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PIA Press Release
2009/03/27

SEC warns against Legacy claims fixers

by RG Alama

Davao City (27 March) -- The Security and Exchange Commission (SEC) has warned the public against unidentified parties offering to facilitate the processing and payment of claims from the failed pre-need companies Legacy Consolidated Plans, All Asia Corporation and Scholarship Plans Philippines Inc.

The SEC has advised the planholders and claimants to ignore such text messages or phone calls from these unknown persons or groups. It said covered planholders whose claims have been validated shall be notified by mail through their given addresses about the date of payment of their claims.

The Commission also said that it is only after the claims of fully paid and maturing plans are settled that the claims of other planholders shall later be processed and paid.

The SEC has also advised the planholders NOT to expect the claims under their plans to be paid in full.

In an open letter to the planholders of the Legacy pre-need companies, the SEC said that all FULLY PAID and AVAILING educational, life and pension plans of these companies shall be paid proportionate sums of money from the proceeds of these trust funds not later than April 30, 2009.

The SEC in the letter has determined that as of December 31, 2008, the approximate value of the trust fund assets of these pre-need companies which consist of cash, real estate, government securities, shares of stocks and other investments is P360 million.

This valuation the SEC further adds is subject to adjustment as the non-cash assets are sold and liquidated in the future depending on market conditions.

It reminded other plan holders who have not yet filed their claims to do so, not later than March 31, 2009 at the SEC main office in Mandaluyong City or in any of its office in Baguio, Cagayan de Oro, Cebu, Davao, Iloilo, Legaspi and Zamboanga.

The SEC-Davao extension office is located at the 3rd Floor AMYA Building, Quimpo Boulevard corner Tulip Drive, Matina Davao City. (PIA XI) [top]

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