A FEW years ago, the horrors of closures of pre-need institutions like CAP traumatized many of us so bad that the affected planholders cursed those companies and decided right there and then to never trust them again.
That’s never gonna happen again once the Senate Bill 2077 or the Philippine Pre-Need Code of 2008 is enacted. With the Senate’s passing this bill, we have something to hope for.
At the end of this post, you may download the primer of the pre-need code.
In an email, Sen. Mar Roxas, who is the author of this bill, said that
“…the code will hold pre-need companies to stricter standards to safeguard the rights of Filipino families, such as concrete measures to protect plan holders; detailed provisions on the securities a pre-need company can invest in; and the percentage of the premiums that should go into the trust fund. It also prescribes qualifications for those who manage the trust fund; and establishes an agency to regulate pre-need companies based on prudential principles based on soundness, stability, and sustainable growth.”
I, myself, invested in a pre-need plan as no one knows for sure what will happen in the future. For a minimal monthly deduction from my salary, my insurance package would cover my important needs in the future–hospitalization, for example, in cases of illness or accidents, which I hope I wouldn’t suffer from. I would also be receiving pension after the maturity of the plan.
It is good that Sen. Mar Roxas came up with this bill that safeguards the interest of Filipino families who want to prepare a better future for themselves and for their children.
Sen. Roxas is urging the support of everyone as the Lower House is still reviewing the bill. Let’s hope it will be approved.
Download the Pre-Need Code Primer
3 Comments Received
July 24th, 2008 @2:18 pm
Kudos to the initiatives of Mar Roxas! I hope that his bill would pass so that those who want to secure their future can be assured of the pre-need company that they are in to.
July 25th, 2008 @4:21 am
my friend was a victim of the CAP problem. she ended up not using her CAP entirely. oh well, let’s just hope this bill gets approved so that needs will be given especially when you paid for it.
July 26th, 2008 @9:24 am
Kevin, sipag ng bet mo, ah…hehe. This bill will further propel the popularity of Mr. palengke.
prinsesa, halos lahat cguro tayo may friends na nabiktima ng CAP. Kaya, tayong lahat, lalo na mga bloggers, magtulungan sa paggawa ng ingay tungkol sa code na ‘to…
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