A GROUP of Customs employees, reacting to criticisms that most of the organic personnel of the bureau are engaged in irregularities to protect smuggling in the country, said not all employees are corrupt.
In fact, the group said the members owned and managed a provident fund to serve as an economic safety net for them.
“Contrary to popular misconception that the Bureau of Customs is populated by conniving thieves who deprive the government of much needed revenues, a great majority of our employees shun the temptation of dirty money, preferring instead to live within their means,” said BoC Provident Fund Inc. general manager Siegfred Manaois.
“Their dependence on our Provident Fund for loans when financial difficulties arise is solid proof that while their pay is often not enough to make both ends meet, they would rather borrow than steal.”
As of Dec. 31, 2015, the current assets alone of the Provident Fund have expanded to P128 million, up 1,500 percent from the opening balance of P8 million 10 years ago because of the strength of impressive yields from non-speculative investments, long-term time deposits and guaranteed loan repayment thru salary deduction.
“Our fiscal management philosophy is to focus solely on investments that can weather market fluctuations better than the rest. We are risk-averse which means that, at any given time, we would rather err on the side of capital safety,’’ said Manaois.
That preference for low risk investments has shielded the Fund from market uncertainties, enabling management to allocate this year a P31 million standby fund for the members’ emergency loan requirements.
The current allocation is more than double the P12.6 million some 553 members collectively borrowed last year.
BOC-PFI chairman John Simon also attributes the Fund’s sound fiscal footing to the management team’s conservative investment strategy.
From 2005 to August this year, the Fund acted favorably on some 8,758 loan applications whose combined total was in excess of P124 million.
During the same period, the Fund paid out P25.4 million on retirement claims, P14.9 million on funeral benefits and P6.5 million on hospitalization assistance.
Another P2.5 million was spent for Christmas gifts to members and some P815,000 for relief assistance to victims of natural calamities.
BOC-PFI Treasurer Margaret Conde said the Fund has become one of customs employees’ reliable lifelines after GSIS and PAGIBIG.
She lamented though that it has not completely freed them from 5/6 lenders — “a sad commentary on the serious inadequacy of the salaries they are receiving.”
Registered with the Securities and Exchange Commission in 2002, BOC-PFI’s membership has grown to more than 3,000 active employees.
It is the progeny of the Customs Mutual Assistance Benefit Fund established on July 14, 1982 during the term of then Customs Commissioner Ramon Farolan.
