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January 28th, 2005 11:25 PM #1
Updated 00:51am (Mla time) Jan 28, 2005
Dona Pazzibugan Christine Avendano cavendano*inquirer.com.ph
POLICY holders of the financially troubled pre-need company College Assurance Plan (CAP) want their full investment back.
"We won't agree to being left with nothing. We've worked hard to make our payments," said Deo Genito, a government employee.
He and his wife Salome, a fellow government employee, took out educational policies for their two children when they were still infants. They paid the policies for five years.
"We really prioritized their education. We wanted to be assured that they could go to college. We anticipated that by the time they go to college, tuition would be expensive," Deo said.
Now their eldest son is about to enter college next year. Their youngest daughter will enter college in three years' time.
The Genitos are among the hundreds of thousands of parents who now seriously worry about their children's college education because CAP has acknowledged it does not have the funds to cover all the maturing policies.
Bouncing checks
Universities had stopped taking checks issued by CAP to cover the tuition of their policy holders since late last year when the checks started to bounce.
The University of the Philippines and the Philippine Christian University (PCU) said they were requiring the CAP "scholars" to pay their tuition in cash first and later have CAP reimburse them for what they had paid.
"CAP's checks have bounced," said a staffer at the PCU Registrar's Office.
Luckily for the Genito couple, their son was able to secure a full tuition scholarship from the Ateneo de Manila University.
"If it were not for the scholarship, I think I would be crying all day," Salome Genito said.
Deo said he and his wife were worrying for their daughter's college education because they were relying solely on CAP. "We'll be insisting on our CAP policy in that case. Where else do we get the money?"
Disgusted
The one who sold the CAP policy to the Genitos is in the same boat.
"I'm really disgusted," said Carmelita Cristobal, an assistant division chief in a government agency, who had bought two CAP pension policies for her children.
Now grown up, Cristobal's children have also taken out for their own children CAP educational policies, which they are still paying for.
"CAP should work to make sure all their clients recover their money in full. They've worked hard for it," Cristobal said.
"They should not only get what they paid, but the full amount that they're supposed to receive under their plan," she added.
Warning
Having once been a CAP agent, Cristobal said she did not get any advice, not even an informal one, from the CAP area manager when the bad rumors started.
She said CAP had been warned "long before" to stop selling plans so that its deficit would not worsen. "But up to this time they're still selling CAP. And people are still banking on CAP. After all, who would not have trusted CAP?" she said.
Cristobal now regrets having asked her children to pay their CAP premiums that were due last November despite the rumors. "Sayang (What a pity). The money they have already paid could have bought them a house," she said.
For now, Deo and Salome are holding on to their "certificate of full payment" from CAP that was signed by no less than former President Diosdado Macapagal, who was board chair from 1994 to 1997.
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January 28th, 2005 11:27 PM #2
sa tingin ko mababayaran naman sa dami ng ari arian nila na pedeng ilikida. Nga lang wawa ang mga nag aaral na at papasok sa isang taon malamang matagalan pa bago sila maka recover.
Last edited by qman; January 28th, 2005 at 11:27 PM. Reason: mods kung meron ng thread nito pa merge na lang nag search ako zero results eh
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January 29th, 2005 05:54 AM #3
I just paid my daughter's tuition fee in Mapua...After submitting all the requirements in CAP office in Sucat Paranaque, a cash voucher was issued to my wife for reinbursement on March 31. Previously they issued post dated checks but now a cash voucher...this is the first time for us to received such voucher. I'm expecting a long queue for encashment though!
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January 29th, 2005 10:24 AM #4
I also got an educ plan sa CAP fully paid na. Pero matagal pa ang maturity, 4 years old palang ngayon ang bata. Baka pag college na sarado na ang CAP kaya we decided na kausapin ang CAP since fully paid na ito kung pwede na ibalik na lang ang binayad, pwede daw kaya lang 50% lang kasi ewiwidthdraw daw ang policy. Bakit ganoon ang laking lugi naman fully paid na. tapos 50% lang ang maibabalik. Ano sa tingin nyo, get 50% at least meron nakuha. or hintay na lang. Take a chance na lang na pwedeng walang makuha dahil sarado na. Hindi ba naka insured ang CAP? any thing like sa bank PDIC? Any law na nag poprotect sa mga client na katulad ng CAP?
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January 29th, 2005 11:59 AM #5
yun kaibigan ko buti na lang naihabol siya... pero yun 2nd sem namin sila na ang nagbayad, hirap daw ireimburse eh...
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January 29th, 2005 01:06 PM #6
un akin pagpasok ko ng 1st year hirap nga eh.. ayun pinapalakad sa akin.. binayaran ko na lang tuition ko.. baka hinde na ako makapag enroll nun sa kakahintay
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January 29th, 2005 03:05 PM #7Originally Posted by odell
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January 29th, 2005 04:08 PM #8
muntik na akong makakuha ng CAP plan. buti na lang nagresearch ako. kawawa talaga yung mga planholders.
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Tsikot Member Rank 4
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January 30th, 2005 09:48 PM #9buti nalang tapos na ako pero yun sister ko may 1 year pa! naka 3 balik na kami para makuha yun refund pero walang nagyayari namomovwe lang ang date. Sayang sa lakad. Kawawa naman yun galing pa ng probinsya
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January 30th, 2005 09:58 PM #10
balita ko sa isang ksamahan ko rito nang magpapa refund sila 50% lang daw ang pede makuha it this true?
sinabi moh! i hardly see my children now. when they were young, schedules were more predictable.
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