Is it weak government or a weak and powerless people that is the problem?
Look, we have right now a very serious problem of power. Pre-need companies are folding left and right and asking government billions of our money to prop them up.
Legacy group of companies have been stricken out of the major broadsheets. For the past few weeks, nothing has been heard about it. Is Legacy now being given 14 billion pesos from PDIC funds without accountability? PDIC executives should be reminded that those monies came from taxes, the people's money. They must not toy with it.
AMAPLans and other pre-need companies are reporting huge losses, probably because they too think that they can get away with murder by diluting their trust funds and asking government to give them money to prop those funds up. They are cooking us with our own fat!
What had happened to the plus 40 billion pesos stimulus fund that the SSS intends to give businesses and banks? These funds are also public money. No news means danger.
We have companies like SMART which funds a very secretive online movement called AKO MISMO. AKO MISMO is being charged with phishing activities, an illegal and IMMORAL THING. AKO MISMO is reportedly not only a very deceptive marketing ploy---it also allegedly intends to sell personal information of its members to the highest political bidder. AKO MISMO is playing the nationalist card while collating data that it allegedly intends to sell.
We have senators that break the law by not subjecting themselves to self-quarantine---a procedure required in times of health crisis in all countries.
We have a vindictive group of grafters and evildoers that uses the law as their shield against criticism and spends public money to pursue injustice against those who seek the truth.
We have journalists like Che-che Lazaro (more on this later) who now faces a wiretapping charge for allegedly presenting an interview she got from a GSIS senior official.
Lastly, we have an MultiNational Company acting like a bully and disrespecting even our former presidents! Nestle Philippine CEO Nandu Nandiskore should be expatriated immediately for embarrasing his company and by committing unprofessional acts.
Is it weak government or we have a weak and powerless people? In other countries, issues like these immediately merit a proper and judicious response.
If we are in Singapore, that Legacy owner would have been hanged already. Owners of pre-need companies who diluted their trust funds would have gotten the same treatment and worst, not allowed to be buried.
That AKO MISMO site would have been immediately stricken out of the netsphere and officials charged.
Che-Che Lazaro would have been hailed a hero.
And Nandu expatriated with his head bowed.
"Is Legacy now being given 14 billion pesos from PDIC funds without accountability? PDIC executives should be reminded that those monies came from taxes, the people's money.
ReplyDeleteMyself, my wife and her daughter deposited real money, our life savings, in these Banks expecting them to be covered by the PDIC.
To date the PDIC has only manged to pay about 26% of all the Claims we submitted. You seem to suggest it is the 'peoples money' that was used to pay out such Insurance Claims - why?
As with most Insurance companies, claims are settled from the 'Premiums' paid for such Insurance coverage. PDIC is no exception as the payments come from the Deposit Insurance Fund (DIF). Only PhP3B of that, was government funded, I think you will discover?
Should the PDIC be sticking to 'Flat Rate' premium tariff is another question. Personally only the 'admin' costs should be a Flate rate element, with the balance of the Insurance Premium, related to the Interest rate being offered. The higher the Rate, generally the higher the Risk, and a corresponding higher Insurance Premium should then be paid.
You would then be getting Insurance coverage related to the Premium, that was paid by the Banks, and they get it by on passing the cost to the Depositors. We would certainly have accepted a lower Interest Rate, if there was a Quality Insuranc eclaim that accompanied higher premiums.
What Commercial Insurance company would stay in business if they would not accept a Claim form to 3 months after the 'accident', then take another 9 months to pay out the Claim?