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So Sad About Permaplans or Permanent Plans
I’m not a Permaplans planholder, but I’m so sad about what’s happening with Permaplans or Permanent Plans, especially with the pre-need firm’s interaction with the SEC.
Again, it’s the planholders who are suffering.
Back in April, Permaplans’ president Juan Miguel Vazquez said his firm isn’t considering going to court for rehabilitation because court rehab takes time and delays payments to planholders.
But now the firm has filed for rehab, which according to Justice Secretary Raul Gonzalez is not the best option for planholders. He mentioned this while commenting on the Legacy case.
Danvil Plans, Coco Plans, AMA Plans Deficient in Their Trust Funds
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
