Banks, consumers air confidence on CAP

Financial institutions and consumer groups have expressed confidence on the financial stability and track record of the country’s leading pre-need industry.

Sources in the banking industry said yesterday that major banks, including Allied Bank, Metrobank and the Bank of Commerce, among others, which manage the trust funds of College Assurance Plan (CAP), do not doubt its capability to meet its maturing obligations to its thousands of CAP scholars, in the payment of their tuition fees.

The Consumers’ Union of the Philippines (CUP) which has awarded CAP as one of the best consumer products in the Philippines for four years in a row also complimented CAP’s good track record of meeting the needs of its clients.

CAP president Enrique A. Sobrepeña, Jr., said that at no time did the company let any of its plan holders down. "We have graduated over 40,000 students, many of whom are now gainfully employed and successful in their careers," he said. Consider the following testimonials of CAP scholars-graduates:

"You are selling a good product. Believe in it, believe that you are helping others invest their money wisely. It would have been really tough for my parents to support my education had it not been for CAP." (Ivy L. Lim, CAP scholar-graduate, AB Political Science, Adamson University, Manila University.)

"I enrolled in Adamson University with a Degree of Bachelor of Arts major in Political Science. I have no worries on meeting the deadlines in paying the tuition fees because CAP already provided for it in full, upon my application of CAP scholarship to the University." (Mary Joanne M. Albitos, CAP scholar-graduate, AB Political Science, Adamson University, Manila.)

"My college years passed without much hassle for me and my family. CAP gave us peace of mind knowing that the cost of my college education is already taken care of. Before we realized it, I was already a graduate. Now, I’m a professional, gainfully employed, happily married and very soon will be a father. I’m certain that we are going to get a CAP for our children." (John Thomas Seth I. Garcillano, CAP scholar-graduate, BS Nursing, Iligan Medical Center College, Iligan City.)

Sobrepeña pointed out that throughout the years, CAP has consistently delivered its commitments to plan holders

In a recent statement, Securities and Exchange Commission Chairman Lilia Bautista said "she sees no problem with the Trust Fund Build-Up Program of CAP that will inject P2.5 billion in cash and assets. "Subject to the production of the required documentation to support the asset build-up, she sees no problem in the approval of the proposal," read the SEC’s statement.

With the P2.5 billion in new cash and asset infusion, the firm’s trust fund holding will grow to over P13 billion, further enhancing its capacity to address plan holders’ needs.