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
September 18 –
International Equal Pay Day
“Increase wages now,
more than other cost items.
For widespread, practical equality!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands
#Report Corruption #SearchPosts #TakePicturesVideos
October –
Monthly Observances:
Industry and Commerce Safety Month
National Statistics Month
Local Government Month
Consumer Welfare Month
Cooperative Month
National Quality and Productivity Improvement Month
National Health and Wellness Tourism Month
National Indigenous Peoples Month
Weekly Observances:
Week 1: Elderly Filipino Week
Week 2: National Health Education Week
Local Government Week
National Mental Health Week
October 17-23:
National Week for Overcoming Extreme Poverty
October 18 – 24:
United Nations Week
Last Week:
Nurses’ Week
Consumers’ Protection Week
Week of the 4th Sunday:
Barrio Farmers’ Week
Daily Observances:
First Monday (Oct 4): Universal Children’s Day i
n the Philippines
Oct 5: National Teachers’ Day
Oct 10: Local Government Day
Third Thursday (Oct 14): Conflict Resolution Day
Oct 21: Tenants’ Emancipation day
Oct 24: United Nations Day
Oct 29: National Indigenous People’s Thanksgiving Day
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