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Frequently Asked Questions



1. Who are eligible for membership?

 a.)   Regular Members

§  Military personnel on active duty and permanent/casual employees of the Philippine Navy.

§  Retired Military and civilian personnel of the Phil. Navy.

§  Immediate members of the families up to the second degree of consanguinity or affinity. 

b.) Honorary Members- Regular employees of the Association.


    2. What are the products that the Association offers?

 a.) Savings:                        Capital Contibution    

                                    Saving Deposit Account (SDA)   


        b.) Loans:                          Convenience Loan (NFL)

                                                Convenience Loan (FL)

                                                Multi-Purpose Loan

                                                Retirees Loan

                                                Back-to-Back Loan

                                                Pensioner’s Loan

                                                Pension Advance Scheme  


3. How much deposits can the member/s place for his/her Capital Contribution account?

Members are authorized to deposit a maximum of P10,000.00 per month or to make a one time deposit of P60,000.00 per semester.


4. How much is the maximum deposit for Capital Contribution account?

a.)   Principal Members     - P5M

b.)   Dependents that fall within the 1st degree of affinity or consanguinity    - P2M (Effective July 27, 2006)  

c.)   Dependents that fall within the 2nd degree of affinity or consanguinity   - P500T (Effective July 27, 2006)


5. What are the deposit and dividend declaration periods? Is there any extension if the last day of deposit cut- off falls on a Saturday, Sunday or Holiday? 

Deposit Cut-off                          Dividend Declaration

§  March 1-15                          

§  June 1-15                                         June 16

§  September 1-15

§  December 1-15                                  December 16        

In the event that the last day of deposit period falls on a Saturday, Sunday or Holiday, transactions regarding the deposit of capital contribution will not be extended except for deposit cut-off during dividend declaration.


6. How much dividend will I earn from my Capital Contribution? How is it computed? 

The Board of Trustees subject to the confirmation/approval of the Bangko Sentral Ng Pilipinas determines dividend declared for each semester. For the 1st semester of CY 2009, the Association declared a dividend rate at 18% per annum and is computed based on the members’ lowest quarterly balance.


7. When can I renew my outstanding loan with the Association? 

A member-borrower can only renew his loan if 30% of the total loan balance has been paid. The previous loan balance shall be deducted from the net proceeds of the renewed loan.


8. How are members-borrowers’ maximum loanable amount computed? Are members-borrowers required to have a co-maker for loans being applied?  

A member maximum loanable amount is  determined by his Single Borrower’s Limit (SBL) per RA 8367 which is equals to 12 months gross pay plus 13th month pay plus capital contribution and Savings Deposit Account at the time of loan application. 

Effective on May 2007, members-borrowers from the Philippine Navy are no longer oblige to have a co-maker for loans being applied in conformity with the resolution released by the AFP Financial Institutions and Accreditations Board (AFPFIAB).


9. Are loans convertible to another loan package with higher principal amounts?

 Conversion of loans shall only be considered if the member-borrower has paid at least one-month amortization.


10. Can a retiring member still avail of a loan with the Association? 

A retiring member is allowed to advance the 50% of his commutation of leave balance at an interest rate of 2.34% a month or 28.08% per annum provided, however that the retiree-borrower must have at most three (3) months of duty prior to his compulsory/optional retirement.




Quick Info:

New Member Requirements

Loan Requirements

CAPCON and SDA Account Guidelines

Dividend Computation Guidelines


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