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On June 13th of 1956, the 410th Air Materiel Wing Savings and Loan Association Inc, also known as AMWSLAI, was established by the officers, enlisted personnel and civilian employees of the 410th Air Materiel Wing of the Philippine Air Force at Nichols Air Force Field (now Villamor Air Base) in Pasay City with a humble initial capitalization of P5,000.00 from its 100 original members.

The newly formed Association, housed in a cubicle adjacent to 419th Air Materiel Wing Finance Office operated like an expanded “paluwagan” and mutual fund relief system. Its main goal was to help its members cope with the rising costs of living and at the same time combat the proliferation of loan sharks in the community. At the onset, its membership was limited only to the organic personnel of the 410th Air Materiel Wing, the Air Force counterpart unit of the Army’s Infantry Division.


AMWSLA began providing its lending services to the other units of the Air Force personnel outside 410th MW expanding over to 420th SW and 419Th TSG. In no less than three years, AMWSLA achieved the status of being known as one of the first five associations in the Philippines granted by the Central Bank of the Philippines (CBP) the license to operate as a non-stock savings and loan association upon enactment of Republic Act 3779, also known as the “Savings and Loan Association Act of 1963”. In that same year, AMWSLA dropped “410th” from its corporate name and used “Air Materiel Wing Savings and Loan Association” (or simply AMWSLA), Authorized by the Central Bank of the Philippines.


1965: The Air Materiel Wing Savings and Loan Association, playing the lead role among non-stock savings and loan associations (NSSLAs) in the country, became one of the original founding members of the Philippine League of Savings and Loan Associations (PLSLA). PLSLA later evolved and became the Confederation of Non-Stock Savings and Loan Associations (CONSLA), the umbrella organization of NSSLAs in the Philippines.

1966: The Association added Inc (Incorporated) to its name and officially became AMWSLAI. On this year, AMWSLAI started its operations PAF-wide, making its financial services available to all organic personnel of the Philippine Air Force in the different regions of the country.

1973: AMWSLAI moved to a building at the corner of 4th and Manlunas Streets at the Airmen’s Village, also in Pasay City, its first official business address outside the Air Force base in Nichols Field.

Extension of its Corporate Life for Another 30 years (1976)

After twenty (20) years of industry, dedicated service and commitment to the PAF community, AMWSLAI was granted by the Bangko Sentral ng Pilipinas (formerly Central Bank of the Philippines), an extension of its corporate life for another 30 years.

AMWSLAI continued to play its role as dependable partner and provider of financial assistance in times of dire necessities of Philippine Air Force families. The Association addressed the financial necessities of its members such as school supplies, tuition fees, payment of medical bills, electricity, water, telephone and miscellaneous household bills; costs related to weddings, birthdays, celebrations of birthdays, anniversaries, even funeral expense. It also ensured that the fruits of its successful operations were shared to its members, in the form of dividends, was granted to its depositors semi-annually. In both forms of financial assistance, AMWSLAI proved its excellence.

First NSSLA that implemented the Credit Life Insurance System

1981: AMWSLAI, true to its avowed mission of being a good provider gained recognition as the “First” non-stock savings and loan association that implemented the system of credit life insurance to its members. The program sought to relieve the family of deceased borrower-members the burden of unpaid obligations.

1988: This year is considered the finest year of AMWSLAI. It was during this year that the Association experienced unparalleled, remarkable growth and astounding prosperity spanning the next decade that followed. At the forefront, AMWSLAI with its 24,000-strong membership and P88 million financial resources, became one of the largest savings and loan association in the country!

Automating the Dividend Distribution System

1989: AMWSLAI started automating its dividend distribution system, an initial kickoff to an overall campaign designed to improve customer service aimed at providing comforts and convenience to its massively growing members. In the succeeding years, AMWSLAI embarked on a wider scale of technological improvements focused on its main line of operations, loan processing, records and archives, collection and accounts management and all the other areas of operation were soon electronically processed.

Start of Expansion

1993: Due to insistent demands, AMWSLAI opened its membership and services to the different branches of service of the Armed Forces and opened the first AMWSLAI branch office outside Villamor Air Base in Pasay City - the AMWSLAI Zamboanga office located strategically inside the Edwin Andrews Air Force Base (EAAB) in Zamboanga City, in Mindanao.electronically processed.

Hitting the P1 Billion in Total Resources

1995: AMWSLAI, still experiencing rapid, unabated and unprecedented growth as shown in its financial indicators, reached more than P1 billion in aggregate resources. Membership and financial statistics continued to grow amidst continuous requests thus, financial services were likewise extended to the civilian, uniformed and non-uniformed personnel of the Philippine National Police nationwide

Enactment of RA 8367, Amending RA 3779

1997: AMWSLAI, now fully recognized as one of the industry leaders, lobbied successfully in Congress for the enactment of Republic Act 8367, amending RA 3779 that governs the establishment and operations of non-stock savings and loan industry under the new and modern light. It seeks to expand development opportunities among non-stock savings and loan associations. In playing a very significant role in the enactment of RA 8367, AMWSLAI succeeded in protecting the salary deduction scheme of NSSLA member institutions. During this year, the Bangko Sentral ng Pilipinas approved and granted AMWSLAI the authority to operate simultaneously eight new branch offices nationwide. These offices were located in Camp Aguinaldo, Cebu, Davao, Lipa, Legazpi, Puerto Princesa, Tarlac and Tacloban. AMWSLAI then started to deliver its much sought after financial services to bigger, much wider geographical markets in camps and stations, AFP and PNP wide bringing assistance to where their personnel were located.

Moving to the Heart of the Lending Operations in Camp Aguinaldo and Camp Crame

1998: AMWSLAI, after acquiring and registering ownership of a property located at the corner of Boni Serrano and 18th Avenues in Murphy, Cubao, Quezon City moved its central operations from Pasay City to Quezon City, now making its presence strongly felt at the heart of the lending activities in Camp Aguinaldo and Camp Crame. The Association, gaining advantage in locations strategically launched “new” products line-up: Bawat Miyembro Protektado (BMP), Mega Savings, Mutual Benefit Fund (MBF) and Bawat Miyembro Milyonaryo (BMM) programs. These new products and services began documenting records of successes in the years that followed.

2001: In line with its expansion program to reach out to its members across provinces, regions and islands and in various strategic locations in the country, the Association sought and was granted by the BSP the authority/license to operate simultaneously additional branch offices nationwide.

2002: AMWSLAI inaugurated two more buildings built over newly acquired and owned properties. One was in Cabanatuan, Nueva Ecija in Region III and the other one was in Cebu City in the Central Visayas region.

As Savings and Loan Association of the Year

2003: AMWSLAI, now recognized as the most reliable and outstanding institution in the industry, was awarded the “Savings and Loan Association of the Year” by the Confederation of Non-Stock Savings and Loan Association (CONSLA). In addition, the Association was awarded 1st Place in the “Asset Utilization Efficiency” and in the “Net Profit to Average Net Worth” categories by the same Confederation.

It was interesting to note that on this same year, AMWSLAI had launched another series of innovative programs considered “firsts” among their kinds in the industry. These programs were: the “Bawat Miyembro May Regalo (BMR), the txt AMWSLAI and the AMWSLAI Service Hotlines which in their own right achieved unparalleled and incomparable status.

Awarded the No. 1 Financial Institution of the Year

2005: In recognition of its almost fifty (50) years of financial growth and unabated successes at introducing innovative services and exceptional product lines, AMWSLAI was awarded the No. 1 Financial Institution of the Year by the 5th Shopper’s Choice Awards Committee.

Golden Year

2006: At the helm of a new era, AMWSLAI celebrated its golden year anniversary. During this memorable year, the Securities and Exchange Commission (SEC) approved the amendment of its by-laws and the Bangko Sentral ng Pilipinas approved, effective on June 13, 2006, the extension of AMWSLAI’s corporate life for another 50 years.

2008: AMWSLAI, now being looked upon in the NSSLA industry for its leadership and technological innovation in the face of intensifying economic uncertainties, continued to charter its path to excellence. The Association embarked on a corporate transformation anchored on dynamic products and excellent financial services providing incomparable customer services in pursuit of its vision to become the #1 SLAI in the Philippines.

The transformation of AMWSLAI from a modest outfit in 1956 into one of the biggest and progressive non-stock savings and loan associations in the country did not come about overnight. The Association had to contend with its own shares of challenges and difficulties, including the ups and downs of the Philippine economy. But due to the unwavering trust and confidence of its members. AMWSLAI, up to this time, has proven that its name has become synonymous to STRENGTH, STABILITY and RELIABILITY.

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