Results 11 to 20 of 60
-
January 30th, 2005 10:11 PM #11
namomroblema nga sis in-law ko, gusto na nga ibenta yung cap plan na fully paid na, eh sino naman bibili niyan ngayon.
-
-
January 31st, 2005 12:02 AM #13
CAP’s property valuation in deal violates IAS — SEC
By Carlo Leo C. Manuel
Monday, 01 31, 2005
College Assurance Plan Philippines Inc. (CAP) has another problem on its hands.
Already besieged by mounting criticisms from the public over concerns that CAP may not be able to service its obligations to planholders, the Securities and Exchange Commission (SEC) said the method used by the pre-need firm in the valuation of the land for equity infusion into CAP may have violated the concepts of the International Accounting Standards (IAS).
According to SEC general accountant Roberto Manabat, the valuation of the land should be based on its fair value, which is defined as the amount for which an asset could be exchanged between knowledgeable, willing parties in an arm's length transaction, per IAS-Investment Property.
“The valuation method as proposed by CAP may now be a serious violation of the concepts behind IAS which became effective recently,” Manabat said in a letter to SEC's Company Registration and Monitoring Department Director Benito Cataran.
CAP said businessman Romeo Roxas, through his corporations Green Circle Properties & Resources Inc. and Green Square Properties Corp., has agreed to transfer properties to CAP as part of a plan to augment CAP's trust fund. In exchange for the property infusion, Roxas would get one or more board seats in CAP.
CAP pegs the value of the properties at P6 billion. The pre-need firm intends to develop the property, located in Quezon, into an educational center.
Manabat explained that ideally, the best evidence of fair value is given by current prices in an active market for similar property in the same location and condition and subject to similar lease and other contracts.
In the absence of current prices in an active market, entity considers information from a variety of sources, including current prices in an active market for properties of different nature, condition or location, adjusted to reflect those differences; recent prices of similar properties based on active markets, with adjustments to reflect any changes in economic conditions since the date of the transactions that occurred at those prices and discounted cash flow (DCF) projections based on reliable estimates of future cash flows, supported by external evidence of any existing lease and other contracts.
“Please note that in using DCF, the fair value of investment property does not reflect future capital expenditure that will improve or enhance the property and does not reflect the related future benefits from this future expenditure,” said Manabat. “The latter concept has been introduced into the new accounting standards…to avoid situations where prepares ventures into dreamland territory by stretching the interpretations of the standards.”
The same concept is found in IAS 36-Impairment of Assets in determining value in use. Paragraph 44 of IAS 36 states “future cash flows shall be estimated for the asset in its current condition. Estimates of future cash flows shall not include estimated future cash inflows or outflows that are expected to arise from a future restructuring to which an entity is not yet committed or improving or enhancing the asset's performance.”
“I had thought that projected income that should be used would be the income that the property would earn as its present state and not based on major improvements or enhancements on the property. However, assuming without granting, that such model has conceptual backing of appraisal purposes, we will find it very difficult to justify for financial reporting purposes,” Manabat said.
Aside from Roxas, CAP said it has already signed an agreement with California-based First American Investments Ltd. for the infusion of a $300-million loan into the pre-need firm, which is essential for its dealer's license to be renewed.
The SEC requires the entry of new investors into CAP to help address its financial problems before renewing its license. CAP's dealer's license expired on Sept. 30, 2004.
CAP said it is also keeping its discussions open with an insurance company based in Canada, which the pre-need company said has shown keen interest in investing $100 million in exchange for equity in the pre-need firm.
Malacaٌang, meanwhile, referred complaints raised against CAP by its clients to the SEC.
During a radio interview over RMN News Manila, Press Secretary and concurrent presidential spokesman Ignacio Bunye said the government cannot just serve a “closure order” on CAP since there are laws which they were adhered to closely follow.
With Sherwin C. Olaes
-
January 31st, 2005 01:18 AM #14Originally Posted by qman
-
January 31st, 2005 03:23 AM #15
Malaki kasi deficit ng CAP sa mga kumuha ng plan years ago. Back then mura lang ang tuition, so mura (by todays standards) ang college plan. Ngayong ang taas na ng mga tuition, ayan di makabayad ang CAP, nalugi sa pagtaas ng tuition...
-
January 31st, 2005 11:13 AM #16Originally Posted by falken
CAP management also made a wrong call by investing heavily on real estate rather on t-bills.
SEC advises preneed companies to diversify their investments (and to have a large percentage of it on low-risk ones such as t-bills).
SEC also requires preneed companies to put 20% of their revenues to a Trust Fund. apparently CAP isn't fulfililng this requirement (although CAP will be increasing their capital to cove the said deficiency and has already sold some of their assets also). they have I think a 17B trust fund deficiency.
in contrast, the other top preneed companies (Philamlife & Prudentialife) are making overpayments on their trust fund requirements and is investing the majority of it on government securities.Last edited by mazdamazda; January 31st, 2005 at 11:30 AM.
-
February 14th, 2005 05:56 PM #17
nawa maka recover sila.
++++++++++++++++++++++++++++++++++++++++++++++++++ ++++++++++++++
CAP has 2 mos. to make good promise
By DENNIS ESTOPACE
TODAY Reporter
“We will hold them to their word.”
Thus said Chairman Fe Barin of the Securities and Exchange Commission (SEC) on the statement of College Assurance Plan (CAP) Philipines Inc. that it can pay for the tuition of its 90,230 plan holders in college before the end of the semester.
Barin told reporters on Friday that the SEC would not issue a statement yet on what it will do if CAP fails to live up to its promise.
“We’ll cross the bridge when we get there,” she said, adding, however, that the SEC has not been remiss in reminding the company that time is of the essence.
CAP executive vice president Bobby Café earlier assured that the troubled preneed firm can pay for the tuition of its planholders in March, especially those who need to take final examinations. Café did not give the number of the company’s graduating senior students.
Café said that with the SEC’s no-objection letter to the company’s plan to borrow money to meet its obligations, funds coming from foreign investor First American Investment Limited Liability Co. would arrive within 40 days. Café told legislators in a hearing that the company has sent SEC’s letter to First American Investment on February 4.
Café is optimistic that the fund, which would come in tranches, would lead to the renewal of CAP’s dealer’s license or permit to sell plans. He earlier said the company was hoping this would be issued in time for CAP’s 25th anniversary today. “It would be a great Valentine’s Day gift,” Café had said.
Over the weekend, Café told that the company would just celebrate its anniversary quietly, with a Mass at 8 a.m.
“We would have no work nationwide in all offices,” Café said. “It has been like that since, [though] in previous years, there’s fellowship, lunch, and games. Now, only Mass.”
CAP was recommended by an SEC auditor to be declared insolvent in September last year after new actuarial reserve liability (ARL) computations showed the company’s trust fund wouldn’t meet its obligations in the next 30 years.
The company has complained against this computation saying the method used on insurance companies couldn’t be applied to preneed companies like CAP.
In a hearing at the Senate, Barin said five other preneed firms also faced similar problems when this computation is used to audit these companies’ trust funds. Barin confirmed that these companies experienced “changes in treatment using the ARL.”
-
Tsikoteer
- Join Date
- Apr 2004
- Posts
- 653
February 14th, 2005 11:28 PM #18hmm.. di ba si sobrepena ito yong me malaking fund exposure sa lrt 1 bot deal ni madam imeldific nong namamayagpag pa kasikatan at kasibaan nya..?!
biglang nagdevaluate ang $ denominated loans in billions ata from let's say p26 FX to about p52..kaya syempre me rippling effects ito sa interest payments ng mga local investors..or to put it mildly, natsunami ang otherwise very rosy forecast ng lrt venture..
as a consequence, baka nadamay ang pera ng mga CAP holders..
muntik narin ako ma ty dito when my 2 plans were declared as lapsed by prudentialife partly because i got sick and couldnt continue with the premium payments..sa awa ng maykapal, the power of my pen and driven by the burning desire for justice pinasok ko ang SEC almost pleading for technicalities on the contract's fine prints..series of meetings and medical exams were conducted jaan sa malayan insurance building sa lugar ng mga yuchengco..underwriter kasi yang malayan ng prudentialife..
maiksi lang ang advise ng abogada ng SEC sa kanila: pangangatawanan nyo ang pagiging haligi sa pre-need industry and give the guy the justice he deserves..sarap ng pakiramdam ko when i informed my wife everything went well..kulang kulang 5 months din bago ko nakuha ang official payment waiver for 1-1/2 years worth of premium..
future ng anak natin ang nakataya rito..
naiisip ko tuloy kantahin itong kacontemporary kong musiciang si cat stevens..big hit ito non..OH VERY YOUNG
A D E F#m D E
Oh Very Young, what will you leave us this time
E7 A D
You’re only dancin’ on this earth for a short while
E Esus4 E
And though your dreams may toss and turn you now
A D A
They will vanish away like your dads best jeans
D A D
Denim blue, faded up to the sky
A A7
And though you want them to last forever
D B E
You know they never will
Riff
E A E
(You know they never will)
A
And the patches make the goodbye harder still.
Oh Very Young what will you leave us this time
There’ll never be a better chance to change your mind
And if you want this world to see a better day
Will you carry the words of love with you
Will you ride the great white bird into heaven
And though you want to last forever
You know you never will
(You know you never will)
And the goodbye makes the journey harder still.
A D A
Will you carry the words of love with you
D A D A A7 D B E
Will you ride, oh,oooooooooooooh
Oh Very Young, what will you leave us this time
You’re only dancin’ on this earth for a short while
D E A E A
Oh Very Young, what will you leave us this timeLast edited by tagalnasaabroad; February 14th, 2005 at 11:31 PM.
-
Verified Tsikot Member
- Join Date
- Nov 2010
- Posts
- 20
November 9th, 2010 08:38 PM #19CAP is currently under rehabilitation and is under government supervision as it hopes to pay back its plan holders that have been affected by the collapse of the pre-need industry. Though the intention of CAP is to pay back everybody as much and as quickly as possible - by no means is the refund process going to be quick, because of the large amount of people that need to be refunded.
For all plan holders who have filed claims and want to check if their checks are ready, you can visit this link:
http://www.cap.com.ph/education/Approved%20RRP%20-%20Schedule.htm
For those that want to know additional information regarding the collapse of College Assurance Plan, you can visit this link:
http://www.captruth.webs.com
-
November 9th, 2010 09:17 PM #20
^ geo yatta of bulacan, ang nagcause ng traffic sa NLEX eh hinid minimum wage earners. Mga...
Traffic!