deadliest deadline

meandering thoughts on the beat

Tuesday, August 30, 2005

another day at the hothouse

It was just about another boring day at the hothouse when i managed to wrangle a story on the Pacific plan holders. They paid a visit to the SEC and asked the regulatory body to 1. issue a cease and desist order against Lifetime and Pacific Plans from selling anymore pre-need plans, 2. to change PPI's trustee bank from RCBC to, well, somebody else, 3. to create an oversight committee within the SEC to make sure the trust fund is not dissipated anymore. It sort of behooves me to plug an update at this point because I had neglected to write any more entries in this blog. Last month, PPI and the Coalition had actually agreed to sit down and come up with a solution to the whole brouhaha. The two sides initially agreed that the planholders will be paid the enrolment costs at present rates in exchange for their plans. I really thought that was the end of the whole thing. But recently, much to my dismay, the talks bogged down when the management held on to its demand that only the Napocor bonds worth P3 billion. The company needs at least P5 billion for the payoff. So the Coalition went back to the trenches. This time, it looks like a long-drawn out battle with the poor planholders picking up from where left off.


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