Yuchengco plan to buy Philamlife irks Pacific policyholders
abs-cbnNEWS.com | 10/05/2008 7:07 PM
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The reported plan of the Yuchengco Group of Companies to purchase the Philippine-American Insurance Company (Philamlife) surprised planholders of Pacific Plans, who said the problems of the bankrupt pre-need firm should be addressed first.
"Wala daw silang ibabayad sa amin. Eh bakit pa sila uli bibili ng kompanya?", Philip Piccio, president of Parents Enabling Parents, a coalition of policyholders of College Assurance Plans and the Yuchengco-owned Pacific Educational Plans who have yet to be fully paid by the pre-need firms.
Former Bangko Sentral governor and now Grepalife Insurance president Gabriel Singson told ABS-CBN News that the Yuchengco group, which owns both Grepalife and Pacific, is planning to bid for Philamlife from US insurance giant American Insurance Group (AIG).
News of the planned purchase earned the ire of Pacific Plans planholders, who said they should be paid first before the Yuchengcos even think of buying another insurance company.
"Mapupunta lang ba sa wala ang pera namin? 'Yung perang ini-invest namin diyan siyempre ay based on trust," said another planholder who identified herself as only as "Julie."
Meanwhile, a securities analyst on Sunday said the decision by AIG to sell Philamlife was a "good move" and that it would ensure the stability of the local insurance giant.
Astro del Castillo said Philamlife would be better off being owned by another conglomerate than being affected by the eventual downfall of the world insurance giant.
"Mas maganda pa nga may bumili na mas matatag. Mas may kumpyansa pa ako ron kaysa hanggang ngayon nakakapit pa rin tayo sa palda ng AIG, na naghihikahos," del Castillo said.
He also said Philamlife planholders should not be worried about their investments in the company.
"Ang kagandahan lang, 'yung Philamlife kasi leader siya sa kanyang industriya, matatag, Malaki yung kanyang capital base, mataas ang kanyang assets. I'm sure may bibili niyan. Hindi sila dapat matakot rin," del Castillo said.
Del Castillo also assured the public that the Philippine banking system is sound, despite other financial systems in other countries being hounded by problems.
Philamlife also assured its customers that any change of ownership won't affect their policies in any way. With a report from Cecille Lardizabal, ABS-CBN News
