The Institute of the National Fund for the Consumption of Workers ( Fonacot ) is a financial institution of the Mexican government, created to support the acquisition of goods and services by workers at competitive market rates. The Fonacot is a tripartite institution in the Board of Directors involved the labor sector, the business sector and the federal government, divided into the Ministry of Labor , so that the president of the Council is the Secretary of Labor.
The Fonacot was created on May 2, 1974, by decree published by the then President of the Republic Luis Echeverría Álvarez , as a public trust , with Nacional Financiera as fiduciary, as a response of the Federal government to the demands of the workers through of the Labor Congress in the sense of supporting the lower-income social class, offering them a financing alternative than a payroll discount payment mechanism that allows them to gradually generate wealth, increasing their well-being and that of their families .
Subsequently, on April 24, 2006 it abandoned its trust figure, when the Law of the Institute of the National Fund for the Consumption of Workers was issued and it became a decentralized public body of social interest sectorized in the Ministry of Labor and Social Welfare, with legal personality and own assets and budget self-sufficiency.
- Gabriel Quintero Lopez placeholder image
- Miguel Martinez Martinez
- Jorge Calderón Family
- Gabriel Ramirez Fernandez
- Canek Vazquez Gongora
- Cesar Martinez Baranda
Credit and supervision
Fonacot grants loans to workers, funded with resources obtained in the market. It is one of the most active issuers on the Mexican Stock Exchange .
Fonacot is subject to sound banking supervision practices: it is subject to the regulation and supervision of the National Banking and Securities Commission (CNBV), it is accountable to the Superior Audit of the Federation , it has an External Auditor assigned by the Secretariat of the Public Function and, due to its participation as an issuer in the securities market, is subject to scrutiny by securities rating agencies, intermediaries and investors.
Today, Fonacot is an organization that encourages the integral development of the employees of the affiliated companies and the growth of their family assets, promoting access to the best credit in the market to obtain high-quality goods and services at competitive prices. .