PACIFIC PLANS

[tolstoi]

---

To all plan holders of Pacific Plan..read this... :8O: ...until 2010..thats horrible

Pacific Plans to release money only until May 7
By Jessica Banzon-Natad
Sun.Star Staff Reporter

PLAN HOLDERS of Pacific Plans, a Yuchengco-owned pre-need company, have until May 7 to claim the company’s payments for tuition due for the first semester of this year.

According to Pacific Plans company spokesperson Janet Tecson, Pacific Plans will not release any more payments to its plan holders after that date until July 2010.

“The court has allowed us (Pacific Plans) to stop all payments until our proposed rehabilitation plan will be approved. (But) we requested to pay for the first semester tuition claims of our plan holders,” she told Sun.Star in a long distance telephone interview.

Eligible

Tecson said some 16,000 of Pacific Plan’s 34,000 plan holders are eligible to claim the payment for the tuition for the first semester of this year.

Under a petition for rehabilitation filed in court by Pacific Plans, the company proposed to return the money of all its plan holders, plus a return of seven percent per annum from the date of full payment up to July 2010, the date of maturity of most of the bonds acquired by Pacific Plans.

A bond is a long-term debt instrument of a company or the government.
According to a report, Pacific Plans acquired bonds with a face value of $51.8 million from the National Power Corp.

“We are financially sound. We are just having a liquidity problem. We don’t have enough cash at present to pay our obligations because the bonds we have will mature in 2010 yet.

“Once our rehabilitation plan is approved, we will ask our clients to surrender their open-ended contract, and we will replace them with a fixed contract. We will continue to sell policies with fixed
contracts,” Tecson said.

In an open-ended contract, pre-need companies are obliged to pay the amount of the tuition, whatever it might be.

Tecson said Pacific Plans has not been selling open-ended contracts since 1992.

She said Pacific Plans has sent letters to all its plan holders informing them of the status of the company and how much the company will pay them in 2010.

Pacific Plans, the first pre-need company in the country, was established in 1967. It is a subsidiary of Great Pacific Assurance Corp. (JBN)

[babymiki]

btaw oko cousin kai nagproblema gyud ana kai all her children is a pacific plan member....

dli ngyud na masolve ila problem sah?

[tolstoi]

i watched Dong Puno live last thursday night and Pacific plans partly blamed the ever increasing tuition fees of some private schools, they reasoned out that the premiums paid by the planholders ten years ago does not compensate anymore to the present tuition fee value...but the question here is that why weren't they anticipated all this things??

[darkwing]

the Government is partly to blame for this, remember sa una nga magapply gyud ang schools nga mag increase ug tuition fee? katong pag Ramos man tingali, gi scrap naman ni nga law gud, tan-awa cge lang sila pa increase...

[WAYOK@@]

kami sad nabigtima ani.