2010 President's Report

The Philippines has been performing well in the previous years despite the effects of the global recession in 2008. The year 2010 was yet another challenging year as the country experienced decline in the agriculture sector due to El Niño and diminished government spending. However, the Philippines managed to perform remarkably as it ended with a record high GDP growth of 7.3% from 1.1% in 2009. Record growth rates in foreign trade, election related stimuli, overseas Filipino workers’ remittances and renewed trust in government are some of the contributors to the country’s economic performance.

Similarly, KCFAPI has proven to be a strong institution, focused on getting everyone achieve records.

It is with pride therefore, that I present to you how KCFAPI revved up its performance in 2010.

PROVIDING OPTIMUM FRATERNAL SERVICE

  • Increased Total Protection Benefits extended to Knights of Columbus families nationwide to P10.1 Billion in 2010 from P9.6 Billion in 2009.
  • Extended insurance protection to more Brother Knights and family members recording 30.80% Benefits Availment Ratio, surpassing the national rate of 13.92%.
  • Covered a total of 707 councils or 37,324 KC members and families with Council Mortuary Benefit Plan or CMBP increasing contribution to income by 8% from P15.6 Million to P16.8 Million by year end.
  • Enhanced KC Dollar Supreme Plan now called KC Dollar Heritage Plan took the lead in the product portfolio in terms of first year contribution income of P18 Million.
  • Exceeded the P100 Million mark in First Year Contribution Income for three straight years posting P107 Million FYCI by year end.
  • Special Plan for Elderly Knights or SPEK remained to be the top product availed by the KC market with 21% in market share or 1,462 covered lives.
  • The KC Super Saver Plan zoomed past other plans in terms of First Modal Contribution Remittance with 26% in market share and P15.6 Million in contributions.
  • Extended Fraternal Accidental Death Benefit, a free insurance protection, to 57,453 KC members by year end.

SERVICE TO BC HOLDERS AND THE KC MARKET

  • Posted an outstanding improvement of P19 Million in Renewal Contribution Income, from P316 Million in 2009 to P335 Million in 2010.
  • Approved implementation of “On-Line Connectivity”, by way of a secure “tunnel” that will connect the six Service Offices with the Head Office which will be fully operational by 2011.
  • Certified by the Certification International Philippines, Inc. (CI) as compliant to the revised standard ISO 9001:2008 for the scope of design, development and provision of mutual benefits.
  • Renovated the BC Holders’ Lounge for a more comfortable visiting experience of Benefit Certificate Holders and Claimants.

MANAGING FINANCE AND INVESTMENT

  • Managed its operating expense ratio to 21.9% and registered net revenue before participation of Benefit Certificate Holders amounting to P87 Million, an impressive 34% increase from 2009’s P65 Million.
  • Total resources grew by 10% to reach P3.35 Billion from P3.05 Billion in 2009.
  • Continued increase in your Association’s investment portfolio totaling P3.13 Billion as of December 2010.
  • The overall yield of 7.63% translated to P218 Million investment income, a 5% increase from P208 Million in 2009.
  • Total Networth amounted to P664 Million, a 9.8% increase from P604 Million the previous year.
  • Provided Living and Death Benefits amounting to P251 Million in 2010, 19% higher than P210 Million in 2009. For the past five years, KCFAPI paid over P1 Billion in total Living and Death Benefits.
  • Declared P31.5 Million to be distributed as participation of Benefits Certificate Holders to net revenue and P4.1 Billion as contribution to benevolent causes.

UPHOLDING GOOD CORPORATE GOVERNANCE AND RISK MANAGEMENT

  • Adopted its very own Manual of Corporate Governance, leading practices and principles of good corporate governance and regularly pursued initiatives to develop and cultivate the ideal corporate culture throughout the Association.
  • Implemented and integrated the Association Wide Risk Management (AWRM) to Quality Management System to provide reasonable assurance regarding achievements of its objectives amid uncertainties brought about by the constant changing environment.

MANAGING KCFAPI TALENTS

  • Engaged with Life Office Management Association or LOMA, an organization based in the United States which provides education program to its partners in insurance and financial industry worldwide.
  • The Executive Development Academy or EDA awarded your Association a certificate in recognition for its outstanding interest and concern in the training and development of its human resources.

UPHOLDING CORPORATE SOCIAL RESPONSIBILITY

  • Implemented a special project focused on social development through livelihood and micro-financing dubbed Social Improvement thru Community Action Program or SICAP in Brgy. 658 in Intramuros, Manila.
  • Collaborated with the Catholic Bishops’ Conference of the Philippines (CBCP) through its CBCP News Service in its initiative to monitor the conduct of elections dubbed Operation CHAMP (clean, honest, accurate, meaningful and peaceful).
  • Turned over the P809,000 income from the CBCP Seed of Hope Fund to the new President of the CBCP, Most Reverend Nereo P. Odchimar, DD during the Annual Plenary Assembly in July last year to support priority projects of CBCP.
  • Completed additional 5 houses in Tungkong Mangga, San Jose del Monte in Bulacan.
  • Supported and continued to support deserving scholars through the Foundations:
Current Scholars (2010-11)
Theology 39
Collegiate 83
Licentiate – Local 9
Licentiate – Rome 3
Graduate Scholars
Ordained Priests (Theology) 111
Ordained Deacon 4
Licentiate – Local 13
Licentiate – Rome 22
College Scholarships 249
Vocational Scholarships 114
Highschool 1

FOCUSING ON THE FUTURE

Truly 2010 is another milestone in the corporate life of the Association. This feat would not be possible without the confidence and support of the Board of Trustees and the collaborative effort of the management, staff and the field representatives in rendering exceptional service to Brother Knights and their immediate families.

Over 5 decades of service poses a great challenge for us to strengthen our commitment in ensuring that we are able to provide the protection needed by the KC family through the times. As we celebrate 53 years of fraternal service in 2011, KCFAPI now is focused on surpassing its achievements in the previous years. We will persist excelling in performance as your provider of insurance protection. We want to exceed your expectations because the Knights of Columbus family is, and will always be, our concern.

Vivat Jesus!

ALONSO L. TAN
President

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2010 President's Report.pdf498.08 KB

Father of Knights of Columbus in the Philippines

 

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