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