Pre-need plans falling like dominos

One of the victims of a recently-failed pre-need firm reported last Thurday: "I went there this morning and it was a frenzy and panic, almost like a bank run situation where people tried to claim but with no success. The firm’s officers simply said that we couldn’t use nor redeem the funds in our policies because they will undergo rehabilitation and will suspend servicing its obligations. CAP was even better because they were transparent with the public. This is totally unfair!" Another planholder was supposed to pick up a check that day for his son’s tuition this coming schoolyear. He was informed that a ‘stay order" was issued by the court around noon Wednesday. That is why there will be no disbursement of funds to planholders, suppliers, etc... effective immediately. In short, they are not liquid enough now to be able to fund all availments in full (per school’s assessment). To show some good faith though, they were able to get clearance from the court to set aside P341 million as financial support for distribution to current "scholars." First-time availers are not included. Ear-spies disclosed that in the proposed rehabilitation plan, they will offer to convert traditional "open-ended" plan to a fixed plan. This means they will be paying planholders certain amounts only unlike the "sky is the limit" provision as stated in the "old" plans. There is also the possibility paying seven-percent interest (until 2010) on the "unused" portion but this will be based on the amount paid when the plan was purchased, not on the current "value." Well, there is recourse. The DTI’s office for consumer protection suggested that aggrieved planholders band themselves to file a class complaint with the SEC and the Insurance Commission. With most pre-need firms tumbling one after the other, it seems their irresponsible owners have all succumbed to the Domino Theory. Who can the public trust anymore?

Dilg Boosts Business In lgus

DILG Secretary Angelo Reyes issued a directive creating "business assistance desks" in all regional, provincial and city offices of the DILG to help foreign and local investors in dealing with government offices and ensure the success of their business projects. "These desks shall conduct problem solving initiatives to bridge the concern and issues raised by the investors and local governments and local communities," Reyes said. Aside from providing advice and other vital information, the business desks help build the capability of local governments in undertaking or hosting business projects and will conduct training sessions on customer service. The desk will also coordinate with various industries as well as government offices involved in the promotion of investments such as the DTI to ensure consistency of government operations. Reyes had directed DILG Undersecretary Eduardo Soliman Jr. to oversee the implementation of this project.

he Bases Of His Content

T A prominent politician in a Southern Tagalog province known for its blades and macho men is being whispered about because of his penchant for surrounding himself with good looking young men. A bachelor to this day, this immaculately-dressed politician is allegedly very much into jueteng and has reportedly used his profits from the illegal numbers game to buy the land surrounding a military facility. For this reason, he has been lobbying the powers-that-are to turn his province into a strategic base because he will profit from the area’s economic growth. Observers said that behind his clean looks really lies a life full of dark secrets. Belonging to an extremely conservative group that is peopled by good governance advocates, he has been unreasonably attacking a profitable gaming firm. He is aided by a has-been politician, who was kicked out by the conservative group for his outrageous alignments a few years back. This politician should make an interesting character for a future Dan Brown thriller "Mañana Never Dies".

Œtis Folly To Be Unaware

Not many are aware that the bank, which claims to have the most number of branches, was reportedly investigated in Taiwan for money laundering a few months ago said Dr. Strangelove, one of our top Eye-spies. The shock waves from this scandal will soon hit our shores. The owners and the officers are bracing themselves and hoping their unsuspecting depositors remain as they are. Unsuspecting. In a country where ignorance is bliss, it’s an even bigger folly to be unaware.

Spy tidbiz: Faux pas at the Palace

Our palace eye-spy reported a major protocol lapse during the recent state dinner for Pakistani Pres. Pervez Musharraf. Mistakenly during the program, an Arab tune called "Mustaffa" was played that night. Our diplomatic source told Spybiz - that tune was not altogether appropriate for the visiting head of state. President Musharraf was seen with a blank stare when he tried to guess that tune. Those responsible for this faux pas should be hanged by their toenails.

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