We need to find out what’s really going on here.
“Plan holders of Loyola Plans Consolidated, Inc. expressed their complaints on social media after the pre-need company failed to pay their claims on-time for their educational and time plans. They are now demanding payments from Loyola Plans as the school enrollment approaches,” reports Rap Torres in Manila Bulletin.
The plan holders’ panic is understandable.
The report noted: “Over the past years, several pre-need companies have ceased operations, including the College Assurance Plan (CAP), Pacific Plans, and Prudential Life Plans.”
ON Tue, Apr 12, ABS-CBN News also reported that “plan holders from various parts of the country have lined up at the Loyola Plans’ head office at the Loyola Building, along Antonio Arnaiz Avenue in Makati City, in hopes of receiving their claims.”
Atty. Benjamin Tañedo, Jr. — Loyola Plans’ Assistant Vice President for Corporate Relations — told reporters that the company is not bankrupt. “We will be addressing the concerns. We guarantee payment of claims. We are not bankrupt, we are not insolvent,” he said in a statement.
However, Tañedo did not explain why the plan holders’ checks were delayed.
