PnB to manage Maccaferri employees’ retirement fund

Italian multinational firm Maccaferri Group has tapped Lucio Tan-led Philippine National Bank (PNB) to set up a retirement benefit plan for the company’s employees.

PNB president Florido Casuela and PNB chief trust officer Joy Jasmin Santos signed the memorandum of agreement (MOA) with Maccaferri country managing director Thomas Wintermahr at the PNB Financial Center, Pasay City last Monday.

PNB Board Adviser Chris Nelson and Maccaferri finance manager Christian Dale Medrano witnessed the signing of the agreement.

The Maccaferri Group Employees’ Retirement Plan is a non-contributory plan that covers retirement, disability, death and separation benefits for eligible employees or their qualified beneficiaries.

The Maccaferri Group includes three companies, including Maccaferri Philippines Inc. (MPI), Maccaferri Philippines Manufacturing Inc. (MPMI), and Infratex Environmental

Services Inc. (IESI).

MPI is a leading international provider of advanced solutions to the civil, geotechnical, and environmental construction markets. With headquarters based in Italy, it is present in more than 130 countries and employs more than 3,000 employees globally.

The retirement agreement was made possible through the PNB Trust Banking Group, which has been providing retirement fund management services to around 300 different companies.

With assets under management over P150 billion, PNB Trust Banking Group also offers investment management, fiduciary services, and PNB Investment Funds.

PNB is the country’s sixth largest lender in the Philippines in terms of assets with P1.17 trillion and fifth in terms of capital with P158.62 billion as of end September 2022.

The bank ranked sixth in terms of deposit base with P862.48 billion and total loans with P631.86 billion.

–Lawrence Agcaoili