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16 Troubled Pre-need Corp

16 Troubled Pre-need Corp

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Published by Mark Llego

16 Troubled Pre-need Corp


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16 Troubled Pre-need Corp


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Published by: Mark Llego on Dec 20, 2012
Copyright:Attribution Non-commercial

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09/17/2013

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STATUS OF PRE-NEED CORPORATIONS RETAINED WITH THE SECURITIES ANDEXCHANGE COMMISSION IN VIEW OF ITS RESIDUAL POWER UNDER REPUBLIC ACTNO. 9829, OTHERWISE KNOWN AS "THE PRE-NEED CODE OF THE PHILIPPINES"
(AS OF 
7
SEPTEMBER 2012)
Effective 2 January 2010, the jurisdiction over the regulation and supervision of the pre-need industry was transferred to the Insurance Commission (IC) from the Securities andExchange Commission (SEC) pursuant to Republic Act No. 9829, otherwise known as the "Pre-Need Code of the Philippines" ("Pre-Need Code, " for brevity). Sixteen pre-need corporations,however, have been retained with SEC in view of Section 57 of the Pre-Need Code whichmandates the SEC to continue to its full and final conclusion all pending claims, complaints andcases filed with it prior to the effectivity of the Pre-Need Code.Hence, the SEC continues, among others, to assist planholders by referring them to thereceivers/liquidators of the following corporations:a) Five pre-need corporations under rehabilitation/receivership/liquidation; andb) Eleven pre-need corporations whose trust funds are under liquidation either by thecorporation or the SEC appointed liquidator.Listed below are the status of the 16 pre-need corporations, the names of theirreceiverslliquidators, telephone numbers and addresses where planholders can file their claims.I. PRE-NEED CORPORATIONS UNDER REHABILITATION/RECEIVERSHIP/LIQUIDATIONBY THE COURT1. ABUNDANCE PROVIDER AND ENTREPRENEURS CORPORATIONS(Doing business under the name and style "APEC PLANS," Formerly: PACIFIC PLANS,INC.)TITLE OF CASE:COURT/JUDGE:DATE OF PETITION FORCORPORATE REHABILITATION:RECEIVER:DATE OF APPROVAL OF THEREHABILITATION PLAN(only on the PEPTrads orthe traditional/open-endededucational plans):Special Proceeding No. M-6059RTC Branch 61, Makati CityJudge J. Cedrick O. RuizTel. Nos. 870-1000 local 15177 April 2005Mr. Mamerto A. Marcelo, Jr.Unit 407, Cityland 10 Tower IIH. V. de la Costa St., Salcedo VillageMakati City27 April 2006
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DATE OF APPROVAL OF THEMODIFIED REHABILITATION PLAN:ADDRESS OF APEC PLANS:STATUS:28 July 20081
i
h
Fir. Chatham House116 Valero corner Rufino Sts.Salcedo Village, Makati CityTel. Nos. 888-2732 local 146Court ORDER dated 27 August 27, 2010 declared that the on-going payments made tothe planholders of APEC PLANS shall be considered PARTIAL PAYMENTS ONLY andnot final settlement of their claims against APEC PLANS. From the proceeds of theNAPOCOR bonds which matured on 12 July 2010, the planholders received theirproportionate share in the trust fund asset under the Modified Rehabilitation Plan.Further, it was directed that the acceptance of and/or by the planholders concerned inthe subject payments shall be without prejudice to the decision of the Supreme Court inthe case of PEP Coalition vs. Pacific Plans, et. aI., docketed as G.R. No. 179409.The implementation of the rehabilitation plan is still on-going under the supervision of theMakati RTC Branch 61.
2.
COLLEGE ASSURANCE PLAN PHILIPPINES, INC.
("CAP")TITLE OF CASE:COURT/JUDGE:DATE OF PETITION FORCORPORATE REHABILITATION:RECEIVER:DATE OF APPROVAL OF THEREHABILITATION PLAN:ADDRESS OF CAP:Special Proceeding No. M-6144RTC Branch 149, Makati CityJudge Cesar O. UntalanTel. Nos. 870-1000 local 157423 August 2005Mr. Mamerto A. Marcelo, JR.Unit 407, Cityland 10 Tower IIH. V. de la Costa St., Salcedo VillageMakati City8 November 2006126 Amorsolo corner Herrera Sts.Legaspi Village, Makati CityTel. Nos. 819-2684Office Hours: 8:30 AM to 5:30 PM
Page 2of9
 
STATUS:CAP is currently implementing its Rehabilitation Plan which provided for the payment ofreduced tuition benefits for the beneficiaries of CAP educational plans.The implementation of the rehabilitation plan is still on-going under the supervision of theMakati RTC Branch 149.(NOTE: Comprehensive Annuity Plans and Pension Corporation ("CAP PENSION") isan affiliated corporation which is now under the jurisdiction of IC. CAP PENSION isplaced under conservatorship by IC.)
3.
PET PLANS, INC.
("PET Plans")TITLE OF CASECOURT/JUDGE:DATE OF PETITION FORCORPORATE REHABILITATION:RECEIVER:DATE OF APPROVAL OF THEMODIFIED REHABILITATION PLAN:STATUS:Special Proceeding No. M-6289RTC Branch 149, Makati CityJudge Cesar O. UntalanTel. Nos. 870-1000 loc. 157420 June 2006Atty. Danilo L. ConcepcionUnit 2701, 27th Floor, 88 Corporate Center141 Sedeno cor. Valero Sts.Salcedo Village, Makati CityTel. Nos. 752-449430 April 2007On 30 April 30 2007, the Court approved the Modified Rehabilitation Plan of PET Plansconverting the pre-need contracts and the three separate trust funds (i.e., education, lifeand pension trust funds) into a unified trust fund (i.e., the Enhanced Value Fund) underthe management of the Asset and Trust Management Group of Bank of the PhilippinesIslands.On 22 February 2011, the Court approved the Motion of PET Plans to modify therehabilitation plan. The said modification of the rehabilitation plan refers to allowing PETPlans to contribute the amount of P2 million cash and to transfer real properties withtotal market value of P3,496,500.00 to the mutual fund of the planholders in lieu of thepreviously proposed and approved yearly contribution of 15% net income from its pre-need business for 10 years.The SEC filed its Motion for Reconsideration (MR) of the above approval of modificationof PET Plans' rehabilitation plan. The Court denied the MR of the Commission on 9
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