Manulife, AFP ‘protect’ members’ credit
Manulife Philippines announced that it has signed a partnership agreement with the Armed Forces of the Philippines Finance Center Multi-Purpose Cooperative (AFPFC MPC) to provide Group Credit Life Insurance to its members who take loans from the cooperative.
Group Credit Life Insurance is a Manulife Philippines product, which provides businesses with a solution that can help protect creditors and borrowers against unforeseen circumstances.
“We are honored to help AFPFC MPC secure its assets while protecting its members and their families,” said Ryan Charland, president and chief executive officer of Manulife Philippines.
Under the agreement, AFPFC MPC will pay for the annual premiums of the Group Credit Life Insurance of AFP officers, enlisted personnel, office employees, pensioners, and civilians who belong to its cooperative.
Borrowers that secure loans from AFPFC MPC, who are between 18 and 70 years of age and are in good health at the inception of the policy, shall be eligible for coverage under the plan subject to other terms and conditions of the product.
AFPFC MPC is a cooperative that aims to cater to the various financial needs of its members from the AFP, including thrift and savings mobilization and credit services.
In addition to Charland, vice president and chief agency officer Stephen Ong; AFPFC MPC’s chairman, retired BGen Lysias Cabusao; and its vice chairman, retired colonel Felipe Vicencio, were present at the signing of the agreement.
“As a democratic organization which seeks to improve the economic and social condition of its members, the AFPFC MPC is committed in delivering the best possible services,” said Cabusao.