Manila cops-planholders seek halt of payment to Primanila
Hundreds of Manila policemen, who are planholders of a pre-need firm whose cease and desist order was made permanent by the Securities and Exchange Commission (SEC), have called on Camp Crame officials to stop the deductions of payments and amortizations from their salary.
The concerned policemen have long been complaining of the continued premium collections through salary deductions of Primanila Plans, Inc. with the finance division of the Philippine National Police in
Still, others have long been incessantly demanding Primanila chairman Eduardo Madrid to pay their matured pension plans.
There are reports that Primanila failed to pay the claims of
“We have long been asking concerned units at the PNP to withhold the premium deductions of our colleagues since, like us, they will also be left holding an empty bag upon the maturity of their plan,” said SPO3 Ed Martinez whose pension plan remains unpaid.
The policemen said Primanila representatives convinced them to get a pension plan with maturity period of five to 10 years. Primanila offered them endowment of P10,800 for five years, P14,000 for seven years, and P20,000 for 10 years. However, upon the maturity of their plans Primanila failed to pay them.
Primanila came under fire from SEC for selling pre-need plans without prior registration and the necessary license, violating the Securities Regulation Code and the new rules on the registration and sale of pre-need plans. SEC has issued a CDO stopping Primanila, whose clients comprise mostly of PNP personnel, from soliciting investments from the public and collecting payments and amortizations from planholders.
Primanila has filed for a motion for reconsideration, but the SEC junked the motion for lack of merit. In denying the motion, SEC cited Sec. 64 of the Security Regulation Code which states that the “comission may issue a CDO without the need of notice and hearing to the erring corporation.” – Nestor Etolle
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