AFPSLAI still exists, hale with P69B+ in assets

THIS HAS reference to the news article regarding the Salary Standardization Law, where the Armed Forces and Police Savings and Loan Association Inc. (AFPSLAI) was mentioned (“P-Noy to nix military pensions, too,” Second Front Page, 1/31/16).

In particular, the article highlighted the following: “… the President himself had appealed to Congress in a Sona to reform the military and police pension system with the collapse of the Armed Forces and Police Savings and Loan Association Inc. during the Ramos administration.”

We would like to clarify that the AFPSLAI does not manage the pension of the military. It is a private, nonstock savings and loan association which offers deposit and loan products to its members. AFPSLAI started its operations in 1972 and continues to exist, with more than P69 billion in total assets and 500,000 members. For the more than 40 years it has been in business, the AFSPLAI has provided financial assistance to its members and their respective families, while they risk their lives in the service of our nation.

We hope that with this letter we have clarified the matter and corrected any misimpression created in the minds of AFPSLAI members who have put their trust in their organization.

—VIRGILIO O. DOMINGO, AFP (Ret.), president and CEO, Armed Forces and Police Savings and Loan Association Inc.