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Author Topic: APEC Plans...the company formerly known as Pacific Plans  (Read 15328 times)

Offline freefront

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I opened their Christmas mailer to find out they have an offer to get your cash now and they gave numbers to call. Nobody is answering the Customer Action Center so I called 856 40 51.

I have 2 policies with them. The 500K is now drawing on the endowments. The last tranche will be on 2018. The 1M policy will be due on 2014.

Long story short, the employer at the other end of the line got flayed by my sharp tongue dahil...what they had to offer is the usual pre-termination rate. Nothing more. Kaya, " why bother mentioning it in your mailer if it is just the usual pretermination rate? We already know about pre-termiantion rates." That person then, gracefully retreated with, "you could just continue with what you are doing now" suggestion.

Why did I call? With so many pre-need companies going down, I entertained the idea of having a bird in hand rather than look at the one in the bushes. I can recoup partial losses. I did it with Family First because by then, I was already a very interested student in mutual funds. I knew of other roads to take.

Which reminds of what I recently came upon in the internet about sunk costs and zero sum fallacies.

Why do they want their policy holders to encash now?

Would you rather get a return of investment at a loss, or hang on to the hope that you will get the money due you on the maturity dates?

Your 2 cents please...

 
« Last Edit: Jan 11, 2012, 09:25 AM by FutureGizmo »

Offline yojmg

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Re: APEC Plans...the company formerly known as Pacific Plans
« Reply #1 on: Jan 23, 2010, 01:19 PM »
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  • i preterminated mine (due to mature 2019). I invested the amount last year, if everything goes to my calculation, i will quadruple the maturity amount come 2017, kaltas na po  dyan yung yearly term life insurance premium that i got after i preterminated my pension plan.

    As to my wife's p/plan maturing on 2015, no offer from APEC for pre-termination.

    Offline aneke

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    Re: APEC Plans...the company formerly known as Pacific Plans
    « Reply #2 on: Apr 11, 2010, 11:57 AM »
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  • My dad never received any pretermination offer
    By the way, Pacific Plans pa lang sila nung kumuha kami ng pension plan, and my dad tried to check SEC kung lsted ang APEC

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    Re: APEC Plans...the company formerly known as Pacific Plans
    « Reply #2 on: Apr 11, 2010, 11:57 AM »


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    Offline freefront

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    Re: APEC Plans...the company formerly known as Pacific Plans
    « Reply #3 on: Apr 11, 2010, 06:23 PM »
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  • They are listed. They have license to sell.

    Offline aneke

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    Re: APEC Plans...the company formerly known as Pacific Plans
    « Reply #4 on: Apr 23, 2010, 11:16 PM »
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  • ^thanks

    Offline aneke

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    Re: APEC Plans...the company formerly known as Pacific Plans
    « Reply #5 on: May 04, 2010, 03:09 PM »
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  • My dad pays his APEC sa RCBC and he gets s stamp on the statement at yun lang ang katibayan na nagbayad sya, wala na syang natatanggap na OR. Kayo rin po ba ganito lang din?

    Offline freefront

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    Re: APEC Plans...the company formerly known as Pacific Plans
    « Reply #6 on: May 05, 2010, 12:13 AM »
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  • I am done paying na. I used to do it in their office kasi. Other companies would mail a confirmation notice pag sa bank posted ang payments. Maybe you should call them.

    Offline aneke

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    Re: APEC Plans...the company formerly known as Pacific Plans
    « Reply #7 on: May 05, 2010, 03:30 PM »
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  • been trying to call them nga po ang hirap maka-kontak, kelangan yung pag-start nila magbukas ng lines eh tatawag ka na, anyway thanks po

    Offline em

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    what is the status of the plan holders of the pre-need plan of pacific plans?

    Post Merge: Jan 11, 2012, 12:05 AM
    I am lost with the real situation of pacific plans. I have no idea what's going on I just  found out lately. I need to know what's the plan for the plan holders whose only waiting for the maturity of the plan. please can anyone give a lead.
    « Last Edit: Jan 11, 2012, 01:13 AM by em »

    Offline Bp22estafa

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    Re: APEC Plans...the company formerly known as Pacific Plans
    « Reply #9 on: Jan 11, 2012, 01:57 AM »
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  • @em

    APEC is now handling all Pacific Plans pre-need plans

    here's their head office address:

    18th, 19th and 21st floors of PEAK Tower at 107 Leviste St., Salcedo Village, Makati.


    try calling this no. as well: 888-APEC (888-2732)
    Tel.

    (02)  816-0000
    (02)  816-0009
    (02)  892-0803
    (02)  813-8838
    (02)  817-1945

    got this same letter 2 years back for a plan of my dad.

    Dear Planholder:

    As you may have heard, Abundance Providers and Investments Corporation (“APIC”) purchased the entire outstanding capital stock of Pacific Plans, Inc. (“PPI”) held or owned by GPL Holdings Inc. (“GPLH”)

    APIC was chosen among various parties interested in PPI in view of its vision for the company and its planholders. While APIC recognizes the existence of the current global financial crisis, with the aid of new business plan, a competent and proactive managementb team, a conservative and prudent management of the trust funds, and the cooperation of the company’s planholders, APIC remains optimistic that it will be able to reposition PPI and regain its market share.

    In view of the sale, PPI is now under new management. To have fresh and new beginning, the company requested the change of its name to Abundance Providers and Entrepreneurs Corporation (“APEC”) Such was approved by the Securities and Exchange Commission in its Order dated February 13, 2009.

    Rest assured that your plans are treated with the highest priority. All the original terms and conditions of your pre-need plans shall remain unchanged. APEC is bound by the court-mandated modified rehabilitation plan. Thus, while APEC wishes to please all planholders, it cannot deviate from the court-mandated modified rehabilitation plan or prejudice or infringe on the rights of other planholders to benefit and give advantage to the holders of open-ended traditional education plans. Thus, for the open-ended traditional education plabholders, APEC will continue to abide by and honor the court-approved rehabilitation program. As to pension, memorial and fixed-value education planholders, APEC intends to continue to service claims as they fall due.

    The new management of APEC is confident that with new business plan, the creation of a competent and pro-active management of the trust funds, APEC will be able to ride out the present crisis hounding the pre-need industry. this is possible if you give APEC’s new management a chance to turn the business around.

    APEC will continue to perform all servicing functions and will collect future installments under the planholder contracts. You will continue to receive all future notices, premium due statements, and other communications concerning your plan from APEC. Until further notice, please course all future payments to any of the existing payment facilities of APEC. However, planholders who wish to terminate their plans may do so by giving a written notice to APEC. The letter should be addressed to APEC as follows:

    Abundance Providers and Entrepreneurs Corporation
    P.O. Box 3464 Makati, CPO
    Makati City, Metro Manila
    Attention: Noel C. Onate
    Chairman

    Let us work together to ensure the continued growth and advancement of APEC.

    Very truly yours,

    ABUNDANCE PROVIDERS AND ENTREPRENEURS CORPORATION
    (Formerly Pacific Plans, Inc.)

    By: NOEL C. ONATE
    Chairman


    don't worry em they are paying, i was the one who claimed a check for my uncle for a matured policy. we got the full amount of the face value. it only required 2 visits. 1 is filing of the claim & securing a claim stub(photocopies of 2 valid IDs & a letter of authority of the planholder for representative). then they will set another date for you to pick up the check. the staffs are helpful & claiming was easy.
    « Last Edit: Jan 11, 2012, 02:42 AM by Bp22estafa »

    Offline mark_ruiz2005

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    Re: APEC Plans...the company formerly known as Pacific Plans
    « Reply #10 on: Jan 14, 2012, 12:12 PM »
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  • Yes, its true APEC continues to pay those maturing plans and performs its obligations to the planholder.

    Offline freefront

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    Re: APEC Plans...the company formerly known as Pacific Plans
    « Reply #11 on: Jan 19, 2012, 09:27 AM »
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  • ^Try other insurance companies. Ask the advisors how much is the annual returns on your premiums. It won't probably beat the interests of bonds, but at least, it gets the educational funds out of your easy reach.

    FYI: APEC is now located sa kanto ng Rufino and Valero Sts. Not The Peak Tower anymore. The entrance of the new office faces Rufino St.


    Offline Tweetybird

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    Re: APEC Plans...the company formerly known as Pacific Plans
    « Reply #12 on: Sep 10, 2014, 10:57 AM »
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  • Just got a letter from APEC plans that seems to be saying that I won't get my pension benefit claims at this time or anytime in the future. No one is answering the calls or texts I made either with the Manila and Iloilo office. I called up the insurance commission and they have no idea what is the current situation with APEC except to say they were not given license to sell and that they applied for rehab for pension plans early this year and that I should just send a complaint letter to the insurance commission. Anyone out there with the same predicament?

    Offline n8s

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    Re: APEC Plans...the company formerly known as Pacific Plans
    « Reply #13 on: Oct 10, 2014, 03:11 PM »
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  • Hi Tweetybird, I also got a similar notice from APEC regarding the educational plan that I purchased for my daughter, which is due to mature next year. Ang ganda ng mga sinabi nila sa introductory letter nila tapos sa receivership rin pala mauuwi. Baka hindi rin naman na-manage ng maayos ang funds.
    Insurance Commission pa rin ba ang governing body ng pre-need companies? Not SEC?

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    Re: APEC Plans...the company formerly known as Pacific Plans
    « Reply #13 on: Oct 10, 2014, 03:11 PM »
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