CAP planholders demand their money back in full

[qman]

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.

[qman]

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.

[maria_ann_11]

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.

Hello!

Thank you for the information! As of now CAP Philippines is under rehabilitation, as much as gusto natin na sana ay maayos na ito, ay medyo nahihirapan pa rin sila. Tama ka! Ngunit mayroong mga batas silang sinusunod, kagaya ng court mandate na ibinigay sa kanila upang sundin sa paraan ng pagbabayad ng mga plan holders nila o ng tinatawag nating scholar. Sana nga lamang ay patuloy nating ipag dasal pa ang pagbangon ng CAP Philippines sa lalong madaling panahon upang muling mabuhayan ng loob ang mga taong kailangan ng tulong nila.

maari po kayong magpunta sa www.captruth.webs.com para sa mas marami pang impormasyon.


Sincerely,
Maria Ann

[dadiseedy]

mga anak ko magtatapos na pero di ko pa naiclaim...nasa abroad kasi ako..puede pa bang magclaim anytime...mature na lahat policy nila...or yung plan nila...

[O!lman]

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!

[maria_ann_11]

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.

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!

Hi!

Thank you for posting! Well, atleast we are proving that we are here to pay back our plan holders! Let's all pray for the best for eveyrone!


Sincerely,
Maria Ann

[raine]

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?

[maria_ann_11]

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?

Hi there!

Thank you for posting your question, as of the moment CAP Philippines is under rehabilitation, it is not close and it is giving it's plan holders refund and it is being done under a court mandate. CAP Philippines is doing it's best to pay back each and every plan holder that has payed in full, so if your plan has reached it's maturity, I think that you just have to go there file a claim because it is a first come, first serve basis!

Sincerely,
Maria Ann

[van_wilder]

yun kaibigan ko buti na lang naihabol siya... pero yun 2nd sem namin sila na ang nagbayad, hirap daw ireimburse eh...

[maria_ann_11]

yun kaibigan ko buti na lang naihabol siya... pero yun 2nd sem namin sila na ang nagbayad, hirap daw ireimburse eh...

Hi!

Good day to everyone!

Thank you for psoting, as of now CAP Philippines is paying back it's plan holders, so if you have a plan you can go to their website and click on the education tab to see a list of unclaimed checks!

You can also go to www.captruth.webs.com for more details about CAP Philippines.

Sincerely,
Maria Ann

[odell]

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

[O!lman]

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

Ganyan na ang nangyayari ngayon...mag-abono ka muna then they reinburse... Nawala na yung usefullness ng Educational plan. kaya ka nga kumuha para wla ka nang problemahin sa tuition ngayon mangungutang ka muna bago ka makapag enroll. kawawa naman yung mga future cap scholar baka wla na silang makuha talaga.

[maria_ann_11]

Ganyan na ang nangyayari ngayon...mag-abono ka muna then they reinburse... Nawala na yung usefullness ng Educational plan. kaya ka nga kumuha para wla ka nang problemahin sa tuition ngayon mangungutang ka muna bago ka makapag enroll. kawawa naman yung mga future cap scholar baka wla na silang makuha talaga.

Hi there,

Thank you for posting, well, you know that is what exactly what we, people from CAP Philippines is sad about, the company was built to serve people during their time of needs but because of some people that are so selfish we are all suffering especially planholders who rely on this to finish their studies. Let us hope and pray for justice and for CAP Philippines to rise above it all and once again be able to help their plan holders.

Sincerly,
Maria Ann

[maria_ann_11]

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

Hi Odell,

Thank you for posting, please do look at the website of CAP, there is a long list of people with unclaimed checks, tignan mo name mo dun kasi sayang naman.

You can also check out www.captruth.webs.com if you want to know more about what happened to CAP Philippines.

Sincerely,
Maria Ann

[ram]

muntik na akong makakuha ng CAP plan. buti na lang nagresearch ako. kawawa talaga yung mga planholders.

[maria_ann_11]

muntik na akong makakuha ng CAP plan. buti na lang nagresearch ako. kawawa talaga yung mga planholders.

Hi! Good day to everyone!

Thank you for posting, just to let you know, CAP Philippines is paying again. There is actually a long list of people that have unlaimed checks.


You can also check out www.captruth.webs.com if you want to know more about what happened to CAP Philippines.

Sincerely,
Maria Ann

[quiksie]

buti 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

[maria_ann_11]

buti 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

Hi,

Thank you for posting!

Im am sincerly sorry that you have to go through this! There is actually a long list of people with unclaimed checks online, were you able to check it out? Please do, kasi baka nandun yung name mo para hindi sayang.

You can also check out www.captruth.webs.com if you want to know more about what happened to CAP Philippines.

Sincerely,
Maria Ann

[qman]

balita ko sa isang ksamahan ko rito nang magpapa refund sila 50% lang daw ang pede makuha it this true?

[maria_ann_11]

balita ko sa isang ksamahan ko rito nang magpapa refund sila 50% lang daw ang pede makuha it this true?

Hi there!

It is actually a case to case basis, kasi baka wala pa sa date of maturity, what I know kasi is if wala pa sya sa date of maturiyt tapos ni refund na, then 50% lang makukuha, and it would still depend on kung ano man mapapagusapan.

You can call them or go to their website.
You can also check out www.captruth.webs.com if you want to know more about what happened to CAP Philippines.

Sincerely,
Maria Ann