Tuesday, February 10, 2009


SEC to receive complaints in Cebu vs Legacy only till March 31

By CARINE M. ASUTILLA, ABS-CBN News Central Visayas | 02/11/2009 1:45 AM

The Securities and Exchange Commission (SEC) in Central Visayas said it will be accepting complaints from investors and planholders of pre-need companies under the Legacy Group of Companies only until March 31.

Merle Cunanan, Director of SEC-7 said that since January 7, their office has received 120 complaints against Legacy group. Most of the complaints were addressed to their pre-need companies.

Cunanan said that there is still no assurance that these complainants will get their claims. She said that the planholders and investors still have to file their complaints so that an investigation will be conducted.

“Pre-need companies have a contract and plan holders are protected by a trust fund, which should answer the plan holders,” said Cunanan.

According to SEC Information desk, to file a complaint against any pre-need companies under Legacy, a complaint form should be signed by the complainant, indicating information about his or her deposits or investments to any plans offered by the pre-need companies.

The complainant is also asked to provide documents that will support ones claim like bouncing checks issued by the pre-need companies. He or she should also submit certificate of full payment or official receipts as proof that the complainant has paid his or her plans.

Amorlina Fabroa was among the planholders of Legacy. Fabroa, who hails from Campo Guadalupe in Carcar City, came early to the SEC office to file her complaint against Legacy.

Fabroa has a scholarship plan and a pension plan with Legacy Consolidated Plans Incorporated. He applied for the pension plan last 2007 and had fully paid the plan with P88,176.

The plan is supposed to mature on 2016. Fabroa said she expected to receive P100,000 by that time. She had also put more than P16,000 for a scholarship plan.

Benjamine Tero from Barangay Camputhaw in Cebu City had also applied for the pension plan.

He said he paid P565 every month for five years. The plan was supposed to reach its maturity date this year.

Tero said that the plan he opened last 1999 was intended for his wife Antonia.

Tero said that after he had fully paid the amount for five years, he waited for another five years for it to mature. He was expecting that his wife could receive her pension this year.

“I will file a case. I have been paying for it for five years and waited for another five years only for nothing,” said Tero.

Tero’s neighbor, Thelma Ruiz, meanwhile also applied for a pension plan at Legacy Consolidated Plans Incorporated along with Tero. Ruiz said that it was her children who shouldered the monthly payments for the pension plan.

as of 02/11/2009 1:46 AM

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