attention. Rest assured that Management will always have the interest of our members in mind especially in this time of crisis.”
The institution also promises that they “will keep you advised of any developments as the situation evolves. You may visit our website, www.afpslai.com.ph, for reliable and up-to-date information. In the meantime, we enjoin everyone to stay at home, and may God continue to protect you and your family.”
The following is the full message:
When Will it Take Effect?
It is supposed to be for March 2020, but considering that deductions were already made for March 2020 payperiod, it is understood that this will be implemented on April 2020 Payperiod.
Good job AFPSLAI for leading the way!!! Kudos to the management for showing sympathy to our servicemen.
To other Financial Institutions, BAKA NAMAN!
Our online Petition for Financial institutions to suspend collection of 1 month loan amortization is still live at: https://www.change.org/p/psslai-afpslai-amwslai-mbai-suspension-of-loan-payment-collection-from-servicemen
We have a small victory. We hope that other institutions will follow suit.