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

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