Questions

The UP Provident Fund (UPPF) is a voluntary and supplementary retirement fund established by the University of the Philippines (UP) to augment the retire­ment benefits of UP employees.

It also provides additional services to members such as loans and financial assistance, free life insurance, and financial literacy seminars. The Fund was approved by the UP Board of Regents in 1994 and registered as a non-stock, non-profit corporation with the Securities and Exchange Commission (SEC) in 1997.

As of 2022, more than 10,300 employees are members of Provident Fund — which is equivalent to 3 out of 4 UP employees.

All contri­butions of the members and UP are pooled together and invested in relatively safe investment assets such as government securities, time deposits, triple-A-rated corporate bonds, and loans to members, among others. Every year, earnings of the Fund are distributed back to all UP Provident Fund members (similar to dividends).

All UP employees (whether regular, full-time, part-time, perma­nent, temporary, substitute, casual, or contractual) who receive salaries from UP’s General Appropriations Fund are eligible for membership.

Emergency staff, graduate assis­tants, student assistants, non-UP contractuals, lecturers, and Professors Emeri­ti are not eligible for membership.

If you are unsure if you can become a member, simply inquire with a UP Provident Fund office near you to assist you on your membership inquiry.

All UP Provident Fund members are entitled to receive the following:

1. The amount of P300 every month (P3,600 total every year) from UP as employer’s counterpart contribution. You receive this every month as long as you’re employed by the University and a member of UP Provident Fund.

2. Your share in the earnings of the company. The personal contributions of all members are pooled together to be placed in investments that generate earnings. In recent years, UP Provident Fund members had received his­torical returns of 4-8% per year. This is a much higher rate compared to interest rates of savings or time deposit accounts. Please note, though, that historical rates of return are indicative of past performance and not a guarantee of future performance.

3. Free life insur­ance coverage of P100,000. In case of death, your beneficiaries will receive the amount of P100,000 as a form of financial security to help them get through.

4. Access to UP Provident Fund’s loan products. These include Personal Equity Loan, Bridge Loan, Emergency Loan, Balance Transfer Loan, and Remote Learning Support Loan. Our loan products charge interest rates that are much lower than those charged by banks or credit cooperatives. In addition, UPPFI’s loan processing is quick and loan proceeds are disbursed in less than a week.

5. Lump-sum amount upon retirement, resignation, or separation from the University. The lump-sum amount that you will receive comprise of your accumulated personal contributions, UP’s counterpart contributions, and share in the total earnings of the fund during the years you were a member of UP Provident Fund.

Eligible UP employees may become a Provident Fund member by completing and submitting the following forms (download below):

1. Membership Application Form
2. Life Insurance form
3. Proxy Voting Form – For Annual General Membership Meeting (optional)

In the Membership Application Form, you will be asked to input the preferred amount of your monthly contribution. Your application will undergo verification by UP HRDO and the UPPF Fund Manager and, if approved, your membership officially begins once your first monthly contribution via salary deduction is remitted to UPPF.

You may apply online using our Membership Application Page or submit the requirements via email or by visiting a UPPF office near you.

To be recognized as member, the UP employee must contribute to the Fund every month via salary deduction. The amount of monthly contribution is up to you, but the minimum required is 1% of gross basic salary. You are definitely encouraged to contribute a higher percent­age or any fixed amount from your gross monthly salary. You can also change this anytime by submitting a Member’s Data Updating and Change in Contribution Form.

One major requirement, though, is that your net take-home pay should not fall below the government-mandated net take-home pay. At present, the Department of Budget and Management (DMB) requires that the net take-home pay of a government employee must not fall below P5,000.00.

The more you contribute, the bigger your future savings — so set aside an amount that you are comfortable to part with every month.

No, contributions can only be made via salary deduction. This policy is in effect to institute fairness and equity among all members, regardless of salary grade and income status. Thus, contributions from outside sources are not allowed.