SEC warns against Legacy claims fixers

Mar. 29, 2009

Davao City — The Security and Exchange Commission (SEC) warned the public against unidentified parties offering to facilitate the processing and payment of claims from the failed pre-need companies Legacy Consolidated Plans, All Asia Corporation and Scholarship Plans Philippines Inc.

SEC officials have advised plan-holders and claimants to ignore such text messages or phone calls from these unknown persons or groups. The commission said that covered plan-holders whose claims have been validated shall be notified by mail through their given addresses about the date of payment of their claims.

The commission also said that it is only after the claims of fully paid and maturing plans are settled that the claims of other plan-holders shall later be processed and paid.

The SEC has also advised the plan-holders not to expect the claims under their plans to be paid in full. In an open letter to the plan-holders of the Legacy pre-need companies, the SEC said that all fully paid and availing educational, life and pension plans of these companies shall only be paid proportionate sums of money from the proceeds of these trust funds not later than April 30, 2009.

In the same letter, the SEC explained that it computed that as of December 31, 2008, the approximate value of the trust fund assets of these pre-need companies — cash, real estate, government securities, shares of stocks and other investments — amounted to 360 million pesos. This valuation, the SEC adds, is subject to adjustment as the non-cash assets are sold and liquidated in the future depending on market conditions.

The SEC also reminded other plan holders who have not yet filed their claims to do so, not later than March 31, 2009 at the SEC main office in Mandaluyong City or in any of its office in Baguio, Cagayan de Oro, Cebu, Davao, Iloilo, Legaspi and Zamboanga.

The SEC-Davao extension office is located at the 3rd Floor AMYA Building, Quimpo Boulevard corner Tulip Drive, Matina Davao City. (PIA XI)

  • c h penados

    does anybody knew of the telephone no. of sec davao office? If so, list commment or facilitate the no at he web site,. i would lodged my complain againts platinum plans as if this sec registered firm is gone by the wind, umalis ng walang paalam

  • Desiree G. Cecilio

    Can I ask the number SEC-Davao extension office ?

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