CEBU, Philippines - The group Parents Enabling Parents Coalition yesterday issued a warning against another pre-need firm allegedly duping planholders not only in Cebu but from all over the country of their money.
PEP Coalition President Philip Piccio said that the firm, named Phil-Asia Care Plans Inc. has been allegedly operating illegally in Cebu and the rest of the country with the money paid for by planholders reportedly being deposited directly to the bank account of the firm’s owners.
Phil-Asia owned by Vicente Afulugencia, has been operating since 1999 and has approximately almost 40,000 active planholders nationwide, not including fully-paid or lapsed planholders. Of that number of holders, 7,000 are estimated to be from Cebu belonging to class C and D or those from the middle or lower class.
Piccio said a majority of the pre-need firm’s planholders were ordinary laborers including street vendors, farmers, and drivers who were culling their hard-earned money to pay for their individual plans.
Piccio revealed that the Securities and Exchange Commission already issued a cease and desist order against PACPI in 2002 due to several violations, but the firm continues to operate to this day, using its cooperative to collect premiums and new sales.
According to the commission en banc represented by SEC Commissioner Ma. Juanita Cueto, the illegal company still receives payment coursed through the personal bank account of Afulugencia.
According to the SEC, PACPI “has no pre-need plans available for sale, no licensed dealers, no salesmen’s permit, and no authority to operate a branch. The company failed to comply with all the SEC requirements for a pre-need company and…is not authorized to sell new pre-need plans.”
Now, Piccio said that PACPI is now under its new name, Apo Credit Cooperative, has collected some P19 million worth of premiums and new sales, P7 million of which were reportedly remitted to the account of the Afulugencia.
Some of PACPI’s former officers yesterday told the media how the pre-need firm allegedly duped its planholders. Some of them said that collections from planholders were then allegedly deposited directly to the bank accounts of the Afulugencias.
Piccio said that they will be pursuing on filing a case against the said pre-need company to stop its illegal activities. — Jasmin R. Uy/BRP (THE FREEMAN)