The Senate has ratified the final version of the Pre-Need Code which seeks to protect plan holders and ensure the viability of an industry that has been weakened by a recent spate of bankruptcies and failures.
The long-overdue legislation received the Senate’s approval despite the objection of Senator Mar Roxas who felt that it has insufficient safeguards against malpractices of pre-need firms similar to those committed by the now-closed Legacy Group.
Roxas, chairman of the committee on trade and industry, batted for the revision of the bicameral version of the Code to include a provision that would ban officers or directors of bankrupt or closed pre-need companies from engaging in the same business or working for another pre-need outfit.
The Code increases the minimum paid-up capital of pre-need firms to P100 million to provide a solid capital base and lessen the risk of instability in the future. It requires full disclosure of how they have invested the trust fund of plan holders in keeping with the transparency rule.
All pre-need companies are placed under the primary and exclusive supervision and regulation of the Insurance Commission.
The Insurance Commission may prescribe a higher minimum paid-up capital for industry players. The commission is empowered to enlist the aid and support of and/or deputize any and all enforcement agencies of government in the exercise of its functions.
“The pre-need sector is a vital part of the national economy and an anchor of hope for millions of Filipinos. But it needs to become stronger and more stable and realize its full growth potential. We need a regulatory framework that will provide an environment that will allow pre-need firms to thrive and guarantee full protection for the investing public,” Roxas said.
The provision Roxas wants inserted is worded as follows: “Any officer, director, shareholder, principal, of any pre-need firm that is presently in bankruptcy is hereby prohibited from engaging in the business.” –Fel V. Maragay, Manila Standard Today
July 2025
Nutrition Month
“Give us much more than P50 increase
for proper nutrition!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the 2021 ILO Commission of Inquiry recommendations
against serious violations of
Forced Labour and Freedom of Association protocols.
Accept National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands #Distancing #TakePicturesVideosturesVideos
July
3 July – International Day of Cooperatives
3 July – International Plastic Bag Free Day
5 July – World Youth Skills Day
7 July – Global Forgiveness Day
11 July – World Population Day
17 July – World Day for International Justice
28 July – World Nature Conservation Day
30 July – World Day against Trafficking in Persons
Monthly Observances:
Schools Safety Month
Nutrition Month
National Disaster Consciousness Month
Weekly Observances:
Week 2: Cultural Communities Week
Micro, Small, and Medium Enterprise
Development Week
Week 3: National Science and
Technology Week
National Disability Prevention and
Rehabilitation Week
July 1-7:
National Culture Consciousness Week
July 13-19:
Philippines Business Week
Week ending last Saturday of July:
Arbor Week
Daily Observances:
First Saturday of July:
International Cooperative Day
in the Philippines
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