An executive of the Clark International Airport Corp. on Tuesday announced the granting of 100 percent revenue shares to 111 members of the CIAC Provident Fund, Inc. (CPFI), a first in the history of the government-run aviation firm.
CIAC President Aaron Aquino said the CPFI’s officers will allocate all of Provident Fund’s net income from 2021 and will be distributed among members as Patronage Refund and Economic Relief Assistance ranging from P2,000.00 to P8,000.00 per employee-member.
“As we cautiously navigate through this ongoing pandemic, our Provident Fund officers stepped up again with this unprecedented grant of 100 percent revenue shares to members,” Aquino said.
CPFI is chaired by Irish Calaguas, also CIAC vice president for operations, with Lilibeth Enriquez, CIAC manager of the treasury department, as vice chairperson and concurrent CPFI president.
“The 100 percent distribution of income is a first in the CPFI’s history, and to sustain this momentum, we’ll have to ensure fiscal discipline and to continue providing loan assistance and other monetary benefits to members,” Calaguas said.
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.