Banawe, Quezon City-Philippines
Several hundreds of Pacific Plan Inc. plan holders had an impromptu meeting after the rehabilitation court ordered that the remaining trust funds being held by APEC were to be distributed to the planholders.
Unfortunately, majority of the policy holders present during the meeting felt that the distribution plan of the company were far below what they have expected. Below than the initial plan value that they have invested.
certificate of full payment
One of the best example is my pension plan with Certificate of Full Payment number 10208011 issued on November 17, 2005 . The plan value cost ( Php 36,800 ) with maturity value of Php 100,000 which will be on September 4, 2016 . We also got 2 or 3 plans from the same company under other siblings name.
letter from APEC Plan
Got the shock of my life when the letter from APEC Plan with plan number 63066184 that I can only get Php 1,414.00 entitlement (Office Of the Rehabilitation Receiver ) . The letter was received last October 19,2015 in our former Sampaloc residence .
It took at least 1 month before i was able to get the letter . It also printed that October 26, 2015 for the appointed schedule. Fortunately ,a good samaritan ( neighbor Ms. G) tried to contact and notified me about the letter. I was only able to get the letter first week of December .This is not my first time to get different pension plans from a Pre-Need Insurance company . Got 2 other pension plans before under different companies which unfortunately closed down due to mismanagement.
writing this to share my personal experiences and to make other people aware that hard earned money must be properly invested from a trusted company.
I started to made a few bucks during college by being a part- time sales counselor and direct marketing agent to augment my allowance to personally finance my studies. Although -I got a full scholarship for a couple of semester . It does not cover the food, transportation and other personal needs.
a plan holder being interviewed by ABS-CBN channel 2
Meet several plan holders who have invested more money , time and hard times just to fulfill their obligation . Having 20,000 to 30,000 policy holders is not a joke. Combining their money would ran into several hundred of millions or even billions of pesos of lost economic opportunity.
Now, most of them are mentally, emotionally and financially drain with what had happened. This will definitely have a big impact on the Pre-Need Insurance and Life Insurance companies, especially the ones that are locally incorporated. insurance commission, securities and exchange commission and the national government should start their regulation and tight management of whatever TRUST FUNDS that these companies have .
There are several groups which have sprung-up over the past decade like PEP Coalition “Parents Enabling Parents,” a group of parents empowering other parents to stand up for their rights and demand what is legally and morally due them Victims of Pacific Plans etc…. There are also some closed Facebook Page site where victims shared their sad stories .
Fortunately, there are also some television stations like ABS-CBN channel 2, TV channel 5 and GMA channel 7 had choose to air the sentiments of the plan holders.
APEC Plans: http://www.apecplans.com/
Blogsite Link: http://www.pacificnoplan.blogspot.com/