Planholders of Platinum Plans, Ideal Pension Plans, Grayline Plans — Who Will Fight for Them?

 

Update May 17, 2013

NOTICE for planholders of Grayline Plans and Phil-Asia Care Plans:   File your claims at the Insurance Commission ASAP, on or BEFORE November 15, 2013.

More info here for Grayline Plans planholders

For planholders of Phil-Asia Care Plans Inc., you have the same instructions as those for Grayline Plans planholders.  You have the same liquidator and the same deadline.

 

Who will fight for the planholders of Platinum Plans, Ideal Pension Plans,  Grayline Plans and the Other Failed and Uncaring Pre-need Firms?

UPDATE April 20, 2012:

Here is a suggestion from Leo of Iloilo City to his fellow planholders of Platinum Plans:

I’m a platinum plan holder as well from Iloilo City. Here are my suggestions to all platinum plan holders.

(1) For those of us who are able, we should file a “Claimant’s Request for Assistance” at the Department of Finance, Insurance Commission. The more claims filed the better and the strong our case will be against platinum plans. Here is the link to the claim form. In the claim form you find the address where to file your claimant’s request for assistance.

http://www.insurance.gov.ph/_@dmin/upload/services/Pub_Assist_form.pdf

(2)  File your claim to the PPI liquidator c/o Myra (refer to information from previous discussion for address and the document you will need to provide).

(3)  We should have a list of platinum plan holders with sufficient information in that list. I will volunteer to create, gather, and update the list.  Having this list will allow us to create an electronic mailing list for quicker and efficient dissemination of information on future plan of actions.

I anticipate that compiling this list would be time consuming so I would suggest that you prepare your information in excel. Your information (see below) should be entered in excel following the exact sequence from the left-most column (column A) to right column (column G).

The information should include the following:
(a)  Full Name (as it appears in the Certificate of Full Payment)
(b)  Policy Number
(c)  Date Fully Paid
(d)  Plan Benefit Value
(e)  Email Address
(f)  Telephone Number
(g)  Address (complete, including postal code)

Then email to me with your information in excel as attachment to this address pppi.members@yahoo.com

If some of the information I listed above does not apply to you, for example, your plan is not fully paid yet, etc., kindly provide the most information available, leaving the excel cell blank if the information is not available.

Again, it is important that you follow the format to minimize typing. If the information are in the correct format, I simply copy-paste your information to the master list instead of re-typing.

If there are several plan members in your area, it would be helpful if you create just one list for your group and then send just one email with one excel attachment.

(4)  Share my email to other platinum plan members you know of.

(5)  Visit this website once in a while for further information. Also, keep us informed if there are new developments that are of important to other plan members.

I understand there is a facebook account created for platinum plans. I’ll try to connect there later.

Some Ideas

We might need to get a very good lawyer to represent us. I already hired a lawyer for myself but it might be good idea to file a mass claim with just one lawyer – could be cheaper and together our voice would be stronger. Let me know what you think and I will also consult my lawyer.

I have a copy of the revised rehabilitation document filled by PPPI in 2005, approved 27 April 2006 by Judge Romeo F Barza, Regional Trial Court, Branch 61, Makati City, MM. I can share this copy to everyone interested.

If you have the latest information about the rehabilitation plan, kindly let us know immediately so we can act appropriately. More power as we move forward.

——————-

On March 23, 2012, the Insurance Commission released on its website a chart that listed the following failed pre-need firms:

31 pre-need companies under conservation
6 pre-need companies under court rehabilitation and
11 failed pre-need firms whose cases are being handled by the SEC

For PLATINUM PLANS:

PLATINUM PLANS is under pending rehabilitation proceedings before Branch 61 of the Regional Trial Court in Makati City.

The receiver or liquidator is:

Mr. Mamerto Marcelo
Unit 1005 West Tower Philippine Stock Exchange
Exchange Road, Ortigas Center, Pasig City
Tel Nos: 636-4324 / 687-7612

According to Digna, Reina and other planholders, Mr. Marcelo can also be contacted thru his secretary Ms. Myra at:
7th Floor, CAP Bldg.
Amorsolo, Makati
Email address: liquidatorplatinum@yahoo.com
Tel No: +63 2 7593305

Whil man said that Mr. Marcelo can also be contacted at:
Unit 407 Cityland Condominium 10 Tower 2
6815 H.V. Dela Costa Corner Ayala Avenue
Makati City
Tel No: 759-3305

It can be assumed that the reason there are 3 addresses is that Mr. Marcelo is the receiver of 3 failed pre-need firms, namely:
1. College Assurance Plans (CAP) — education plans
2. Abundance Providers and Entrepreneurs Corp (formerly Pacific Plans Inc.) — traditional education plans)
3. Platinum Plans Philippines — education, life and pension plans

On the IC website, the Ortigas address is for Platinum and the Cityland address is for both APEC and CAP.

For those who like to connect with the FACEBOOK page started by Wally, just go to Facebook, and search for Plati Num Plans(the one with a Goku image).

——————-

For IDEAL PENSION PLANS:
IDEAL PENSION PLANS filed for voluntary insolvency or for liquidation on December 29, 2010 before Branch 66 of the Regional Trial Court in Makati City.

The court-appointed liquidator is:
Attorney Leonila Licuan
3rd Floor, Del Castillo Building
Rizal Street, Surigao City
No telephone provided

For GRAYLINE PLANS:

GRAYLINE PLANS was put into conservatorship on September 13, 2010.  The conservator is:
Atty. Teresita L. Caalim
Grayline Plans Inc.
419 Quezon Avenue cor Banawe Street
Brgy Lourdes, Quezon City
Tel No: 753-4930

The supervision of these pre-need companies have been transferred from the SEC to the Insurance Commission with offices along UN Avenue near Taft Avenue in Manila.

———————————-

Original article published on February 27, 2011:

There are other pre-need firms that failed, but they’re trying their best to return at least a part, if not a big part, of what they got from planholders. One is Pryce Plans. I know because my friend has been getting money and goods from this pre-need firm. Despite difficulties, Pamana was able to give checks to another friend of mine for her children’s education. A niece was able to get checks from CAP.

Permanent Plans has been updating its website for its planholders since it decided to stop operating. It has a letter to its planholders explaining its decision and its subsequent plans. Its latest report is dated February 25, 2011, which is a list of planholders for liquidation payment.

Prudentialife Plans was ordered by the SEC to stop selling pre-need plans, but it has continued servicing its pre-need planholders. The firm has diversified into other businesses, such as financial services, non-life insurance, health care, real estate, travel and leisure services.

Danvil Plans discontinued selling its portfolio to Legacy when it was warned about the condition of Legacy despite a higher purchase bid from Legacy. And it continued servicing its planholders through an insurance firm.  I know — I got my maturity benefits.

The owners and executives of most of the firms above have what we call integrity, moral values, compassion, and a sense of right and wrong.

Can we say the same of the owners of Platinum Plans, Ideal Pension Plans and Grayline Plans? Do these owners feel comfortable FEEDING THEIR CHILDREN and GRANDCHILDREN with the money grabbed from hardworking farmers, teachers, soldiers, laborers, and low-paid employees who sacrificed to be able to pay their premiums monthly so their children can have a good future?

Who will fight for these suffering planholders?     Government officials? The courts? Politicians?

They have not.  So perhaps a court higher than all the supreme courts on earth will.

Genesis 4

And He said, “What hast thou done?  The voice of thy brother’s blood crieth unto me from the ground.”

Romans 12:19 ESV

Beloved, never avenge yourselves, but leave it to the wrath of God, for it is written, “Vengeance is mine, I will repay, says the Lord.”

Numbers 14:18 ESV

The Lord is slow to anger and abounding in steadfast love, forgiving iniquity and transgression, but he will by no means clear the guilty, visiting the iniquity of the fathers on the children, to the third and the fourth generation.

 

Update from Nori on Ideal Pension Plans:

Next hearing is on March 18, 2011, Friday at 9:00 am sa RTC Makati Branch 66.

Under liquidation na po ang Ideal. The court is in the process of approving the liquidation plan. Kailan makukuha ang pera? Di po natin masasabi. It could be months or even years from now. Huwag po tayong mag expect na makukuha natin ng buo ang contract price. Approximately 20% lang makukuha. Depende sa mabebentang ari-arian ng court appointed liquidator, baka mas malaki o mas maliit ang makukuha.

Related Article:
Ideal Pension Plans Corp. Planholders — Time to Unite

Pre-need Companies in the Philippines Now under Insurance Commission

Pre-Need Planholders — How to Ask Help from the Insurance Commission

 

OLD COMMENTS – Click here if you want to see COMMENTS written over the period from February 2011 to January 24, 2013.

111 Comments

Add a Comment
  1. paano po ba mabuksan ang masterlist? sabi kc check q daw name ko sa masterlist. help naman po para sa nakakaalam

  2. help naman po paano ko po ba mabubuksan ang masterlist para macheck ko kung nakapasok ang name ko!

  3. Hi! My husband & I are Platinum Plans Holders under Budget pension plan and it was matured last June 16, 2014. Please help me where to claim our pension benefits. Thank you & more power. God bless.

  4. Hi Marina, it’s really frustrating, but Platinum failed several years ago. If you decide so, you can file a claim/complaint at the Insurance Commission along UN Ave.

  5. For those who still don’t know if their names were listed on the Master list and additional list just try the below link from our fellow Platinum holders but I’m not sure if those names were already officially noted or published at the Insurance Commission. Here’s the link on Master List;
    drive.google.com/file/d/OBzeWvYYiOkA9aW9ZR3VvbEE3bEk/edit?usp=sharing

    Additional List; drive.google.com/file/d/OBzeWvYYiOkA9MIVkbzQ5ZTIFUjg/edit?usp=sharing

    Willie

  6. PRYCE PLANS, INC.
    My plan also matured last August 26, 2014 and submitted all requirements to collect the full amount of my pension. I received a letter from a certain Ruperto Marasigan, Jr. & Adelaida Lingao of Pryce, that the company is under Conservatorship and it could only settle my claim thru swapping options as follows: (a) 30% cash pay out; (b) 70% equivalent memorial lots; (c) 70% equivalent LPG; or (d) 70% Pharmaceutical products.
    I knew that the company is already being mismanaged and would default in the payment of its obligation as early as May 2009. I filed a court case against the company, but it was dismissed on a technicality. My position then in 2009 and it still is now prior to date it was placed under Conservatorship, is that, by reason of Pryce’s admission that it is illiquid or insolvent, then it loses its right to avail or make use of the period as expressly provided for under Article 1198 of the Civil Code of the Philippines. Hence, plan holders who have fully paid the pension premium may demand immediate full payment of the pension plan from Pryce without waiting for its maturity date.
    I am also wandering what SEC, Office of the Insurance Commissioner and/or government agency concerned have done since Pryce became illiquid or insolvent many years ago to protect its plan holders. Pryce’s officers and directors should be made criminally and civilly liable for the mismanagement of the company and defrauding its plan holders of their hard earned money. Have they checked if Pryce’s directors and officers who are stockholders may still have unpaid subscriptions, etc? The other companies allegedly assisting Pryce may, in fact, be dummy corporations whose assets and/or properties may also be taken to secure payment of its obligations to plan holders.
    Atty. Manny Fule
    nymphafule@yahoo.com

  7. Hi Atty. Manny Fule, thanks for sharing helpful info. It’s really frustrating that government agencies have been unable to protect pre-need investors.

  8. Ihave here my certificate of full payment the type of grant is college how can i claim k

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