Praxis Fides Mutual Benefit Association, Inc. was registered with the Securities and Exchange Commission on February 17, 1987. The license to operate as an MBA (mutual benefit association) was first granted by the Insurance Commission on January 11, 1995. The idea of putting up Praxis Fides MBAI was a response to the call for moral and economic recovery in post-EDSA Philippines. In particular, it originated in the context of voluntary Church workers, especially catechists, to encourage thrift and savings.