By Alex S. Villanueva, Jr.
A YOUNG priest here has formed a foundation to assure elderly priests of financial help once they retire from the ministry.
The foundation, called “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 project in March 2006 when he and some friends helped raise funds for priests who retire or who suffer from debilitating illnesses.
The foundation, registered with the Securities and Exchange Commission (SEC) in January 2007, has the blessing of Puerto Princesa Bishop Pedro Arigo.
It has adopted a scheme similar to that of the Social Security System (SSS). The priests as beneficiaries contribute to the foundation’s 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,” Elivera said.
A minimum of P100 to a maximum of P300 a month is payable monthly or quarterly, at the convenience of the priests.
As of October 2008, it already has 48 committed members, many of whom had made good their pledge by contributing P3,600 for a whole year already. In return, the 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 for priests of the two Apostolic Vicariates in Palawan: Puerto Princesa and Taytay.
