Foundation for retiring priests formed in Palawan
02/08/2009 | 03:06 PM
MANILA, Philippines - A young priest has formed a foundation to assure elderly priests of financial help once they retire from the ministry, the Catholic Bishops Conference of the Philippines said.
The CBCP website said the Padi y ang Palawan Foundation Inc. is a brainchild of Fr. Eugene Elivera of the Puerto Princesa Apostolic Vicariate.
Elivera said the foundation seeks to assure retiring priests of financial assistance that can at least cover their basic needs to maintain a decent standard of living. He said he thought of the program in March 2006 when and some friends helped raise funds for priests who retire or who suffer debilitating illnesses.
The Foundation was registered with the Securities and Exchange Commission in January 2007 and had the blessing of Puerto Princesa Bishop Pedro Arigo.
According to the CBCP, the foundation adopted a scheme similar to the Social Security System (SSS). The priests as beneficiaries contribute to the foundation fund, which the foundation matches with an equal amount.
"For every peso a priest puts in as his savings for his retirement, the foundation matches it equally with another peso instantly doubling his savings. The interest earned for the total amount shall accrue to the contributor member priest," it said.
A minimum P100 to a maximum P300 a month is payable monthly or quarterly, at the convenience of the priests.
As of October 2008 there were already 48 committed members, many of whom had made good their pledge by contributing already for a whole year, or P3,600.
In return, the priest beneficiaries will offer the Holy Mass for the intentions of the Club 300 members every first Friday of the month.
Membership to the foundation is voluntary to priests of the two Apostolic Vicariates in Palawan: Puerto Princesa and Taytay. - GMANews.TV
The CBCP website said the Padi y ang Palawan Foundation Inc. is a brainchild of Fr. Eugene Elivera of the Puerto Princesa Apostolic Vicariate.
Elivera said the foundation seeks to assure retiring priests of financial assistance that can at least cover their basic needs to maintain a decent standard of living. He said he thought of the program in March 2006 when and some friends helped raise funds for priests who retire or who suffer debilitating illnesses.
The Foundation was registered with the Securities and Exchange Commission in January 2007 and had the blessing of Puerto Princesa Bishop Pedro Arigo.
According to the CBCP, the foundation adopted a scheme similar to the Social Security System (SSS). The priests as beneficiaries contribute to the foundation fund, which the foundation matches with an equal amount.
"For every peso a priest puts in as his savings for his retirement, the foundation matches it equally with another peso instantly doubling his savings. The interest earned for the total amount shall accrue to the contributor member priest," it said.
A minimum P100 to a maximum P300 a month is payable monthly or quarterly, at the convenience of the priests.
As of October 2008 there were already 48 committed members, many of whom had made good their pledge by contributing already for a whole year, or P3,600.
In return, the priest beneficiaries will offer the Holy Mass for the intentions of the Club 300 members every first Friday of the month.
Membership to the foundation is voluntary to priests of the two Apostolic Vicariates in Palawan: Puerto Princesa and Taytay. - GMANews.TV
