UCPB clarifies salary deduction for COVID-19 vaccines only for dependents

State-run United Coconut Planters Bank (UCPB) on Tuesday clarified that vaccination of its employees against COVID-19 is part of the medical benefits, and that salary deductions are only for their dependents.

According to UCPB, costs for the COVID-19 vaccines for the employees are part of their annual medical benefits.

"Associates who also signed up their relatives or other household members have an option to pay through salary deduction or salary loan," the bank said

Chief Presidential Legal Counsel Salvador Panelo in a televised meeting with President Rodrigo Duterte on Monday evening questioned why the bank is deducting salaries for vaccines.

"Supposedly UCPB is state-run dahil tayo nagpapatakbo ng UCPB, eh bakit kako dine-deduct ang salary nila. Parang mali kako," Panelo said during the meeting.

(Supposedly, UCPB is state-run because we are the ones operating it. Then why are they deducting from the salary? It seems wrong.)

The government hiked its stake in UCPB to 75% in July 2020 from 75% previously, through the conversion of P12 billion in capital notes that the lender earlier issued to the Philippine Deposit Insurance Corp. (PDIC) into special preferred shares.

For his part, Duterte said the government cannot intrude into the internal business of a private entity.

"Although we have exposure, how much I do not know. But I'm sure the government has money there," he said in a mix of English and Filipino.

UCPB said it has acquired 11,500 doses of the Moderna COVID-19 vaccine which are scheduled to arrive by mid-June.

The delivery and administration of the vaccine at accredited sites are expected to be completed by the end of the year, including UCPB employees, their dependents, along with the bank's security guards and utility personnel who availed.

"Our associates are the bank's greatest asset. I have seen their dedication to their work and their clients amidst this pandemic," said UCPB Officer-in-Charge Liduvino Geron.

"We want to make sure they have the best fighting chance against the virus by securing the vaccines at the earliest possible time to ensure their health and safety," he added.

UCPB ended 2020 as the 13th largest commercial bank in the Philippines in terms of assets, worth P327.394 billion. -MDM, GMA News