For this year, the SEC has licensed 24 pre-need companies, namely Ama Plans, Ayala Plans, Caritas Financial, Citiplans, Cocoplans, Danvil Plans, Destiny Financial Plans, Eternal Plans, First Country Plans, First Union Plans, Greyline Plans, and Himlayang Pilipino Plans, Loyola Plans Consolidated, Manulife, Mercantile, Paz Memorial Service, Permanent Plans, Philam Plans, Provident Plans International, Prudential Plans, St.
Peter Life Plans, Sunlife Financial Plans, Transnational Plans, and Trusteeship Plans. remains solvent but is barely able to pay its obligations to plan holders in cash because its trust fund is illiquid, according to the Securities and Exchange Commission (SEC). Manuel Roxas II, SEC acting director for Non-Traditional Securities and Instruments Department Jose Aquino said the commission’s conclusion is based on trust fund reports submitted by Pryce Plans’ trustees, China Bank and Asiatrust Bank.
The dacion includes liquefied petroleum gas (LPG) from sister company Pryce Gases Inc., medicine from another sister company Pryce Pharmaceuticals Inc., and memorial lots provided other Pryce companies.
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that had gone bankrupt, a resource person claimed Tuesday at a Senate inquiry.
Phillip Piccio, president of the Parents Enabling Parents (PEP) Coalition, said the Securities and Exchange Commission knew about the financial difficulties of the four preneed firms—but still allowed them to operate.
This is because the bulk of these trust funds have been invested in real estate, primarily condominium units (P518.45 million), and memorial lots (P216.84 million) as well as some in listed equities (P113.12 million).
The company has stopped selling new plans since 2006 and has since continued to service planholders only. TV MANILA, Philippines – Cash-strapped pre-need firm Pryce Plans Inc. Reports submitted by Pryce Plans’ trustee banks to the SEC showed that the ailing pre-need company had reserves of only P113.23 million, short of the required 20 percent reserve of P168.4 million.
For those availing the swapping option, their maturity benefits are in effect converted into capital for dealership of liquefied petroleum gas or medicines which are given immediately to them upon signification of their assent.
However, for those availing the settlement mode by way of cash, the SEC said Pryce Plans is implementing a queuing program due to the illiquidity of the assets of its trust fund.
Aquino noted that the firm has chosen to deal with its maturing obligations to holders and surrendered plans by giving them the option to avail of the cash settlement or dacion en pago, provided the consent of the availing planholder is secured.
The dacion is by way of liquefied petroleum gas from sister company Pryce Gases Inc., medicine from another sister company Pryce Pharmaceuticals Inc., and memorial lots provided by other Pryce companies.
However, for those who want settlement in cash, the SEC said Pryce Plans is implementing a “queuing program” due to the illiquidity of the assets of its trust fund.