CAP pays obligations religiously

MANILA, Philippines - College Assurance Plan Philippines, Inc. (CAP) reiterated that it has been religiously paying its obligations to its planholders according to the schedules indicated in the court-approved revised rehabilitation plan of November 2006.

This statement was made in light of reports saying that some planholders received as little as P400 per semester from their educational plans in the past years.

CAP, which earlier announced that it continues to pay its planholders from the sale of its MRT III bond investments, said that it has been following the court order faithfully.

The company has so far paid over P200 million to planholders since February 2007, which is on schedule according to the court’s timetable. Under the approved rehabilitation plan, the period and amount of payment to all qualified planholders are determined and set by the court.