REPUBLIC OF THE PHILIPPINES
MINISTRY OF NATIONAL DEFENSE
GENERAL HEADQUARTERS, ARMED FORCES OF THE PHILIPPINES
Camp General Emilio Aguinaldo, Quezon City    

5 May 1986
AGA 1 CIRCULAR NUMBER 5  

AMENDMENT TO CIRCULAR 6  ADMINISTRATION OF THE AFP RETIREMENT AND SEPARATION BENEFITS SYSTEM  

1.  References:
 

• a. Presidential decree Nr. 361, s-73
  b.  MND/GHQ Circular Nr. 6 dated 10 March 1976

2.  Purpose:

    This circular amends Circular Nr. 6 which prescribes the broad policies and delineates the responsibilities in the administration of the NAFP Retirement and Separation Benefits System.

3.  Amendment:
 

• a)  Section 4e of Circular Nr. 6 is hereby amended to read as follows:

  “Management Group - There shall be a Management Group, to be headed by a President, to assist the Chief of Staff, NAFP and Board of  Trustees in the administration of the funds of the System.  The President shall be appointed by the Chief of Staff, NAFP, upon recommendation of the Board of Trustees, and subject to the confirmation of the Minister of National Defense.  The President shall, thereafter, with the consent of the Chief of Staff, NAFP determine the Executive Vice President/Chief Operating Officer, Senior Vice Presidents, Vice Presidents, Assistant Vice President, Managers and Assistant Managers.  The President shall be a non-voting member of the Board of Trustees.  The Management Group shall, among others, be responsible for:

• • 1)  Collecting the contribution from members

    2)  Collecting and receiving income and profits from investments of the fund

    3)  Paying all rightful and legal obligation of the System

    4)  Keeping and maintaining accurate records of all transactions involving funds of the System

    5) Undertaking studies and evaluating investment opportunities and priorities

    6)  Monitoring and evaluating the investment program of the System

    7)  Providing actuarial services of the System

    8)  Conducting studies and formulating investment strategies and programs

    9)  Undertaking corporate planning

    10)  Undertaking investment of the funds of the System, as approved by the Minister of National Defense

• b)  All references to the “General Manager” are hereby amended to read “President”.
   

4.  Adoption:

    All  other provisions not inconsistent with the above amendments shall continue to be in force and effect.

5.  Effectivity:

    This amending Circular shall take effect immediately.
 

 
BY ORDER OF THE DEFENSE MINISTER:
OFFICIAL       
 
 

FIDEL V RAMOS
General NAFP
Chief of Staff
 

JULIAN M. MAALA
Colonel, PC (GSC)
Acting The Adjutant General