Manila cops eye class suit vs pre-need firm

At least 100 Manila policemen are eyeing a class suit against a pre-need firm for its continued failure to pay their claims despite repeated demands.

At the same time, the group will make representations with concerned Philippine National Police officials to temporarily withhold the contributions of their colleagues to Primanila Plans, Inc. which is being deducted every payday.

“We are asking for a stop to these deductions since, like us, they will also be left holding an empty bag upon the maturity of their plan since it is apparent that the insurance firm is already bankrupt,” Senior Police Officer 3 Ed Martinez said.

Some 100 policemen have been asking Primanila chairman Eduardo Madrid since last year to pay their claims, representing the amount of their matured pension plan.

The policemen said Primanila representatives convinced them to get pension plan with maturity period of five to 10 years. Primanila offered them an endowment of P10,800 for five years, P14,000 for seven years, and P20,000 for 10 years. However, upon the maturity of their plans Primanila failed to pay them.

The group is also asking other alleged victims of Primanila to coordinate with them at the Manila Police District for the class suit. 

Meanwhile, Madrid blamed Primanila’s trustee bank, Wise Capital Investment & Trust Co., Inc. (Wisecitco), for the firm’s problem because it “failed to unlock our trust fund beyond our control and understanding.” He said Primanila has P46.4 million in a trust fund with Wisecitco.

However, the policemen said they are not familiar with the technicalities Madrid cited as reasons for not paying their claims. “All we want is our hard-earned money. Primanila is the one who received our monthly contribution, so it is just proper that the company should pay us,” the group said.      – Nestor Etolle