Historical Background on the Establishment of the PNP Provident Fund

 

Start-up Fund: P35.594,055.78 Million

  On December 15, 2004, LBP Account No. 1862-1016-30 was opened in the name of PNP Provident Fund, Inc. with an initial deposit of P35.594,055.78 to transfer the fund from the PNP Services Fees Fund under LBP Account Number 1862-110-53.   This amount was the existing balance from the collections of service fees for the payment of any obligation through authorized deductions under Section 36 of GAA for FY 2003, which shall be used exclusively for a Provident Fund that may be established by the agency in favor of its employees in accordance with existing rules and regulations.

These fees were derived from the payment of loans and other obligations through automatic salary deduction provided by the PNP to: Savings and Loan Associations, Mutual Benefit Funds, Cooperatives, and Associations organized and managed for and by the PNP employees.

 

Approved Memorandum by the Chief, PNP  on December 17, 2004 as PNP Provident Fund and created the Board of Trustees pursuant to RA No. 7180 (GAA FY 1992).

  • Started collecting Service Fees (Tab E) at the rate of 0.5% (increased in 2007 to 1.0%)
  • On 2004, was registered with the SEC and submitted Articles of Incorporation & By-Laws, thus the name PNP Provident Fund Incorporated (PNP PFI)
  • On March 2006, registered with the BIR.
  • On December 30, 2007,  letter to DBM requesting assistance on the establishment of PNP Provident Fund.
  • On February 8, 2008, COA AOM – is not consistent with AO 279 due to its existence as a private juridical entity while using government funds.
  • The BOT composed of C, PNP; TCDS; TDPRM; TDC; D, FS; D, LS; D, HS; CESPO & NUP President issued Resolution No. 01-2008 dated April 9, 2008 on the immediate dissolution of PNP PFI and Certificate of dissolution  was submitted to the SEC.

 

Approved Memorandum by the Chief, PNP  on July 22, 2008 on the establishment of present PNP Provident Fund.

  • Letter to LBP Department Manager dated August 14, 2008 requesting  change of account name; from Philippine National Police Provident Fund, Inc (PNPPFI) to Philippine National Police Provident Fund (PNPPF);
  • Memo dated June 30, 2009 re Conduct of PNPPFI Audit on Extension Offices;
  • Memo Circular 2009-017 dated September 29, 2009 “Creating the PNP PF and Providing Guidelines & Procedures for its Administration and Operation.
  • Memo dated November 11, 2009 re Closing of 147 PNPPFI Extension Offices;