Updates on Danvil Plans and Other Pre-need Firms from March to May 2009

May 30, 2009 · Filed Under Danvil Plans, Pre-need · 1 Comment 

March 13-19

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.)

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Danvil Plans, Coco Plans, AMA Plans Deficient in Their Trust Funds

May 8, 2009 · Filed Under Danvil Plans, Pre-need · 19 Comments 

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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