By Meriba Tulo – EMTV News, Port Moresby
Teachers Savings & Loan Society yesterday announced a bonus interest payment for its estimated 50,000 members – most of them employees within the public education sector.
Deputy Chairman Sam Nalong delivered the good news – with this latest interest payment bringing the total interest paid for 2018 to just over K26 million.
Over the course of 2018, significant changes have taken place for TISA – most notably its acquisition of the former Police & State Savings & Loan Society, POLSAV, who have an estimated 10,00 members.
Whilst POLSAV members aren’t eligible for this bonus interest crediting rate, they were given some good news through the last twelve months, with K460,000 paid as interest to them.
Understandably, given the difficult economic situation in PNG, TISA recording a lower net operating profit of K20.9 million, compared to K35.8 million for the previous year. Much of this due to losses in equity investments.
The interest of 7% paid to members represent the maximum limit that is allowed under legislation for Savings & Loans Societies.
Remarkable achievements for a society that has seen its fair share of challenges over the years.
According to TISA CEO, Michael Koisen, with legislation changes now allowing for the society to accept membership from other industries, TISA is preparing itself to ensure that it stands ready to continue delivering positive results for its members – with Mr Koisen emphasising their focus on members services.