Philippine Prudential is an insurance company; it is not a pre-need firm.

It is different from pre-need firm Prudential Life Plans Inc. whose license was revoked by the SEC in 2009. These two firms are not affiliated with each other.

Philippine Prudential is one of 35 life insurance firms  whose licenses have been renewed by the Insurance Commission every year for the past years.  Their newest licenses are for the license year 2009 to 2010.

Of the 35 life insurance firms, Philippine Prudential is:

• 17th in ranking based on premium income as of December 31, 2009
  640,144,183  pesos
• 17th in ranking based on first-year premium as of December 31, 2009
  207,613,865
• 22nd in ranking based on paid-up capital as of December 31, 2009
  123,807,730 pesos

As can be seen on both the websites of Philippine Prudential and Danvil Plans and in SM malls, the two firms use the same sales offices in SM Pampanga, SM Fairview, SM North Edsa, SM Megamall and SM Southmall.

The pre-need law was passed in December 2009 and the implementing rules and regulations (IRR) were signed in March 2010.

Visit the website of the Insurance Commission at insurance.gov.ph, and you will see the pre-need code and the IRR already published on the site.

You will also see the list of the 23 pre-need firms under Directory of the IC  home page.  However, the list on the IC was still the list previously prepared by the SEC.

The list includes the 23 pre-need firms that were licensed to sell pre-need plans as of December 2009:

1. Abundance Providers and Entrepreneurs Corporation (APEC) (formerly Pacific Plans)
2. AMA Plans
3. Ayala Plans
4. Caritas Financial Plans
5. CityPlans
6. Cocoplans
7. Danvil Plans (formerly Berkley International Plans)
8. Destiny Financial Plans
9. Eternal Plans
10. First Country Plans
11. First Union Plans
12. Grayline Plans
13. Himlayang Pilipino Plans
14. Loyola Plans Consolidated
15. Manulife Financial Plans
16. Mercantile Careplans
17. Paz Memorial Services
18. Philplans First (formerly Philam Plans)
19. Provident International Plans
20. St. Peter Life Plan
21. Sun Life Financial Plans
22. Transnational Plans
23. Trusteeship Plans

The only two changes from the May 2009 list are:

• the addition of APEC to the list
• change of name of Philam Plans to Philplans

For those who have complaints, inquiries or claims, you can address them to:

Public Assistance & Information Division

523-8461 to 70 local 102, 103, 105

pubassist@insurance.gov.ph

According to a Danvil customer care staff, planholders should file their claims 2 months before maturity date because Danvil now takes 60 days to process claims. But there are some planholders who have made comments on this blog that they’ve filed their claims 3 months before. So, perhaps it’s better to file 3 months before your maturity date.

Thanks to Fides — who had filed her claim and had received her check– and Rolly — who asked Fides about the requirements in filing a claim, here are

the requirements in filing your claim:

1. Maturity Claim Processing Form (from Danvil)

2. Family First Future Provider Plan (Face Page)

3. Certificate of Full Payment

4. Policy Contract

5. Cedula

6. 2 valid IDs

The offices of Danvil Plans are still here, according to Danvil’s Customer Care:

1. 4th Floor, Equitable Bank Tower, Paseo de Roxas, Makati

2. SM Megamall

3. SM Southmall

4. SM Fairview

5. SM North

The telephone numbers are:

755-1521

755 1591

You just have to be patient when calling because oftentimes, especially weekdays, it takes Danvil a long time to answer. Perhaps, just like other firms, it is cutting costs, so there are only a few customer staff.

Email address:

mypolicy@danvil.com.ph

For those who like to use the web site of Danvil to check their payments and accounts, send an email to Danvil and request for a password.

If you have visited Danvil Plans offices, kindly balitaan ninyo naman kami dito. It would mean a lot to us.  Thanks a lot.

Comments ng mga nakakuha nang Danvil planholders.

From planholder Hill:

February 16

Planholder din ako ng Danvil Plans and in fact magma-mature na ang plan ko this March 2009. One last payment na lang sa March 1 ang kulang.

February 21

Originally, 5 years to pay and 10 years after ang maturity yung plan ko pero I had it changed to 10 years to pay. Kaya, March 1, 2009 ang last payment at sa March 25, 2009 naman yung maturity date nung plan ko. Kaya nga inaayos ko na ang mga requirements.

March 5

Bale galing ako kaninang umaga sa Danvil Plans office sa SM Megamall para i-submit mga requirements in claiming maturity benefit. Bale wait lang ng 10 working days para sa clearing ng PDC check issued for March. And then 20 working days pa para sa check naman ng benefit ko.

April 7

I was at SM Megamall last Thursday, April 2 with former coworkers. And since I am already there, I decided to follow up if the check for the maturity benefits of my policy with Danvil Plans is already there. Lo and behold, to my surprise. Nandun na nga. Kaya that same day nakuha ko na check. And of course I deposited it to my bank account the following day. Di ko in-expect na nandun na check that time, kasi sabi sa akin nun, mga April 13 pa available. I’m thankful at mas napaaga. Praise God. At kanina nga sa bank I follow up kung credited na ba. Nagulat ako at hindi pa. Pero sabi naman ng bank clerk ay bukas cleared na ito at credited na sa account ko.

April 26

Gusto ko lang i-inform na na-clear na yung check na in-issue ng Danvil Plans. Happy and relieved talaga ako. Praise GOD. Yun lang. GOD BLESS.

From planholder Jun

May 5

I’m a Danvil planholder and I chanced upon your site since I’m also worried about my plan like many of the planholders. After reading the blogs, my hopes got renewed as Danvil seems to be not in danger of closing shop. I visited Danvil’s website to check on my plan and the status indicates that it is fully paid although the maturity date is on May 21, 2009. I’ll come back here to share with you and other planholders if i’m able to collect. Wish me luck…

May 6

I just filed my claim today at the North Edsa branch and I was told to wait for 20 working days for the release of the check, so that’s about a month from now or around June 6. Before I went there, I already heard about the bad news on Danvil. So while I’m hopeful that I’ll be able to collect, I cannot help myself from getting nervous. I don’t know how the news would affect the operations of Danvil, though when I was there, business seemed as usual and there were even few announcements of new planholders. So maybe its not as bad as depicted in the news.

June 5

As promised, I’m back to share with you if I’m able to collect my maturity benefit. Well, yes I was able to collect. I filed my claim on May 6 and got the check on June 2 and deposited it the following day. When I checked my account today, the check has already cleared. Just to share with you, the check was issued by the Cash/Trust Dept. of Land Bank Head Office and not by officers of Danvil Plans. My guess is Danvil approves the claims and sends them to Land Bank for issuance of the check. So I think for as long as the trust account in Land Bank has money, all claims that come will be paid. Now the question is how much money does the trust account contain? We don’t know that because Danvil Plans is not announcing it unlike Cocoplans. For now, we’ll just take SEC’s word that all the pre-need companies with licenses can meet their obligations. So I hope my report would somehow help the other planholders in deciding whether or not to continue with their policies.

Thank you so much, Hill and Jun, for sharing your experiences. I hope other Danvil planholders out there who have filed claims and who have encashed their checks take the time to share their experiences here to reassure other planholders of Danvil Plans.

Related Articles:

• Updates on Danvil Plans and Other Pre-need Firms from March toMay 2009

• So Sad About Permaplans or Permanent Plans
• Prudentialife Plans Inc. Is Different From Philippine Prudential Life Insurance Co. Inc.
• Danvil Plans, Other Pre-Need Firms: Updates
• Danvil Plans, Coco Plans,AMA Plans Deficient in Their Trust Funds

At the Senate hearing on pre-need firms, former Legacy executive Carolina Hinola accused SEC Commissioner Jesus Enrique Martinez of covering up Legacy’s financial problems after accepting gifts from Legacy, including a 5-million-peso house and lot and a 1.5-million Ford Expedition from Legacy head Celso de Los Angeles.

Insiders also claimed that Martinez tried to broker the sale of Danvil Plans to the Legacy Group. The sale did not push through after Danvil Plans backed out of the deal allegedly upon the advice of other top pre-need executives.

(Martinez died on May 6 due to colon cancer complications.)

April 21

SEC has canceled the license of Prudentialife Plans Inc. to sell preneed plans because of its trust fund deficiency.

Prudentialife however said that its estimated trust fund of 12 billion pesos is enough to cover its obligations to about 400,000 planholders.

Prudentialife said it is still allowed to sell their other products like life insurance, health plans and mutual funds. Prudentialife President Jose Alberto Alba insisted that his firm will survive the crisis because of its 31-year history of strong performance, including survival of the CAP collapse and the 1997-1998 crisis.

April 22

Permanent Plans or Permaplans has decided to stop its operations  because of trust fund losses in 2008.  In response, SEC canceled Permaplans’ license. Permaplans said it will pay all its planholders (about 10,800) in the form of cash and other types of assets in the next 4 to 6 months.

April 27

Paranaque Representative Roilo Golez condemned CAP for giving only about 400 pesos per sem to most of about 700,000 CAP planholders under a court rehabilitation program.

Chit Baita, head of a group of CAP planholders, questioned court-appointed receiver Mamerto Marcelo for allowing CAP to sell its MRT III bonds and use the proceeds to pay off other firms owned by CAP owners, the Sobrepenas, instead of using the money to pay planholders.

May 1

CAP responded to the report that it is giving out only 400 to 500 pesos per sem to planholders by announcing that it has paid over 220 million to planholders since 2007 and that it is following court-approved schedules for paying planholders in installments up to 2011 and then full payments starting 2012.

CAP instructed planholders to check its list of 147,000 planholders on its website www.cap.com.ph for 334,000 checks ready for release.

May 1

Investigators said fraudulent schemes and fund diversions led to the collapse of Legacy’s banks and pre-need firms. Legacy’s pre-need firms owe about 1.3 billion pesos to its estimated 50,000 pre-need planholders, including more than 12,000 soldiers and police officers who have paid over 320 million pesos through monthly salary deductions by the AFPSLAI.

May 6

Coco Plans said it has 1.4 billion in its trust fund and it is able to cover maturing policies within the next 9 years, according to Coco Plans president

Caesar Michelena. He said the deficiency of 190 million will be covered within 3 years under a program submitted to the SEC.

May 7

The SEC announced that three preneed firms — Coco Plans, AMA Plans and Danvil Plans — had trust fund deficiencies. Coco Plans and Danvil Plans have

already submitted their plans on how they can restore their trust funds to adequate levels.

May 7

Caesar Michelena, president of Coco Plans and  newly-elected head of the Philippine Federation of Pre-need Plan Companies, expressed his hope that no more pre-need company will shut down.

Previous PFPPC President Juan Miguel Vasquez resigned after his firm Permanent Plans decided to cease operations.

May 7

Some Permanent Plans planholders complained at the Senate hearing that Permaplans is offering a 60/40 payment scheme — 40 percent of their maturity value in cash and 60 percent in food and health supplies and lots at a burial site in Payatas.

In a statement made on April 22, Permanent Plans President Juan Miguel Vazquez reiterated that the contracts held by Permaplans planholders allow the company to change the mode of settlement or payment of plans.

May 7

PDIC President Jose Nograles revealed at the Senate hearing that there are still more than 35,000 unclaimed bank accounts under the failed Legacy Group. Senator Mar Roxas asked PDIC to inform the depositors through the mail.

May 12

President Arroyo ordered SEC Chair Fe Barin to determine the financial condition of the preneed firms to ensure that they can meet their obligations

as the plans mature. Arroyo demanded that criminal prosecution be taken against erring firms.

May 13

Justice Secretary Raul Gonzalez said there are loopholes in the law of receivership, allowing failed pre-need firms and other businesses such as condo developers to walk away from their obligations.

May 14

Coco Plans announced that it has paid all its obligations to all its educational planholders this school year.

May 17

The SEC assured pre-need planholders that the 22 licensed preneed firms, including Danvil Plans, are financially stable enough to pay their obligations to their planholders. SEC said it has reviewed the financial records of the pre-need firms.

The 22 pre-need firms with licenses to sell plans this year include AMA Plans, Ayala Plans, Caritas Financial Plans, CityPlans, Cocoplans, Danvil Plans, Destiny Financial Plans, Eternal Plans, First Country Plans, First Union Plans, Grayline Plans, Himlayang Pilipino Plans, Loyola Plans Consolidated, Manulife Financial Plans, Mercantile Careplans, Paz Memorial Service, Philam Plans, Provident Plans International, St. Peter Life Plan, Sun Life Financial Plans, Transnational Plans and Trusteeship Plans.

May 19

About 525,000 educational planholders have been trying to get money for their children’s enrolment this school year from 5 failed pre-need firms: CAP, Pet Plans, Platinum Plans, Pacific Plans and TPG Corp.

Meanwhile, Pryce Plans, still solvent but low on cash because it invested in real estate, memorial lots and listed equities, has been issuing checks in queues and paying in kind to consenting planholders.

May 27

President Macapagal-Arroyo returned the SEC under the supervision of DTI, nine years after she placed SEC under DOF. Observers said the transfer was caused by SEC’s failure to prevent the collapse of preneed companies owned by Legacy.

May 29

SEC has required pre-need firms to increase the percentages of their trust fund deposits.  For every peso paid by a pension and education planholder during the first year, the pre-need firm must deposit 70 cents, a big increase from the previous 5-cent requirement.  This requirement will apply only to new plans. Required increases percentages for other plans were also issued.

Above notes were gleaned from various articles and videos published on Inquirer.Net and GMANews.TV.

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

I asked why Danvil Plans has not been answering emails when email is the most affordable way to contact them, especially for Danvil Plans planholders working hard abroad.

To my pleasant surprise, the next day Eleazer L. Francisco, Danvil Plans customer service supervisor, replied and here is part of the response:

Thank you for your e-mail of 21 April 2009.

Our record shows that your plan under policy number FPN401756 is already fully paid.

Thank you for deliberating your concern with us, rest assured that we are doing our best to serve our policy holders with their concerns. Blogs are open to all to post their opinions, and they are not filtered out even if it is true or not.

Please feel free to e-mail us again should you have anymore concerns.

Best regards,

Eleazer L. Francisco
Customer Service Supervisor
Customer Relation Group
Danvil Plans, Inc.
(632) 755-1521

I emailed back Mr. Francisco and asked him about Ms. Aurora Dino, the Danvil Plans executive I was communicating with last year about my own preneed plan.  He said Ms. Dino is no longer with Danvil Plans.

So there, try sending your inquiries to Danvil Plans at
mypolicy@danvil.com.ph, and then kindly write about them here.

March 7, 2009

It is of great help for me it you could answer me on this inquiry. I finished paying my Danvil plan and it will mature in 2019. Actually I paid it in advance so as not to miss payments. But I’m having many sleepless nights because of many doubts about how pre-need companies are doing in the market today. I am having second thoughts about waiting for my plan to mature. Any idea on this? How much money would I get in return if I apply for early reimbursement of my payments? Much as I would like to inquire personally at the Danvil office regarding the matter, I’m here in Japan working hard to make both ends meet for my family. It was hard earned money that I used to pay for my plan. That’s why I am really bothered and annoyed by different news I heard about the pre-need business.

Dalawa ang aking plans sa Danvil. Sad to say na noong kinuha ko yon sa SM Southmall, di ko naintindihan masyado ang paliwanag. Kadarating ko lang noon, galing ako sa work ko abroad and I’m only on my vacation. Actually, I can say na forced and pressured lang din ako ng Danvil employee. Para bang para makauwi na lang ako kumuha na lang ako, then bahala na. Parang ganoon ang nangyari sa akin.

But all is history now, natapos ko na bayaran yong isa, 5 years investment period yata and my plan is supposed to mature on Feb 2019 pa. At yong isa ay sa Oct 2011 ko pa matatapos at magma-mature naman on Oct 2021. And that’s a long long time for me to wait. Tama yong iba na nagsasabi na dugo at pawis ang puhunan para lang makabayad. Presently andito ulit ako abroad working to make both ends meet for my family. If sa status kong bayad na last month ang plan ko at mag apply ako ng reimbursement ilang percent po ang makukuha ko? Your answer will be of great help for me lalo na po sa decision making na gagawin ko, and also it will be of great help for me para mabawasan na ang burden ko sa pag-iisip kasi balak ko na po talaga mag-apply for reimbursement.

March 8, 2009

Gusto kong iparamdam hindi lang sa mga katulad kong planholders, but also to the employees and the company of Danvil as a whole, it is very true na magsisi man po tayo or even if we condemn ourselves kung bakit tayo kumuha or sapilitan tayong napakuha ng plan sa Danvil, the sad truth is wala na tayong magagawa. We only have two options left on our sleeves, firstly and POSITIVELY speaking umasa na lang tayo, especially those which own a plan na malapit na ang mga maturity date, na comes our due date makuha natin ng buo lahat ng ating inaasahan. And for those who are willing to gamble to wait dahil nagsisimula or maybe katatapos lang nilang bayaran ang kani-kanilang plans ay umasa pa tayo na through the coming years maging mas stable pa ang kalagayan or status ng Danvil.

Or secondly which is very NEGATIVE ay bumuo na tayo ng desisyon hanggang maaga pa if we’re to wait or we have to make up our minds kung kukunin na natin pabalik ang ating mga naihulog, may it be 20% or 50% of the amount we already paid to Danvil. Ok na sana kung 20% or 50% of the maturity value ang makukuha natin, kaso 20% or 50% lang ng ating mga naihulog. If I may use ang isang salitang pang matanda na lagi nating naririnig,  “talagang parang iginisa nila tayo sa sarili nating mantika.” It is really so sad and devastating knowing in the first place na talagang napakahirap ng buhay ngayon, na tayong mga planholders ay halos magpakamatay sa hirap di lang sa katawan lalo at higit sa isipan para lamang mabayaran at umasa na sa darating na panahon ay mayroon tayong “kayamanang inaasahan.”

For the planholders reading this article, I appeal to all of us to continue praying for us to see a brighter tomorrow, at doon po sa ilan na malapit na ang maturity date nila at makakakuha, please update us para kahit paano we can generate some strength and inspiration.

And to Danvil employees specially to those initiating/implementing some sort of forced/aggressive sales strategy, I am appealing to you guys to please put some HEART into your work. Alam ko at nauunawaan ko na kayo ay nasa ganyang linya ng hanapbuhay,  subalit sana po ilagay natin sa mas maayos at pantay na paraan ng panghihikayat. At ipaunawa po nating ng buong linaw sa ating mga kababayan ang lahat ng detalye lalo na ukol sa haba ng panahong ipaghihintay rather than focus the discussion on how your prospective clients will gain at the very moment you invited them. The money we put in Danvil is hard-earned and of good faith. Huwag po ninyong hayaan na ang makuha ninyong kliyente ay kumuha ng plan sa Danvil dahil napilitan lang. Kawawa naman po sila. Please put yourself on their shoes, then look at the mirror and ask yourself if you really invited them para tulungan sila, as many of you guys will surely reason out or you invited them based on your own agenda… I sincerely hope that this appeal won’t bring any misinterpretations or rather bring some sort of bad reaction on all people involved.

May God bless us all!  And let our prayers reunite us for more positive things in the future!

Anyway, according to what’s on the website, as of 2007, there are 48 members. But when one looks at the list of members, there are only 29. These are:

1  Ayala Plans Inc.
2 Berkley International Inc.
representative: Alan Michael Rafe, president
alternate: Daniel Villanueva evp, CFO
3 CocoPlans Inc.
4 CAP Pension
5 CAP Assurance
6 Destiny Financials
7 East Asia Plans
8 Eduplan Inc.
9 Eternal Plans
10 Excel Memorial Life Plan
11 First Union Plan
12 Himlayang Pilipino Plans
13 Ideal Pension Plans
14 Loyola Plans
15 Mercantile Care Plans
16 Manulife Financial
17 Paz Memorial
18 Permanent Plans
19 Philam Plans
20 PETPlans
21 Primanila Plans
22 Provident Plans
23 Prudentialife Plans
24 Redeemer Life Plan
25 St. Peter Life Plan
26 Sun Life Financial
27 TPG Corp.
28 Transnational Plans
29 Trusteeship Plans

The following firms are not listed, but they are included on the home page’s flashing ads:

30 AMA
31 Classic Plans
32 Gillamac
33 Lifetime
34 Millennium
35 Platinum Plans
36 Pryce

It’s interesting to note that the three failed Legacy pre-need firms are not on the list.

Same with Pacific Plans. It’s not in the list. However, according to Chino S. Leyco’s article in the January 28, 2009 issue of “Manila Times,” Noel Oñate, the businessman who acquired Pacific Plans from the Yuchengcos, was elected to the board of the PFPPCI on January 27. Oñate’s company Abundance Providers and Investments Corp. bought Pacific Plans in December 2008 for 250 million pesos.

The one we see speaking on television speaking for the pre-need industry these past weeks, Juan Miguel Madrigal Vazquez, has been president of the PFPPCI since 2005, possibly earlier. I can’t find info on when he was elected president. His educational and professional background is on the site. He’s the president and CEO of Permanent Plans.

PFPPCI web site

Until now, there are only a few notes on the Internet about Mr. Villanueva that I’ve read.

One is an article by Elizabeth Sanchez-Lacson on Inquirer.net on April 11, 2007. This article said that Mr. Daniel Villanueva held top positions in the life insurance industry for many years, including:
president of John Hancock Life Insurance Corp.
project consultant Arthur Andersen Business Consulting
president of PT-NIAGA-CIGNA Life Insurance in Indonesia
senior vice president for operation of Lincoln Philippine Life Insurance Co.
executive vice president and chief finance officer of  Berkley International Plans

Sanchez-Lacson said that Mr. Villanueva helped run Berkley and its marketing unit Family First for 7 years, administering 60,000 active plans, trust fund assets of 3.8 billion pesos and planholder liabilities of 3.2 billion pesos. She also noted that much of the growth of Danvil is credited to Mr. Villanueva.

She also said that Danvil Holdings was incorporated in November 1996 as a real estate corporation, and later also as a financial service corporation.

The second article is on the web site of prudentialife. It says that Mr. Villanueva received an award from Nenita Agustin, senior vice president of Philippine Prudential Life Insurance Co., for being one of the top producers in 2007.

Now this one leaves a question in my mind. Why would Mr. Villanueva receive an award from Prudential as a producer? Was Mr. Villanueva a general agent of Prudential? Did Danvil incorporate a Prudential life plan into Danvil’s products in 2007? I bought my Danvil plan in 2000 and I didn’t buy any other Danvil plan after, so I didn’t know that Danvil sold Prudential Life plans.

Perhaps this explains a complaint by someone named Huggs on pc-tipid.com. He says that his friend bought a Prudential Life plan from Danvil, but they could not trace the OR of his first payment when they called up Prudential Life.

From my research on Danvil and Mr. Daniel Villanueva on the Internet, all the bad things associated to Danvil arise from its aggressive marketing and sales tactics in the malls. Many of those commenting are calling Danvil a scam because of these tactics, especially customers forced or pressured by sales agents into swiping their credit cards. They also interpret the changing of the name from Family First to Danvil as one scam tactic.

With regards to any bad thing said about Mr. Villanueva, I found none.

This is in contrast to the case of Legacy’s Celso de los Angeles Jr. when I researched about him after planholders were informed that Danvil’s pre-need plans were being bought by Legacy. Try researching Mr. De Los Angeles and you’d be surprised at various kinds of unsavory things said about him both in his personal life and professional life, even before Legacy collapsed. It was really providential that the 2008 Legacy deal did not push through. I applaud Danvil for this. In my very first email to Danvil after the Legacy deal announcement, I mentioned those things said about Mr. De Los Angeles.

About claims, I haven’t read about or heard of any Danvil planholder whose plan have matured in 2008 complaining on the Internet that Danvil failed to pay his/her claims. What about you? Have you heard or read about someone not receiving his/her 2008 maturity proceeds from Danvil?