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Ted Checks on Victims of Educ Plans

Broadcast journalist Ted Failon checks on the progress of cases and complaints filed against bankrupt pre-need companies that offered educational plans this Saturday (June 2) in “Failon Ngayon.”

Many Filipinos were attracted by the budget friendly rates of P10 to P33 a day for the packages and availed them for their children. Dra. Lemi De Guzman was among those who availed of an educational plan from pre-need company College Assurance Plan (CAP), but her investments were gone in a snap when CAP declared bankruptcy and didn’t offer to refund a single peso to its clients.

CAP is not the only pre-need company that declared bankruptcy. Abundance Providers and Entrepreneurs Corporation, PET Plans, Platinum Plans Philippines Incorporated, TGP Corporation, at Prudentialife Plans Incorporated also ceased operations. Is the government taking action on the bankrupted educational plan companies? What awaits its victims who invested their time, money, and energy to nothing? Is it still safe to avail of an educational plan? What should a prospective client know about educational plans to avoid such problem?

Watch “Failon Ngayon” this Saturday (June 2), 5 PM on ABS-CBN. Visit its Facebook page at www.facebook.com/failon.ngayon and follow it on Twitter via @Failon_Ngayon

3 Comments on Ted Checks on Victims of Educ Plans

  1. KUNG NAKITA NG  ATING   MGA  SENADOR   ANG VERDICT  AGAINST  CJ CORONA  HOW  MUCH  MORE  ON CAP  THAT   CAUSED  STUDENT  PLANHOLDERS   TO  CEASE  THEIR  CHILDREN  FROM   SCHOOLING. MILIONS   OF  CHILDRENS   NOW  SUFFERING   FOR  NOT GOING  TO   TO SCHOOL.

  2. Concernedfilipino // June 2, 2012 at 7:51 pm //

    I did not like this episode creates a disruption in the economic functions of the financial system by discouraging people to save and invest in the financial system. The episode should have distinguished the difference between preneed and life insurance and stressed that life insurance is a better alternative since life insurance companies had zero casualties. The ending of the episode seemed to encourage people to not save and earn higher returns for their money as in the parable of talents. Too bad the show just appealed to the masses’ clamor for hate and revenge on the preneed industry not knowing that it could affect the financial system and the life insurance industry which is a different and stable industry. The life insurance industry is an integral part of the economy and creating an ambiguity between preneed and life insurance among the masses one way or another creates a negative image to the life insurance industry and the life insurance agents. I am even enraged how the episode showed a life insurance agent doing financial planning when life insurance is different from preneed. The episode should have gotten a preneed agent and not a life insurance agent to represent those people that have ‘Matatamis na salita’. The episode should have stressed the difference between the preneed and life insurance industry and showed a better alternative which is the life insurance industry which has zero casualty rate. Please think clearly the two sides of the coin of the episodes. =(

  3. Mark Edwin63 // June 2, 2012 at 6:03 pm //

    who is tasked to enforce laws and regulations re pre-need companies? are the existing laws still relevant and sufficient to protect the investing public? The cause of bankruptcy of these companies should be dug deeper and exposed. the public deserves protection..

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