'Mar Roxas killed the PH's pre-need industry'

'Mar Roxas killed the PH's pre-need industry'

Did you now that former Liberal Party standard bearer Mar Roxas was tagged as the main reason for the death of the pre-need industry in the country.

This was the declaration of then former Securities and Exchange Commission (SEC) chair Perfecto Yasay, he said that 500,000 pre-need policy holders then, failed to collect on their respective maturing contracts because of Mar Roxas.

In a forum Yasay said, that Roxas strongly lobbied for the revival of the American-owned insurance company- American International Group, Inc. or more popularly known in the insurance industry as AIG. He was then helped by Ambassador to the US Josse Cuisia.

Former DILG Sec and Liberal Party President Mar Roxas (photo credit to owner)

“The P27-billion pre-need industry was the direct competitor of the lackadaisical P5-billion life insurance industry. Mar Roxas, who was then an official of AIG, wanted life insurance to be resuscitated and the only way to do that was to kill the pre-need industry, in which he succeeded being then the secretary of the Department of Trade and Industry, which had nothing to do and had no jurisdiction over SEC. Roxas did it while I was suspended as SEC chairman,” Yasay said in the forum.

Yasay was then compelled to divulge it to the public since, he does not want Roxas to be elected as head of the country on the platform that he is pro-poor.

Yasay accused Roxas of lying when Roxas in one of presidential debates declared that he fought for the right of the pre-need policy holders.

“That’s a lie. He was responsible for the killing of the pre-need industry and the impact of his abuse and misuse of powers when he was DTI secretary years ago is now felt by some 500,000 policy holders, who could no longer collect the money they had invested that was meant to send their children to college,” Yasay said.

“I was the stumbling block to Roxas’ vested interests at the time and so he had me suspended so that he could push for the entry of the AIG but at the expense of the pre-need industry,” Yasay said.

“Roxas thought I would be dismissed from the SEC. I fought them from the Ombudsman to the Court of Appeals, all the way to the Supreme Court and I won. I reacquired my post and I asked for an investigation,” the former SEC chief said.

Yasay recalled that he was suspended that he was puzzled when USAID one of SEC’s consultant made a recommendation to prioritize life insurance business in the country to the direct detriment of the pre-need industry.

“The probe showed the USAID study and recommendation was supposedly ordered by me. No. I was under suspension at the time. Further probe showed it was Roxas that ordered the study and that the results should favor the resuscitation of the life insurance industry and the closure of the pre-need business,” Yasay explained

Yasay said Cuisia was the chief of AIG Philippines for Asia at that time, and Mar Roxas wanted the money invested in Asia , particularly in the country of Japan.

“I opposed that. I said it was wrong. It cannot be done. It is unlawful to collect the money from Filipinos and bring it abroad. I said the money should stay in the Philippines and be invested in blue-chip companies. I stood in their way,” Yasay said

Yasay ‘s suspension lasted a year, before the Supreme Court declared his suspension as void. By then it was to late, the pre-need industry was already at a disadvantage.

“Filipinos invested in the pre-need plans when their children were just five years old and they were hoping that after 15 years, they would be able to collect their investment to send their children to school. Filipinos even sell their carabaos just so to allow their children to attend school. What did Roxas do? He killed the pre-need industry and now the parents could no longer collect their investments. The pre-need industry is dead. Roxas killed it,” former SEC chief Yasay said.

During the presidential campaign, Roxas and his camp perpetuated the claim that he has fought “fly-by-night” pre need firms.

“Yes, there were fly-by-night pre-need firms but his vested interest of protecting the AIG made him kill the entire P27-billion industry, including the legitimate and big pre-need firms. Had he not done that, these pre-need firms were able to make the money grow and there was no problem for these 500,000 policy holders of collecting their money back,” Yasay said.

Yasay the tried to save the pre-need industry by recommending said firms should be regulated by the state, but it was too late.

“I could not do anything anymore. The damage has been done. The pre-need industry was already dead. They would no longer listen to me. Roxas, when he became senator, pretended to be fighting for the pre-need policy holders. The truth was, he was protecting the interests of the life insurance firms,” he explained.

“Roxas is a fraud. People should not vote for him.” Perfecto Yasay declared.

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Report from Manila Standard

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  1. I was a believer of the pre-need education plans that was the reason why all of my four children were covered by CAP policies. Unfortunately only two of them became collage scholars because CAP collapsed by the time my two younger children reached college level. It became a very difficult struggle for me to keep my remaining students in the expensive school following the footsteps of their two siblings who graduated there ahead of them. The collapse of the pre-need industry has given me bad dreams because I had invested also in many pension plan policies that eventually became worthless. However I am thankful to the Lord that all my children were able to acquire college educations.

  2. Am likewise a policy holder of CAP Educational/ Pension Plans like Sir Albert Omega.Been struggling to meet the educational needs of our five siblings.Was supposed to avail of it by 2005 and the remaining year 2008 but to no avail....appeal letters were junked huhuhu....

  3. I am now one of policy holder of preneed industry this time so what is the status today.are we going the same path to what has gone at the time of roxas...or getting better.