I am a plan holder of this pre-need company. Somehow this company encountered some issues in paying out the maturity value to their plan holders just like CAP (College Assurance Plan). My account has matured last February 2007 and am planning to withdraw or get the total lump sum.
Lately the petition for corporate rehabilitation has been approved by Makati Regional Trial Court RTC Branch 21 Judge Cesar O. Untalan. Just thinking on how would this affect on the withdrawal and releasing of my pension plan maturity value. Anyhow a visit to their corporate office will provide answers to my questions. The Professional Group Plans, Inc aka Professional Financial Plans is owned (majority) by Francisco J. Colayco also an author of the following books.
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As mentioned on my previous blog that am gonna visit the company to clear things out and get additional details of this petition thing. Indeed it is true that a petition for rehabilitation has been approved and as explained to me in person on what does this really mean . . . a matured plan today will be released 5 years after . . . that means my plan who has matured this year (2007) will be released on 2012. That means I am supposed to enjoy the maturity of my pension plan this year but seems it's not going to happen. Another sad thing after 5 years is that the lump sum won't be provided 100% of the total amount instead it will be given 10% on the first year then 15% on the succeeding year on a span of 5 years! So this is a total overkill. It's good as nothing after 10 years! A sad story for the plan holders of The Professional Financial Plans. I wonder what happen to the so called Trust Fund on SEC which states that it would protect the plan holders in case something would happen to the company.
People running Companies like these should be treated nothing less than criminals in our society.They are worse than Echegaray who was put to death for his acts on a single person.TPG raped all of its planholders, Mr Colayco should walk his way to his jail cell and suffer the same sufferings we planholders are in right now.In a country where Justice has double standards, no wonder our country is lagging behind our counterparts in Asia and in the whole world.Recently in China, they put to death via firing squad a government official for taking bribes to set an example, but in our country, it is the other way around.These despicable people who run these companies(like TPG) become the example of the youth to emulate.Mr Colayco, you are a wolf in a sheep's clothing, aren't you bothered by your conscience?Or do you have one?
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