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SFAL PF HF RELEASE
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Thu Nov 16, 2017 10:30 am by sonia

A message from LBPEA Visayas Director SONIA D. BROTARLO
Thu Nov 16, 2017 10:30 am by sonia

It has been two (2) years and six (6) months that this website was closed.  Many were disappointed with the closure but we have to keep up with the fast changing technology - facebook and twitter, among others.  
 
With the remaining one month and a half of my stint as Director for Visayas, I have been ruminative as to the manner of my “consummatum est” in LBPEA.  Thus  here I am re-opening the website pro hac vice for my grand exit. 
 
This is the medium where you first knew me and this is where I want to personally reach out to you to express my deepest and heartfelt “THANK YOU” for all the years that you trusted me. 
 


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 PF SPECIAL FINANCIAL ASSISTANCE LOAN

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Pensar



Number of posts : 29
Registration date : 2011-06-08

PostSubject: Re: PF SPECIAL FINANCIAL ASSISTANCE LOAN   Fri Feb 28, 2014 12:55 pm

REPORT ON LBPEA NEB MEETING FOR FEBRUARY 2014
February 20-21, 2014
By SONIA D. BROTARLO
Director for Visayas


2. PF Dividend on the 3rd wk of March
PF and HF dividend will be released on the 3rd week of March. Please submit your SFAL application at the soonest.



Please clarify if my appreciation of the  item 2 report as ambiguous is misplaced or not.  It appears that the above statement directs that we should file SFAL application both for d PF and HF dividends.  If my understanding serves me right, SFAL application should only be for the HF dividend considering that this is not distributed on a regular basis.  Since March is the institutionalized distribution period of PF dividend (based on previous year's income), there is no need to apply for SFAL as far as PF dividend is concerned.  Otherwise,  we shall be "inadvertently" charged with interests on "PF dividend loan" when in the first place, we are already  entitled to it with or without SFAL application.

I hope this  will be clarified soonest for the benefit of the majority whom I believe shares the same misguided interpretation of the cited item 2 report. 
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sonia
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Number of posts : 1428
Registration date : 2008-12-16

PostSubject: Re: PF SPECIAL FINANCIAL ASSISTANCE LOAN   Fri Feb 28, 2014 1:32 pm

Pensar wrote:
REPORT ON LBPEA NEB MEETING FOR FEBRUARY 2014
February 20-21, 2014
By SONIA D. BROTARLO
Director for Visayas


2. PF Dividend on the 3rd wk of March
PF and HF dividend will be released on the 3rd week of March. Please submit your SFAL application at the soonest.



Please clarify if my appreciation of the  item 2 report as ambiguous is misplaced or not.  It appears that the above statement directs that we should file SFAL application both for d PF and HF dividends.  If my understanding serves me right, SFAL application should only be for the HF dividend considering that this is not distributed on a regular basis.  Since March is the institutionalized distribution period of PF dividend (based on previous year's income), there is no need to apply for SFAL as far as PF dividend is concerned.  Otherwise,  we shall be "inadvertently" charged with interests on "PF dividend loan" when in the first place, we are already  entitled to it with or without SFAL application.

I hope this  will be clarified soonest for the benefit of the majority whom I believe shares the same misguided interpretation of the cited item 2 report. 

Sir Pensar: This is to guide the misguided majority (pardon the choice of words just a plagiarism) about SFAL.  Kindly read the PFO Memorandum Circular below issued last February 2013.

    Although I acknowledge your point Sir, our PF Board is no longer declaring dividend because it is a form of income distribution.  All income from whatever sources like dividends except stock dividends under our taxation laws are taxable. Thus our PFO now grants Special Financial Assistance Loan.  Thank you for raising this as an issue at least we can correct our common usage that it is no longer a PF/HF Dividend but instead an SFAL. Maraming salamat po!







Last edited by lbpeavisayas on Sat Mar 01, 2014 10:20 am; edited 2 times in total
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Pensar



Number of posts : 29
Registration date : 2011-06-08

PostSubject: Re: PF SPECIAL FINANCIAL ASSISTANCE LOAN   Fri Feb 28, 2014 2:57 pm

Thank you madam Sonia for that impressively swift reply to my request for clarification on the SFAL requirement in the release of the PF and HF dividends earned in 2013. 

However, the PFO Memoradum Circular presented supposedly to address our "misguided interpretation" is dated February 21, 2013 which clearly pertains to PF and HF dividends realized in 2012.  Absent in the said memo is the intention to carry over the spelled-out terms and condition in the succeeding PF/HF dividend distribution.  Granting in "arguendo" that such memo still holds, the thirst for clarification why the March PF dividend should be distributed via loan is still not quenched.  The common reliance is that the PF dividend obtained during the preceding year is to be released by March of the succeeding year.  This is the institutionalized PF dividend distribution period which I believe is anchored on valid basis e.g., PFO board resolution.  

The practice of availing the PF dividend proceeds thru SFAL is traceable to the COA audit exception.  Allegedly, the COA questioned the release of the PF dividend in September,  which is still within an  interim fiscal period. Thus, grant of PF dividend thru SFAL during the month of September is squarely in place, but not so during the month of March.  

Again, we shall gladly appreciate timely enlightenment on the issue.

Thank you.
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Pensar



Number of posts : 29
Registration date : 2011-06-08

PostSubject: PF SPECIAL FINANCIAL ASSISTANCE LOAN   Fri Feb 28, 2014 3:15 pm

My aplogy.  I perhaps overlooked the second paragraph of your initial reply which gave substantial illumination on my  wayward appreciation of facts. 

Our gratitude for the speedy attention.  Now, my officemates, including me, can now fill-in the SFAL application in accord to our own will.

Thanks once again.
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