The Lucio Tan-controlled Philippine National Bank (PNB), through its Trust Banking Group, has formalized a partnership with the Ilocos Sur Electric Cooperative (ISECO) to establish a retirement program for the cooperative’s employees.
PNB said they continue to forge similar partnerships to empower institutions “by helping them invest in the future of their people.”
The bank said retirement programs also allow them to grow its reputation as a trusted partner in financially securing Filipino workers.
ISECO is the sole electric distribution utility serving the entire province of Ilocos Sur, which includes 32 municipalities and two cities—Vigan and Candon.
Among the towns under its franchise are Alilem, Banayoyo, Bantay, Burgos, Cabugao, Caoayan, Cervantes, Galimuyod, Gregorio Del Pilar, Lidlidda, Magsingal, Nagbukel, Narvacan, Quirino, San Emilio, San Esteban, San Ildefonso, San Juan, San Vicente, Santa, Santiago, Salcedo, Sigay, Sinait, Sta. Catalina, Sta. Cruz, Sta. Lucia, Sta. Maria, Sto. Domingo, Sugpon, Suyo, and Tagudin.
ISECO has been recognized by the National Electrification Administration as a “Show Window of Rural Electrification” in the Philippines.
ISECO has cooperative social responsibility programs such as its employee-focused initiatives, and they have a Trusteed Retirement Plan to ensure the long-term welfare and security of its workforce.
PNB has long established itself as a provider of retirement fund administration and investment management. It offers professional fund management to help employers manage long-term costs while safeguarding the retirement benefits of their employees.
The bank said its service to ISECO and other organizations cover full implementation of the client’s employee retirement plan rules and regulations, regular monitoring of fund strategies, and access to timely market insights.
“Clients also benefit from expert investment advice backed by comprehensive research from PNB’s in-house and partner advisers, ensuring a retirement program that is secure, transparent, and future-ready,” the bank added.
