Monday, March 30, 2009

(Update) Deadline for filing claims vs Legacy extended | 03/30/2009 3:47 PM

The Securities and Exchange Commission (SEC) has extended the deadline for plan holders of bankrupt Legacy Group's 3 pre-need firms to file their claims to April 15.

The SEC earlier set the deadline of March 31 for the clients to file their claimes against Legacy Consolidated Plans, Scholarship Plan Philippines Inc., and All-Asia Plans Inc.

The corporate regulator also reminded planholders to bring with them necessary documents like certificate of full payment, copy of the pre-need contract, and official receipts when filing for claims.


Meantime, Legacy clients continue to flock to the SEC office in Cebu City. For more than two months, officers of the SEC branch has received 452 complaints from plan holders and 75 from investors who availed Legacy’s double-your-money scheme.

Among them were couple Christopher and Zenaida Ebo who purchased two educational plans and one P50,000-worth post-graduate tuition fee coverage from Scholarship Plan Philippines Incorporated. While their eldest daughter, who graduated with a nursing degree in 2007, has benefited from the plan, their sons have not.

She said that the pre-need company covered the first semester of her first son's industrial engineering fees, but the company kept asking them to wait for confirmation when they tried to avail again for their son’s second semester tuition fee. The second son was not able to start his post graduate studies at all.

Merle Cunanan, SEC director for Cebu office, said that they also accept complaints against Legacy through mail from those who could not not personally file them.

The complaint form could be downloaded from the SEC website, She said that the complaint should be notarized also. A filing fee of P530 for each investor-complainant is required. - with ABS-CBN Business and Carine M. Asutilla, ABS-CBN News Central Visayas

as of 03/30/2009 9:10 PM

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