Praxis Fides Mutual Benefit Association, Inc.
Article by Krisha
History and Objectives
In response to the post-EDSA Philippines' attempts at both moral and economic recovery, Praxis Fides MBAI was established. The organization's initial goal was to encourage members to be frugal and save money. It was primarily directed at volunteer church workers like catechists. After being granted permission to function as a mutual benefit association in 1995, Praxis Fides MBAI began to include province-wide residents who were in line with its goals as members. The association's wide array of plans and services, which are tailored to meet the different needs of its members, demonstrate its dedication to achieving its goal.
Membership and Coverage
Though Praxis Fides MBAI was founded with a focus on church workers, it now welcomes members from a wider demographic. Aside from church workers, prospective church workers, and province-wide residents, anyone who supports the goals of the association is eligible to join. The coverage that Praxis Fides membership offers is an essential component. Members receive life insurance coverage up to P200,000.00, or 300 times their monthly contribution, as a benefit. Members and their families can feel secure in their finances and in their minds knowing that they are covered.
Financial Services and Investments
Members of Praxis Fides MBAI have access to a variety of investment opportunities and financial services. The association makes money by having members subscribe to pension plans, which enables money to appreciate in value over time. These monies are then used to finance a range of projects, such as the building of schools, private companies, and other provident purposes. Praxis Fides additionally advocates for its members' borrowing of capital to launch business and livelihood initiatives, fostering community economic development and self-sufficiency.
Continuous Growth and Expansion
Praxis Fides MBAI has seen tremendous expansion over the years in terms of membership, asset size, and service caliber. Through prudent investment selection and effective administration, the association has improved member returns. Regular training and seminars are provided to both office-based and area-based employees to guarantee the competency of their workforce. Praxis Fides has flourished as a reputable financial institution by successfully achieving its objectives and harmonizing its vision and mission with its corporate thrust.
References
https://wikimapia.org/18207999/Praxis-Fides-Mutual-Benefit-Association
External Links
https://malolos-city.infoisinfo-ph.com/search/banking-and-finance/3