CEBU, Philippines – After the Legacy Consolidated Plans Inc. of the Legacy Group became the subject of several complaints from its planholders and investors, another pre-need company is now embattled with the same complaint.
Phillip Piccio, president of Parents Enabling Parents Coalition (or PEP Coalition), told The FREEMAN that because of this, he is encouraging holders of Pryce Plan, Inc. to “come out in the open and join the group.”
Piccio said that a Pryce Cebu-PEP Coalition will be formed in order for planholders to come up with a united stand to go against the management of the said pre-need company.
Last week, several Cebu planholders of PPI lodged a complaint before the Securities and Exchange Commission in Region VII for the firm’s alleged failure to pay pension plans of its planholders.
According to SEC, Pryce Plans Inc. “remains solvent but could hardly pay its obligations to planholders in cash because its trust fund is illiquid.”
Piccio said that because of this predicament, the pre-need company has chosen to deal with its obligations to planholders by giving them cooking gas from sister company Pryce Gases Inc., medicine from another sister company Pryce Pharmaceuticals Inc., and memorial lots provided by other Pryce companies, instead of giving the holders the maturity benefits of their pension or educational plans.
PEP Coalition is a group of parents empowering other parents to stand up for their rights and demand what is legally and morally due them.
The coalition, Piccio said, is committed to assisting its members in their quest for justice and to continue its advocacy for good corporate governance.
The PEP Coalition was formed when Pacific Plans, Inc. applied for rehabilitation with the Makati Regional Trial Court, and earned a stay order allowing it to discontinue the payment of tuition to holders of traditional, open-ended plans. — Mitchelle L. Palaubsanon/MEEV (THE FREEMAN)