P200-B motive

Pre-need insurance companies are elated over the House of Representatives’ approval of Resolution No. 1049 urging the Securities and Exchange Commission (SEC) to suspend the implementation of the Actuarial Reserve Liability (ARL). Based on a study prepared by the USAID-funded Accelerating Growth Investment and Liberalization with Equity (AGILE), pre-need players were complaining that they were not consulted and that the ARL was arbitrarily implemented by the SEC as the new method of computing liabilities of pre-need companies. In its resolution, Congress cited that the implementation of the ARL by the SEC was hasty and ill-timed as it came too close to the 1997 Asian financial crisis when all companies were just beginning to recover from the effects of the economic slowdown. College Assurance Plan (CAP) senior vice president Bobby Café opined that the ARL treated pre-need plans as insurance and applied rules on insurance when in fact, pre-need plans are investments. He added that to treat pre-need plans as insurance goes against international standards. Meanwhile, some pre-need industry insiders suspect that the ARL was the devious handiwork of a large US-based insurance company with a local office that is reportedly consorting with Philippine government officials. Observers noted that these government officials have been trying to confuse the planholders and the public in general by overtly attacking pre-need players under the guise of defending consumer rights and upholding public interest. Some pre-need companies believe the US insurance firm and the government officials are highly motivated to take over since the industry has over P40 billion in trust funds and P157 billion in assets generated as of 2004.

Dishonest resort operators

Spybiz has received reports that unscrupulous resort owners are taking advantage of tourism festivals to victimize participants. One such victim is the wife of a Swiss embassy officer, who received a text message informing her that she was the lucky winner of free luxury accommodation at a beach resort in Bolinao, Pangasinan. The excited couple paid the resort management a visit to obtain the prize, upon which they were required to shell out P2,000 as "advance payment" and had to endure a two-hour sales pitch about the incredible advantages of the time-sharing system being promoted by the resort agent. When the couple refused to avail themselves of this supposedly fantastic "once in a lifetime offer," they were ignored by the management. After numerous phone calls, the couple have not received their reimbursement for the P2,000 advance payment, and they have yet to experience the one-week free luxury accommodation promised by the management. Scams like this derail the serious efforts of the Department of Tourism to encourage tourism in the country. Incidentally, the resort being complained about was the venue for a pre-Christmas episode of this nutty and entertaining prime time TV show.

Unsung heroes of the SEA Games

Not many know that the world-class swimming and aquatic events facilities were the result of collaboration between the public and private sectors. The Spy-Ring learned that Pagcor Chairman Efren Genuino partnered with Megaworld’s Andrew Tan to bring this about. Concerned that the country wouldn’t have a showcase aquatic arena, Genuino donated Trace Computer’s Los Banos property in exchange for the construction of the facilities by Megaworld. Finishing on time, the country presented a venue worthy of the Southeast Asian Games. This is another proof that if the public and the private sectors put their minds to it, they can get things done.

Spybiz takes a break

Spybiz will take a short break to grant its Spy-Ring a holiday pass. Nevertheless, be assured that our Spy-Ring – both local and international – will still actively gather human and electronic intel reports to give loyal readers more juicy stories, more intriguing accounts and more scoops. To those who have been engaging in shenanigans, be warned: The Spybiz Spy-Ring is watching and listening. To our vigilant insiders and informants, keep them coming. Have a blast in the coming New Year! Smile, it couldn’t get worse than this year.

* * *

Join our ring of Eye-spies by sending your intelligence information, complaints, pictures, and comments to [email protected].

All information will be strictly confidential.