Pre-Need Company Time Bomb

[truckman]

kami din apektado ng Pacific Plans na yan. kaya ka nga bumili ng pre-need para secured ang pang tuition ng anak mo to think kakalabas palang ng anak namin eh kumuha na kami ng educational plans.
Higpit sinturon kami ngayon para lang ma-enrol ang 2 anak namin sa kalokohan nila.kaya inalis na namin ang savings namin sa RCBC sa sama ng loob,baka abutin pa ng pagsara ng bankong yan ang pinag-ipunan namin sa bangko nila...

[wrecker]

kahit honda?

i think binili lang nila yun EEI... pero nalulugi na rin yan dati...

yup YGC and Honda Philippines... pero ok lang yun konti lang naman dealerships nila, mas marami ang Honda Cars Makati na Ayala group ang may hawak

[wrecker]

at saka malayan insurance sa yuchenco din ata..ito 'yong underwriter ng prudentialife back when i fought hard for premium waivers on my 2 edu plans....makulit talaga ako non until they relented and raised their white flags..

imagine i was almost late on startup payment for my oldest when her age about to reach 11, the age limit to qualify..si bunsoy was quite different and younger at 5..basta pikit mata exclusive kinuha ko kaya halos kandakuba ako kaiipon.. :EEK!:


nakaisa rin ako sa kanila non pa...

yup, Malayan Insurance is part of YGC too... tenant kami dito sa RCBC plaza, reliable info akong nakuha kahapon na may prominent businessman na nag-pull out ng buong portfolio ng companies nya including employee funds sa rcbc bank.

[5Speed]

grabe yan....ako yung panganay ko eh kinuha ko ng plans sa CAP....
and tapos na kaming magbayad for 5 yrs...

ngayon ewan ko na kung ano ang mangyayari....

tapos me nag-aalok pa sa amin para dun sa bunso naman namin....kapal ng mukha....tinabla ko, akala siguro eh porke wala ako sa pinas eh di ko alam ang nangyayari sa kanila....nung komprontahin namin eh di naman makasagotng maayos tapos nung kinukulit na namin dahil nga sa mga problema dyan sa CAP eh biglang nagpalit yata ng telepono....cellphone at landline.....

pag nakauwi nga ako ulit eh guguluhin ko ulit yang CAP.....

[BlueBimmer]

yep dami daw nagpullout of RCBC...natakot ata

[verenita_green]

eh ang philam??.., secure kaya?..

[IceColdBeer]

Secure naman yata ang Philam. Sana naman no? Andun insurance ko tsaka educational plans ng mga anak ko hehehe.

[verenita_green]

Secure naman yata ang Philam. Sana naman no? Andun insurance ko tsaka educational plans ng mga anak ko hehehe.

sana naman no..eh , bakit yung CAP, eh di ba nasasabi rin yan dati na secure?...bakit ngayun lugi na?.......ala ka na tlgang maasahan sa mundo...ano kaya magandang gawin para di magnyari sa atin to? ....syempre, kailangan mong maniguro, hirap kaya kumita ngayun...kung i-ppull-out ko yung sa philam ko na insurance, 50% nalang ang makukuha..sobrang lugi na ako.....buti kung pinulot ko yang pinambbyad...grrrr!......ang buhay nga naman, parang LIFE....

[2004lynxghia]

babababaaa..philam client dinko..hwag naman po..

ang mother co nilang AIG medyo natataranta sa accounting irregularity nila mukhang magpepenalty sila para malinis ang reputasyon..nasa top ten pa naman 'to ng fortune500..:seeth:

[IceColdBeer]

Tanong mo kasi kung secure syempre optimistic tayo hehehe. Yung CAP kasi matagal ng may problema yan eh.

Di ko lang alam itong Philam, di ba connected sa AIG ito? Meron din kasing issue ang AIG ngaun di ba? Nagresign ung presidente nila. Hay buhay, isa pang insurance ko nasa AIG

[flakez]

mag pull-out na kayo sa rcbc!!! walanghiyang mga yuchengco yan. mukhang lahat na ginagawa para makabawi. 30% ang increase ng tuition fee ngayon sa mapua.

[nicolodeon]

Guys, always remember that if you buy any insurance or pre-need product, you are just paying for a promise. Now, like the old saying goes, promises sometimes get broken. Just remember: almost all of insurance companies would try to wriggle out of a payment claim if they can. Trust me on this. I spent 14 years in the insurance industry, pre-need included kaya I know what I'm talking about.

[IceColdBeer]

Got a point there nicolodeon. Ganun din nmn sinasabi sa akin noon ng utol ko kaso nga lang to satisfy yung feelings ni esmi eh pinagbigyan ko na para hindi sumama ang loob hehehe. It's a risk, but at least may maiiwan ako in case na may masamang mangyari (knock on wood 3x ) sa akin.

[BlueBimmer]

much better to just save up urself, self control lng naman kelangan e para di magastos hehe

[DeltaBravo]

Sorry for my words, pero kapag naiisip ko ang kalokohan ng Pacific Plan led by the Yuchencos ay gusto silang murahing ng malutong na bwakang!%* nila. Lalo na ng nabasa ko ung backgrounder ng downfall ng pacific (see news below). Noon pa man pala ay alam na nila na babagsak na ang Pacific, pero sobrang ganid ang Yuchengco, nagtayo pa ulit ng Lifetime Insurance at inilipat ang mga good accounts (fixed income plan, etc) from Pacific sa Lifetime. So ang naiwan sa Pacific eh puro traditional plan.... tapos sabay resign en masse ang board at lipat sa Lifetime...

Im now back to square one para sa collge education fund ng panganay ko who is turning 1st high school this school year.

Ung fixed amount college plan naman ng second kid ko ay pinag-aaralan ko na kung i-pupull-out ko o hindi sa Lifetime. Kahit Lugi na basta makuha lang ang principal ati lagay ko na lang sa bank...kahit maliit ang kita sure ka naman makukuha..of course hindi sa RCBC


Horses for Pacific courses
Posted: 9:40 PM | Apr. 18, 2005

Victor Agustin
Inquirer News Service

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THE SECURITIES and Exchange Commission has feigned surprise at the rehabilitation case filed by Pacific Plans Inc., the country's first pre-need company.

Strange stance, since the SEC in August approved Pacific Plans' corporate restructuring application that effectively transformed it into a special purpose vehicle left holding all the problematic pre-need investments.



Parallel to the divestment, the Yuchengcos, led by chairperson and president Helen Y. Dee, resigned en masse from the Pacific Plans board, but not before transferring the safe pre-need products, those offering fixed benefits, into a new company, Lifetime Plans.

The Yuchengcos brought along with them about 400,000 pre-need plans into Lifetime Plans, leaving Pacific Plans with 34,000 open-ended, traditional education plans (those that promise to pay school fees in whatever amount come plan maturity), a ticking time bomb.

Left to clean up the mess and hopefully resuscitate the 38-year-old company is the new president, Ernesto Garcia, who used to be the chief operating officer of the Cojuangco-era, billion-dollar-loser Pilipino Telephone Corp.

After the transfer, Pacific Plans issued a press release saying it had established a subsidiary, Lifetime Plans, but the new Lifetime Plans website does not even mention what arguably is its parent company among the listed affiliates.

The Yuchengcos apparently saw the handwriting on the wall as early as 1992, when Pacific Plans stopped selling the traditional plans amid the newly deregulated tuition regime.

Thirteen years later, and despite the combined brainpowers of Yuchengco board nominees Cesar Virata, Roberto de Ocampo, Rizalino Navarro, Gabriel Singson, Carlos Dominguez, Corazon de la Paz, and Gloria Tan Climaco, the Yuchengcos finally threw in the towel.

In its petition for rehabilitation filed before Makati Regional Trial Court Judge Romeo Barza, Pacific Plans blamed the massive devaluation of the peso that "resulted in a poor business climate, further compromising a pre-need company's ability to meet its obligations."

A few paragraphs later, Pacific Plans, whose main liquid assets are the US dollar-denominated National Power Corp. (Napocor) bonds, pointed to the now resurgent peso in asking the plan holders to all take involuntary haircuts.

By way of consolation, Pacific Plans says it can provide, depending on which school, P7,000 to P35,000 in tuition support up to the just-concluded semester. But starting next school year, the parents and plan holders are on their own.

If the court approves the rehabilitation plan, each plan holder will receive a certificate entitling him to a payment refund, plus 7-percent interest, come 2010, when the Napocor bonds shall mature.

To save the company, Pacific Plans is looking for investors that would pump in P300 million in working capital. The Yuchengcos, on the other hand, jumpstarted Lifetime Plans with only P200 million to acquire Pacific Plans' good assets.

To prevent dissipation of assets, the Makati RTC in the meantime prohibited Pacific Plans from "selling, encumbering, transferring, or disposing" any properties while the rehabilitation case is being heard.

Hmmm. What is that English idiom again, shutting the stable door after the horse has bolted?

[PLANET odyssey]

ano kya sa tingin nyo ang AYALA PLANS?

[2004lynxghia]

hhhmmm.."ay, 'ala plans" ang dating sakin..

[BlueBimmer]

i heard magkakaroon daw ng bank-run sa rcbc, anybody here working * rcbc head office? i dont believe it but may account kc ako nakakatakot!

[5Speed]

hmmm seems like the best way is to invest your money in real estate or buy some bonds....

regarding that pre-need and some insurance thing....mukang wala ng safe....

yung isang kakilala ko eh yung mga anak nya eh ikinuha sa platinum dati....anlaki pa naman nung mga plans na kinuha nya at halos magkandakuba na pagtatrabaho....tapos ngayon eh magkakaganyan lang...... ano na kaya nangyari don...

[mazdamazda]

ano kya sa tingin nyo ang AYALA PLANS?

no problem with 'em.