PEP Coalition

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Pre-need firm’s assets sought to cover plan holders’ claims

BusinessWorld Online
Feb. 11, 2009

A SENATE panel has asked the owner of a beleaguered financial group to submit a statement of assets and liabilities (SAL) as basis for liquidating properties to pay the claims of pre-need plan holders.

Senator Manuel A. Roxas II, chairman of the committee on trade and commerce that handles the investigation into the collapse of the Legacy Group, yesterday bared during a hearing several properties of Sto. Domingo, Albay Mayor Celso delos Angeles, Jr., including four luxury vehicles, a mansion in Cebu and a yacht docked in Sto. Domingo.

Mr. delos Angeles, who admitted he owned the properties, promised to submit his SAL to the committee.

Mr. Roxas said the properties, which are worth at least P100 million, could be attached to retrieve pre-need plan holders’ claims of over P1.1 billion.

“These properties should be sheriffed, should be attached by proper government agencies. The fruits of his [Mr. delos Angeles’] enterprise should go to the plan holders,” said Mr. Roxas in a news conference after the hearing.

Mr. delos Angeles said there are “sufficient funds” in the trust fund to pay the claims of plan holders. Officials had earlier said the amount in the trust fund stood at P300 million.

Pre-need firms’ closure?

Philip H. Piccio, president of Parents Enabling Parents Coalition fighting for the claims of plan holders, raised the rumored imminent collapse of four pre-need companies.

He criticized the Securities and Exchange Commission (SEC) for having been remiss in ensuring the welfare of thousands of plan holders.

“How come the SEC is not even announcing that there is another pre-need company that will collapse anytime now? The smoke is so strong, everyday we get complaints for the past year already of them not being paid,” Mr. Piccio told senators during the hearing.

SEC Chairman Fe B. Barin refused to identify the companies, saying they would submit a formal report to the Senate “because it’s very difficult, it’s very dangerous for us to err.”

“Then maybe Mr. Piccio would know [the firms] because he’s the one saying it,” she told reporters.

Ms. Barin, however, confirmed that Pryce Plans, Inc. is “switching benefits” and is only paying its plan holders medicines and cooking gas, instead of the promised investment returns. She refused to elaborate when asked if Pryce was among the troubled companies.

“If ever there’s a case where there is a switching of benefits that is actually deposited, this is already a servicing pre-need plan and this is the Pryce Plans because the information that we received is instead of delivering the benefits promised, they just pay them medicine, so they pay some cooking gas,” said Jose P. Aquino, director of the SEC’s nontraditional securities and instruments department.

“I know for one that Pryce is no longer selling plans,” said Ms. Barin. — Bernard U. Allauigan

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February 11, 2009 - Posted by | Philippine Newspapers/Web News | , , , , , , ,

19 Comments »

  1. Im a OFW had bought a college assurance plan from pryce plan for my eldest son and had completed paying last june 2005.when i heard about the problems of the pre-need companies i tried to refund or even loan somehow i could get back some of my money unwisely invested in this scam,but was so surprised to find out that there is no office of pryce plan existing in bacolod city.

    Comment by Richard John Lavapiez | March 12, 2009

  2. i am carms lukban. my parents bought three educational plans at the Platinum Plans, Inc. for my siblings and i in the early 90′s. when my twin and i went to college in 2004, they gave us individual checks.to our surprise, it was only good for one semester. afterwards, all the checks that were given bounced. on the other hand, my younger sister did not get any since she only went to college in 2006 when the Platinum Plans closed sometime in 04-05 (they claimed).

    to start, how can we settle this problem? where do we start?

    thanks,

    Comment by ma. carmela lagumen lukban | March 24, 2009

  3. i am carms lukban. my parents bought three educational plans at the Platinum Plans, Inc. for my siblings and i in the early 90′s. when my twin and i went to college in 2004, they gave us individual checks.to our surprise, it was only good for one semester. afterwards, all the checks that were given bounced. on the other hand, my younger sister did not get any since she only went to college in 2006 when the Platinum Plans closed sometime in 04-05 (they claimed).

    to start, how can we settle this problem? where do we start?

    Comment by ma. carmela lagumen lukban | March 24, 2009

  4. i would certainly want to join this coalition, though clearly am not a parent.it’s for my nanay and tatay after all.plus, it’s their hard earned money entrusted to Platinum Plans, Inc.

    Comment by ma. carmela lagumen lukban | March 24, 2009

  5. no2pep2010 welcomes everyone that satisfies the egroup’s criteria

    Comment by no2pep2010 | March 26, 2009

  6. I was a believer of insurance actually especially when I work as a secretary/cashier of Scholarship Plan Phils., Inc. (which is now a LEGACY GROUP)I was so “thrifty” to myself in order to have a better plan for my little money, though it is just a penny, when the time it was matured i have a money to say “this is the worth of my “thriftiness”..But it is all gone now..I’m hoping to save the money we gave to them. my plan will be released on 2012. it is so near for the reality. have conscience to us who are thinking for a better saving of our money.

    How can i submit my affidavit of claims in legacy group?

    Comment by ma. lourdes b. sinogba | April 20, 2009

  7. Good PM po sa inyong lahat jan…specially to Mr. Piccio and most specially to Sen. Mar Roxas “who is very willing to help” Ako po ay nagpunta sa Textite Bldg. at nagpunta po ako sa office na Platinum, napakaganda po ng opisina nila at nagbigay lang po cla ng Court Decision…Ang summary po ng content kinoconvert pa daw ung mga properties nila para daw maging pera at iyong mga matured daw na plan ay i-coconvert nalang daw sa GCP (Gross Contract Price) less government tax….Iyan daw ang babayaran nila sa mga matured plan holders pagdating ng 2014….Ang bagong receiver po nila ay si Atty Elmer Cadano 0917-5131268

    Comment by ARNOLD LAURENTE | May 15, 2009

  8. gd am , iam also a victim of this pre-need plan which s platinum plan .supposedly i am qualified already to claim the pension last may,2006.but the problem is platinum office in iloilo is nowhere to find.I’ve been to sec iloilo branch asking them what to do in order to get my money back. Stupid man he only gave the address of the reciever with out even giving an advice.i called up the office of elmer cadado he’s out of reach.can you share to me what to do? hoping that GOD WILL TOUCH THIER HEARTS AND THEY WILL REALIZE THAT THERE ARE LOTS OF PEOPLE NILOKO NILA.THE MONEY THAT WAS INVESTED TO THEM IS HARD EARNED MONEY MAAWA NAMAN KAYO” PRES. AROYO PLS. DO ACTION ON THIS .KAMI ANG LOSER NITO.KAYA WALA TAYO ASENSO KASI WALA TAYONG LOVE SA ATING MGA PUSO.SELFISHNESS AND GREED IS THE ROOT OF ALL EVIL.

    Comment by carol clavel | May 22, 2009

  9. may pag-asa pa bang ma-recover yung sa CAP ko.
    dalawang anak.total 320,000 pesos?
    maganda ba kumuha ng lawyer katulad ni ATTY. Tony Syquia who is currently CAP lawyer?

    Comment by Nathaniel | June 16, 2009

  10. Sorry but we cannot have anmy aasurance on this–kasi nasa korte pa ang kaso. In fact the CAP case is with the Supreme Court already.

    Comment by Winnie Bonifacio | June 17, 2009

  11. ISA RIN AKONG BIKTIMA SA PRYCE EDUCATION PLAN FOURTH YEAR COLLEGE NA NGAYON ANG AKING ANAK DI PA NAGBAYAD ANG PRYCE PLAN NA YAN PAANO NA ANG AKING PERA MAKABAYAD PA KAYA SILA SA KANILANG OBLIGASYON O HINDI NA , SANA PAPANSININ NAMAN ITO SA SEC PARA MAKABAYAD NAMAN YONG PRYCE SA KANYANG MGA PLANHOLDER.SO I JOIN THE COALITION.

    Comment by EUFEMIA P. GULAY | July 9, 2009

  12. kung bakit naman kasi upto now hindi pa mapakulong yan sa Legacy na si De los Angeles, to all media coverage na nakita, pati na sa Senate, GUILTY NA SIYA. Napakabagal talaga nang justice system natin.
    Kaya naman upto now yan mga mayayaman na manloloko walang takot at patuloy pa nanloloko.
    Taga SEC, pansariling lang ang tinatrabaho nila. Sayang lang ang pinasasahod sa kanila. Kung hindi pa masermunan via live tv coverage hindi magtatrabaho para sa dapat nilang gawin.
    DE Los Angeles, dapat makulong na.
    SEC Chair Barin, dapat tinangal na sa Office, inutil siya.
    PEP Coalition…. mabuhay kayo/tayo mga parents para magbantay lagi. EXPOSE THE BAD GUYS.

    Comment by win | July 10, 2009

  13. panagutin rin ang mga naghahente sa mga pre-needs nayan, nakinabang lang at nakalimutan na ang resposibilidad.
    kaya nga ngayon ang SEC iniba ang commission nang ahente, pagkatapos ma-full payment ang plan, tsaka palang mabibigay ang commmission dahil sa pag umiwas nila sa mga nabentahan nila.
    Hindi maibigay kahit ang premium kasi nasa ahente ito. Ok lang ang ahente kung sa ngayon nagkaproblema ay nandiyan pa rin sa kanyan pinagbentahan.
    katulad ko, walang pakialam ang nagmakiusap na mag asawa para magkapera, ngayon wala lang…. walang mga konsensiya.

    Comment by win | July 28, 2009

  14. Hello there, Im Rebecca Patubo of Olongapo City, the mother of two children who are Platinum Plan Holders. I am looking for the current address of the Platinum Plan Philippines in order of us to submit our reimbursement claims. Can you please help us locate it I really need their present address right now. It looks like their office is not in Makati anymore coz I tried to call their office no. but to no avail.

    I have also other problem… my daughter who already graduated from college last April 2009 have not receive any single cent as a reimbursement payment (1st yr-4th yr)from College Assurance Plan (CAP).

    Why are they giving us hard time now? Are they callous to us? The money we paid for them to get an educational plan for our children is a hard earned money.

    Hope and pray that their mind will be enlighten.

    Comment by Rebecca H. Patubo | October 9, 2009

  15. ang aking anak na sanay nong 2007 pa na gagamitin ang kanyang educational ay hindi pa nagagamit hanggans sa ngayon. Paapano kayo ito makukuha dahil wala na kaming ma etution sa anak ko. Sana naman magkaroon ng awa ang mga gumamit ng pera ng mga taong na biktima ng platinum plans. Sa naman kahit papaano ay maibalik ang pera na aming pinaghirapan para lang ma ihulig sa platinum plans .

    Comment by Teresa T. Metica | November 25, 2009

  16. anyone out there knows where is the current office of Platinum Plans? where & how can i get in touch with them?

    Comment by Rose Valena | December 17, 2009

  17. gud pm.

    ano na po ang latest news regarding our status sa supreme court decision? sabi po ng r.a. roco insurance broker eh ngayong 2010 daw po magrerelease ng payment ang pacific plans. how true is it? binigyan po ako ni ms. rodel estraza ng r.a roco ng contact nos. ng lifetime plans para mapagtanungan pero wala naman pong sumasagot ng phone. sino pa po ang pwedeng mapagtanungan ng mga updates? february 2009 news pa po ang mga nandito sa website ng pepcoalition. salamat po.

    Comment by alex javier | April 12, 2010

  18. paano po mareretrive ang full payment ng memorial ko at ng educational plan ng anak ko?anu ano po dapat gawin?

    Comment by benjamin c vitug jr | November 25, 2010

  19. good afternoon!i would like to know where and what to do to retrieve my full payment of my memorial plan and my daughter rizze marie’s educational plan?

    Comment by benjamin c vitug jr | November 25, 2010


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