The Composite Wing Savings and Loan Association, Inc. started its humble beginning as a group thrift savings or paluwagan of military and civilian personnel of the 205th Tactical Operations Wing (TOW) of Philippine Air Force at Nichols Air Base with 200 members and a capital base of P5,000.00 only.
The Filipino culture of engaging in a paluwagan as a form of savings increased its patronage that gradually expanded its membership. Eventually, it transformed into a savings and loan association as it is today, widely known as CWSLAI.
Through the years of its operation, CWSLAI stands proud of its quality financial services to members and distinctive management with strict adherence to the governing laws on non-stock savings and loan associations and compliance with implementing rules and regulations of regulatory/supervisory agencies such as the Bangko Sentral ng Pilipinas (BSP) and Securities and Exchange Commission (SEC).
CWSLAI has undertaken expansion of its financial services through the establishment of offices in various key locations in the Philippines, and further systems enhancement of its overall financial services. The installation of an integrated system in 2013 facilitated the speedy processing of loans of its members into a “One-day Processing Scheme” – a competitive strategy in the industry. Flexible terms on loans and liberalized scheme of financial services were adopted to accommodate the need of increasing members and boost their morale for greater patronage of loan services.
With the tremendous growth and impressive performance, CWSLAI is proud to say that it has already achieved the P8.2 billion mark of its position of financial strength allowing the Association to maintain the dividend rate at 16% per annum for deposits in capital contribution account (CCA) and 7% per annum in savings deposit account (SDA) as of the end of 2018.
To ensure that CWSLAI remains relevant to the communities it serves, it values sustained corporate social responsibilities of providing financial assistance to the various units of the Armed Forces of the Philippines (AFP) and other civic & non-government organizations with legitimate cause, donations for those affected by calamities and bereavement assistance for our members.
The remarkable performance, efficiency and growth of CWSLAI in the industry is truly acknowledged by the Association of Non-stock Savings and Loan Institutions (ANSLI) Inc. (formerly CONSLA) through awards and recognitions bestowed to the association every year. Notable of which were the major awards conferred in 2002, 2012 and 2013 as the Savings and Loan Association of Year.