I just stumbled upon the following April 20 ABS-CBN TV Patrol news video at kyte.tv wherein it now appears that SEC Chairman Fe Barin was simply compelled to disclose the existence of its revocation order of the pre-need license of Prudentialife Plans because of questioning by Senator Mar Roxas.
Asked what the SEC should do, Philip Piccio, the fighting President of the PEP Coalition blurted out:
I-reveal! So that people will know! For those na mga nagbabayad pa, tumigil na sila ng bayad. Di ba? Hindi yung palala pa nang palala o palubog pa sila nang palubog.
Chairman Fe Barin does not have the interest of millions of pre-need planholders at heart. She should resign from her post as SEC Chairman and the other SEC Commissioners should go along with her. The sooner they go, the better!
Our candidate for next SEC Chairman? Philip Piccio!
Go Philip, go!
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Nakakatakot naman they should be the one who can secure us in times of needs but who can believe now. I also throw a lot of money there life, at kung ano anong policy buti na lang I stop after several years.
ReplyDeleteSad sad story.
It's really sad that people who put up their hard-earned money to secure their children's education and their retirement now face the prospect of losing much of what they've invested.
ReplyDeleteChairman Barin and the other officials of the SEC should really ship out. Sayang lang pinasusweldo sa mga 'yan!
The very high standards of integrity, concern, competence and commitment that the job of SEC Chairman demand the likes of Philip Piccio of the PEP Coalition. If possible, I'd like to see him or somebody like him immediately assume the post of SEC Chairman.
Otherwise, this problem will worsen and millions of Filipinos who have invested in this pre-need plans will unnecessarily suffer.
Thank you, Ana, for taking time to show your concern even from faraway Copenhagen.
In defense of Prudentialife, they are able, and will continue to be able to honor their obligations to their existing planholders as and when they fall due. This was verified by the SEC the next day after the senate inquiry. In fact, it was quite unfair that the secretary Barin metioned this during the inquiry without being clear that the license they are revoking is only for new pre need plans and that the company will continue to operate and service their planholders as and when they fall due. Although their trust fund is slightly deficient, the deficiency is due to mark to market losses (hence, only a paper loss). The fund remains intact and enough to service planholders,
ReplyDeleteIt is good that somebody is defending Prudentialife but I guess the best defense can be made only by them, by coming out in the open as to just what properties are in their fund, what properties they submitted for inclusion but were turned down by the SEC and other such things.
ReplyDeletePlease follow my more recent posts on this issue. I've actually been able to talk with SEC Chairman Fe Barin asking her to immediately convene a meeting or conference among the stakeholders of the pre-need industry including the owners of Prudentialife and Permanent Plans, the planholders, the SEC, the media and other interested parties. She has referred me Atty. Jose Aquino of the Non-Traditional Securities and Instruments Department of the SEC. I'm still pursuing this matter.
One thing I pointed out to Chairman Barin is that at the time of our conversation (late afternoon of April 28, Tuesday), the SEC had not yet posted on its website the orders of the Commission revoking the licenses to sell of Prudentialife and Permanent Plans more than a week after they were announced.
Chairman Barin promised me that she'll order the person responsible to do the posting. I've checked the SEC website and the said orders are already posted (most probably at around noontime April 29 ) and that is only because I pointed it out to Chairman Barin.
We should really press the SEC on this matter because that is the only way they'd do a better job.
Thank you for following my blog on this issue. I really appreciate it.
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