Plan holders troop to IC to raise howl vs. APEC Plans

Fifty-four plan holders of APEC Plans trooped to the Insurance Commission (IC) on Thursday demanding that the commission help them recoup their pre-need investment.

The plan holders said they were not satisfied with the settlement they received from APEC Plans, noting the amounts were tantamount to a dole out. 

Pension plan holder Marta Niere said her pre-need plan was P115,000, but claimed she only received P5,000 from APEC Plans.

“Ang amin lang naman ay maibalik sa 'min 'yung exact na binayad namin. Kasi more than 15 years naming hinulugan yan, eh. Kahit wala na 'yung tubo, 'yung binayad na lang sana namin ay maibalik,” she said.

The group originally bought their pre-need plans from Pacific Plans Inc., the Yuchengco-led pre-need company that was placed by a Makati City court under receivership in 2005.

In 2009, a group led by Emmanuel Noel C. Oñate, chairman of APEC Plans took over the management of Pacific Plans from the Yuchengco group.

Jurisdiction over the case

APEC Plans supposedly paid the Yuchengco's GPL Holdings Inc. P250 million for its shareholdings in Pacific Plans.

On Thursday, however, the IC told the disenfranchised plan holders the Makati court –  not commission – has no jurisdiction over the case.

Instead, the commission gathered the individual demand letters and promised the plan holders a dialog with the court-appointed receiver of Pacific Plans.

“Nasa RTC Makati na po 'yan bago pa po nalipat ang jurisdiction ng pre-need companies from the Securities and Exchange Commission to the Insurance Commission,” IC spokesperson Joan Castro said.

The the regulation and supervision of the pre-need industry was transferred to the IC from the SEC under the Pre-Need Code (RA 9829) on January 2, 2010.

GMA News Online tried to contact APEC Plans, only to be greeted by an answering machine.

Pre-need companies under rehab

In a June 11, 2012 status report of the SEC , the pre-need companies under rehabilitation or receivership or liquidation by a court were:

• Abundance Provider and Entrepreneurs Corp. (APEC Plans)

• College Assurance Plan Philippines Inc. (CAP)

• PET Plans Inc.

• Platinum Plans Phils Inc.

• TPG Corp.

• Metropolitan Life Plan Inc.

• Millenium Plans Inc.

• Legacy Consolidated Plans Inc.

• Scholarship Plans Inc.

• All Asia Plans Corp.

• Asian Diamond Plans Inc.

• Family Plans Inc.

• GEI Guaranteed Education Inc.

• OCE Plans Inc.

• Success Education Guarantee System Inc.

• University Plans Inc.

“So, lahat ng plan holders ng APEC ang magagawa lang namin  is i-refer sila sa court appointed receiver, si Mr. Mamerto Marcelo,” Castro said. – VDS, GMA News