Effective January 1, 2020, as approved by the Board of Trustees during its June 11, 2019 meeting, the above are the new rates of Annual Membership Fees. The main reason for the increase in the fees was the Mutual Assistance Program benefits, as explained in the following:
1. Increase in the amount of annual membership fees by the Committee on Mutual Assistance Program (CMAP)
Up to 2019, the CMAP was collecting PhP600 for Sickness Benefit Program (SBP) and PhP400 for Death Benefit Program (DBP)/Living Benefit Program (LBP). The last increase in collection fee was made in 2010. This amount is less than half of the supposed collection fee per member as suggested by the actuary in order to sustain the current disbursements. The SBP was increased from PhP10,000 in 2012 to the present PhP15,000 and the LBP was increased from PhP50,000 in 2008 to the present PhP60,000. These were implemented without the corresponding increase in the annual fees.
However, since the increase is more than 100%, the CMAP suggested that the increase be done gradually and the initial amount of PhP1,500.00 is deemed reasonable. This can be broken down in PhP900.00 for the SBP and PhP600 for the LBP funds, based on the proportion of claims from the two benefits.