IC assures Loyola plan holders of sufficient funds

The Insurance Commission (IC) on Wednesday assured policy holders of Loyola Plans Consolidated Inc. the pre-need firm has enough assets to cover claims, but noted the liquidation and actual payments may be delayed.

"Ang amin pong napag-usapan ng may-ari ng kompanya na si Ginang Jesusa Puyat Concepcion, noong pumunta sa akin, sila ay may supisyenteng pondo para mabayaran ang mga may pending claims sa kanilang kompanya. Ito pong mga claims na ito ay mayroong nakalagak na sa IC na noong nag-usap kami ay mayroon nang 95 complainants," IC Commissioner Emmanuel Dooc said in a report on GMA News' "Balitanghali."

Dooc noted he has received the Transfer Certificates of Title (TCTs) and Condominium Certificates of Title (CCTs) from Concepcion, and the assets would be liquidated to satisfy the P238 million in claims.

Aside from real estate, Dooc said other assets which may be used to pay the policy holders whose pre-need plans have matured.

"Maliban po dito sa mga real estate assets na itinurn over na sa amin, mayroon din po silang ibang trust funds na pagkukunan ng pambayad," Dooc said.

These are time deposits valued at P31 million, government securities worth P379 million, short-term investments or special deposit accounts (SDAs) of P25 million, and mutual funds and unit investment trust funds (UITFs) valued at P265 million.

"'Yong iba lang po hindi madaling i-liquidate, pero ito po ay supisyente para mabayaran 'yung kasalukuyang hinahabol ng mga claimants... Wala na po tayong problema dito, dahil hindi naman po sila sabay sabay na mag-fa-file ng claim," Dooc said.

Loyola Plans on Monday started releasing checks to holders of matured pre-need plans. http://www.gmanetwork.com/news/story/563140/money/companies/loyola-plans-starts-releasing-checks-to-policy-holders

The commission continues to process the claims at the IC office in Manila.

"'Yan po ay aming ipagpapatuloy at makakaasa sila na matatanggap nila ang kanilang claim dito sa aming upisina. Ito po ay limitado doon sa 95 claimants na nag-file ng complaints sa amin," Dooc said.

Those who have yet to file a claim must go directly to the office of Loyola Plans, he noted.

"'Yon pong iba ay sa upisina ng Loyola sa Makati, pwede nilang ipagpatuloy ang mag-file ng claim. Ito po 'yung may matured na policies at nag-a-avail ng eduction plan benefits, pension plan benefits, o kaya 'yung may may claims sa memorial plans," he added. – Jon Viktor Cabuenas/VDS, GMA News