Pre-need group opposes appointment of Escobillo

With the imminent transfer of jurisdiction over pre-need plans from the Securities and Exchange Commission (SEC) to the Insurance Commission (IC), the Philippine Federation of Preneed Plan Companies opposed yesterday the appointment of Evangeline Escobillo as the new head of the IC.

In a statement, the PFFC, which has more than 30 members, questioned Escobillo’s objectivity in dealing with the pre-need industry since she was formerly a consulting actuary of AGILE (Accelerating Growth Investment and Liberalization with Equity), a foreign funded group that allegedly wreaked havoc on the sector.

"On the appointment of the new IC Commissioner, we express grave concern because of her publicly stated stand and pronouncements against the pre-need industry. Since there is a possibility that the IC may regulate the pre-need industry in the near future, we are bothered by questions and perceptions as to the new commissioner’s objectivity and fairness in dealing with our industry," the PFFC said.

"She has openly declared before the Senate last Dec. 10, 2002, that," pre-need has been her crusade since 1990. And over the vehement objections of the Federation, she was commissioned as the consulting actuary of the now discredited AGILE study. A foreign funded group, which has done much damage to our industry and would have been successful if it had not been unceremoniously exposed and booted out from the country by our legislators," the PFFC said.

AGILE was generally suspected of coming up with policy recommendations that favor and further US companies at the expense of their Filipino counterparts.

The federation stressed that a "necessary requisite for being appointed Insurance Commissioner, aside from fairness, open-mindedness and commitment to good governance principles, is that the appointee must not be tainted with perceptions or actual incidents of bias against the industry or industries he/she will be responsible for."

"For this reason we respectfully but firmly oppose her appointment as our possible regulator, as such is the prevailing sentiment in our industry. The pre-need industry has over 250,000 employees and agents who derive their means of livelihood there from and who contribute their share in nation building not only by promoting financial preparedness through pre-need saving but also by dutifully paying taxes," the PFFC said.