Soldiers, cops hit by closure of Legacy pre-need firms
By CARINE M. ASUTILLA, ABS-CBN News Central Visayas | 02/18/2009 1:44 AM
Members of Armed Forces and Police Savings and Loans Association Incorporated (AFPSLAI) are among the victims of the closure of Legacy Group of Companies.
About a thousand of them in Central Visayas were each able to purchase an educational plan from Scholarship Plans Philippines Incorporated, a pre-need company and member of Legacy group.
Rofel Vivar, AFPSLAI branch manager in Central Visayas, said that in 1980’s AFPSLAI offered its members help to have an educational program for their children to offset education which has become expensive.
She said that they allowed their members to avail of loans loan and purchase educational plans and the members will pay through salary deduction.
Nicanora Torreon, wife of a Coast Guard officer in Bohol, came to the Securities and Exchange Commission (SEC) to file her complaint against SPPI. Nicanora purchased two educational plans for their children. Nicanora’s husband Roberto, paid fully the two educational plans in 2004 through salary deduction from AFPSLAI.
She said that there was no definite time as to the maturity of the plans. She said that as soon as the child to whom the educational plan is intended enter college, you can readily use the said plan as long as it was fully paid.
Nicanora said that in 2006 she was supposed to use the plan for her daughter in nursing. She then went to Manila to ask for the certificate of full payment and to avail on the said educational plan but SPPI only told her that they will mail the certificate of full payment and they will call her on the application of the said plan.
But after three years, she said SPPI did not send any certificate of full payment and most of all did not call for a confirmation if they can use the said plan.
Nicanora’s son who also has an educational plan in SPPI is now on his second year of college in University of Cebu - Mambaling for the course of Marine Engineering. He too was not able to use the educational plan purchased for P50,000.
Merle Cunanan, SEC regional director, meanwhile checked on the documents of Nicanora. She said that the case of Nicanora is the same with other pre-need companies under Legacy. She also said that AFPSLAI was able to remit to SPPI all the salary deductions it made form Nicanora’s husband because of the accounting both the AFPSLAI and the SPPI gave her.
Vivar is now calling on all AFPSLAI members who were able to purchase an educational plan from SPPI to come into their office. Vivar said that AFPSLAI is preparing a list of their members they will submit to SEC to guide the regulatory agency on assistance that could be provided them.
as of 02/18/2009 1:44 AM
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