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Danvil Plans, Coco Plans, AMA Plans Deficient in Their Trust Funds
May 8, 2009 · Filed Under Danvil Plans, Pre-need
Here are some key points of recent news on these 3 pre-need firms.
Thanks to Epoy who notified me about these developments.
The information here was gathered by Philippine Daily Inquirer reporters at the resumption of the Senate inquiry into pre-need firms on May 6.
- Coco Plans, AMA Plans and Danvil Plans were found by SEC to have deficient trust funds.
- Coco Plans and Danvil Plans have submitted their proposals on how to build up their capital.
- AMA Plans has not yet submitted its proposal.
- Some of the remaining 19 pre-need firms have submitted their financial statements and have to comply with the SEC requirement until May 14.
- Caesar Michelena of Coco Plans said Coco Plans’ trust fund is enough to make maturity pay-outs for the next 9 years.
- SEC Chairwoman Fe Barin said SEC was reviewing the financial statements of the pre-need firms and coordinating with trustee banks if the trust funds are there.
- Senator Manuel Roxas suggested that SEC require pre-need firms to fill up the deficiencies in their trust funds before they continue selling plans.
- Roxas mentioned that the failed Legacy was still selling plans the month before it applied for dissolution.
Source: 3 more troubled pre-need firms watched
By Christine Avendano
Philippine Daily Inquirer
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19 Responses to “Danvil Plans, Coco Plans, AMA Plans Deficient in Their Trust Funds”
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hello, any update on this? any press release on Danvil’s part? are the plan holders queueing up in their offices now? I’m abroad kaya hindi ko masyado alam ang mga kaganapan ngayon dyan…please any insights…
may bago update sa inquirer.net about 22 preneed licences as of may 15
SEC: Licensed preneed firms stable
By Daxim Lucas
Philippine Daily Inquirer
First Posted 20:23:00 05/17/2009
MANILA, Philippines—The Securities and Exchange Commission (SEC) has assured the investing public that the 22 remaining licensed preneed companies are financially stable enough to continue delivering their obligations.
The statement issued by the SEC over the weekend comes amid worries about the viability of the industry after two preneed firms were shut down late last month.
The 22 licensed preneed firms “can and will continue to service their plan holders in accordance with the provisions of their preneed contracts,” the SEC said. The statement was made after reviewing the financial records of these firms.
“Industry players, backed by P62 billion in trust funds, are ready to service their about 1.5 million plan holders, especially educational plan holders, in time for the opening of the coming school year,” Commission Secretary Gerard Lukban said.
Preneed plans—focused on funding education, pension and memorial needs—are contracts that provide for future services or payment of money at the time of actual need.
A trust fund is an asset account that includes stocks, real estate and bonds. It must provide a sufficient source of money at any given time to pay for current and future obligations.
According to the SEC, the preneed firms with valid dealers’ licenses for 2009 are as follows: AMA Plans Inc.; Ayala Plans Inc.; Caritas Financial Plans Inc.; CityPlans Inc.; Coco Plans Inc.; Danvil Plans Inc. (formerly Berkley Int’l. Plans Inc.); Destiny Financial Plans Inc.; Eternal Plans Inc.; First Country Plans Inc.; First Union Plans Inc.; Grayline Plans Inc.; Himlayang Pilipino Plans Inc.; Loyola Plans Consolidated Inc.; Manulife Financial Plans Inc.; Mercantile Careplans Inc.; Paz Memorial Service Inc.; Philam Plans Inc.; Provident Plans International Corp.; St. Peter Life Plan Inc.; Sun Life Financial Plans Inc.; Transnational Plans Inc. and Trusteeship Plans Inc.
Jhun, thank you, inaabangan ko nga yan eh…….Medyo nakahinga nang konti at na approve yung sinubmit nang Danvil na proposal for capital build up……..Mga ka-Danvil, good news sa atin ito……..
ok lng pare ! danvil plan holder din ako.. so far approve na yung status ng Danvil sa SEC..yung lumabas na news sa GMA ay false alarm lng. Wait natin yung final announcement ng president ng danvils…post ninyo agad pag may nakita kayo update regarding this issue…God Bless bro !
guys thank you very helpful talaga mga info nyo,sana nga tuloy tuloy na ang pag ahon ng Danvil para lahat nman tayo ay mabayaran na.Im always looking forward to reading the updates of this company. Hindi nman kasi sila nag uupdate sa website nila eh,kya buti pa dito may nalalaman ako,maraming salamat.
Ok yung term coining ni Rolly ah: “ka-Danvil.” Musta na mga ka-Danvil hehehe… Let’s just hope for the best.
Additional info: I emailed Eleazer Francisco on May 9 and asked why Mr. Villanueva is not making any statement to reassure his planholders in light of the news about Danvil’s trust fund deficiency.
Part of Mr. Francisco’s reply on May 10 was:
“Our President is not making statement on media, however, our law firm is ready if ever there would be explanation needed to media.”
Hi Nora. I, myself, am puzzled why Danvil is not issuing any statement with regards to Danvil Plans. At least now, we know he doesn’t want any media publicity here, and that he wanted it all course through legal avenue. Or is he playing quiet to create an atmosphere of panic among mga ka-Danvil, so whoever falls prey and eventually terminates his/her plan would be an advantage to him.Psy-war huh. That’s why i always advise to have a logical and informed decision.
Alam mo, Rolly, naisip ko rin yan — about the possibility na intentional yong silence nila, pati na yong lack of announcements sa web site nila. Kung tutuusin, napakadaling mag-post sa web site nila, but they’re not doing it. Para mag-terminate na lang mga planholders… hindi ko lang ini-express yong thought ko na ito dito, kasi baka yong gustong mag-terminate ay di mag-terminate dahil nainpluwensiyahan sa opinion ko… then later, mas okay pa pala kung nag-terminate na lang sila, masisi pa ako hehehe… Eh nasabi mo na, dagdagan ko na…
Di ba, imagine kung yong natanggap na nila na payments, for example ay 40,000 planholders x 100,000 = 4 billion. Kung mag-terminate lahat yan, eh di 2 billion kanila na? more pa, kasi 20% lang makukuha ng iba..
But, on second thought, baka naman may reason din silang iba… So just as you advised, we observe, research, look & listen to be able to make “a logical and informed decision.”
Yan ang slight advantage ko sa iyo Nora. I’m not the moderator of this blogsite, kaya I can say whatever i want to say regarding Danvil Plans*smiles*. But I don’t say things without evidence and information — for sure. And good thing to know you are doing some computation, as I myself am calculating also. Now, if you look at the company profile of Danvil(formerly FFI)as of March 2007, we are 60,000 planholders with P3.8bil trust fund and planholder liability of P3.2bil . More than enough to pay us all. Pero syempre nagkaroon nang problema, pero gaya nga nang nasulat sa daily inquirer(May 17) at pinost nang SEC Philippines(May 18) mismo sa site nila, nalampasan nang Danvil. Going back to your clear sample computation, kaya nga kung ako ang tatanungin if ever to terminate or not yung contact. MY SELFISH ADVICE would be go ahead terminate, hoping that whatever amount the company save out of paying them less would be suffice to pay me when i reach my plan’s maturity. But my intention is for all of us to get 100% of our hard earned money, kaya patuloy ang info drive ko sa site mo for all of us to come up with a logical and informed decision. Now, i have a plan na binabayaran ko pa until May 2012 which will mature on June 2012.. Now, based on all the information I gathered in youtube(ABS-CBN news), CocoPlans(GMA news) and Prudentialife Plans, they can all afford to pay 5 to 9 years of their maturing planholders. So, on my part maturing on 2012, Danvil paid its first mature policy 2007, so that leaves me within the 5 to 7 years. So now maybe you know my plan with my policy. Then, i have another plan maturing on 2017, this is something i would think of when i reach my first plan’s maturity. Kaya dun sa mga malapit na magmature yung plans at nagtatanong kung dapat ba or di dapat terminate yung plans nila, my advice is to know the facts and information, then decide. But of course, the final decision will be yours —- respected.
Wow, ka-Danvil Rolly, what a good informed analysis. Naaliw ako sa ’selfish advice’ line mo… Hope planholders read your analysis and get them into making calculations also.
Hello po! its been quite awhile since I last visited here. Its good news for us Danvil planholders that they already have delear’s license. And I really appreciate your continuous updates here. However, aside from my Danvin plan. I also have plan from Prudentialife, baka po meron kayo info. Thanks po. God bless.
Mai, meron din ako nyan sa Prudentialife. Actually, ang nangyari sa kanila is nagbigay din sila nang plan for capital build up gaya nang Danvil, mas nauna pa sila sa Danvil nag-pass pero ang inihain nila sa SEC kasi is real estate na sa pag-aaral nang SEC eh di profitable and they fall short of liquidity. Kaya kinancel iyong license nila to sell new plans. Pero gaya nga nang sabi ko let’s not equate license cancellation to bankruptcy — gaya nang nangyari sa Legacy. Ayon pa nga kay Mr. Alba, they can afford to pay all their planholders. But then again nasa sa iyo ang huling decision. You gather information, don’t just rely on our opinion. Pero meron akong isang kakilala dito na may kakilala mismo sa loob nang Prudentialife…..Napopolitika lang daw sila….Truth —- it’s for us to find out…..
Thanks Rolly for your reply. I really appreciate it. Although i search updates on the internet, iba pa din pag may nkakausap ka na mga planholders din. Tama ka, we should gather enough info before me make a decision. Kaya im thankful nun una kong nakita tong site ni ms nora. Please keep us updated po ha. Thanks again. God bless us all.
No problem maia, yan din ang gusto ko dito sa site ni ka-Danvil Nora. Updates…….Kaya let’s just keep updating ourselves sa mga pangyayari lalo na patungkol sa pre-need plans…..Glad to help out….
hi guys! i’m also a planholder of danvil and prudential life insurance co. and just like most of you, i’m always worried about what’s happening and what’ll happen to Danvil. it’s really good that this blog site is helping us a lot in getting us updated every now and then. i’m really grateful to all of you guys who spend time posting useful information and updates. God bless us all.
hi, honestly i don’t know if im going to believe the text i received from COCO PLANS, they told me that Coco plans is granting me a two year computer scholarship certificate grant with a grant code of MVS-26620-CCP and they told me to call these number, 8563171 and 8563854 and look for Ms. dalia Florendo. Their office is located at the 18th Floor Rufino Pacific Tower, Corner VA Rufino St. Ayala Avenue Makati City. Is this for real or another crap of scum? Please let me know so i won’t waste my time going to the office to get the said grant. thank you. you can call me at this number 2154596.
Hi, Cristina. Based sa personal experiences ko, palagay ko marketing strategy nila yan. Usually totoo naman yong mga pinapangako nilang mga grants (yong iba, free one-year insurance policies), pero may mga limits o additional requirements. Puedeng may fees pa rin yang scholarship na yan, tuition lang ang libre. Puedeng mas higher pa yong miscellaneous fees. Almost lahat na ng firms selling plans ginagawa na yong ganyang marketing technique, pati nga Philam ginagamit na rin yan — which is to entice you to go to their office so they can offer you their main products. Kuento ka uli dito.