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Friday, June 09, 2006
Editorial: Something to tide over
THE plan holders who trooped to the City Council Education Committee hearing would have to look for other sources of funds soon since any hopes of extracting them from their pre-need companies would be a search for futility.
The council committee meeting held yesterday afternoon was intended to make sense out of the failure of these pre-need companies to provide the funds essential to defray the costs of rising tuition for the children of the plan holders.
Unfortunately, as much as the council education committee tries to extend help to the plan holders, any hopes of extracting funds from these pre-need firms would have to be decided by the courts.
If we remember right, one of these pre-need firms is the CAP funds and even Pacific Plans, which are embroiled in a legal dispute with their plan holders.
The bitter disputes had even resulted in a bombing attempt at one of their offices in Metro Manila.
Education committee chairman and Councilor Jose Benjamin Benaldo said he would see to it that these pre-need firms extend their assistance to these plan holders or take decisive action on them.
As to what that action entails, well good luck on that one--trying to secure money from these pre-need firms would be like trying to hit a boulder lying on a hill in hopes that, like Moses, it would produce a stream of water to drink from.
It would be useful perhaps to investigate on the "financial liquidity" of these companies if it were possible at all. If there were laws preventing companies from disclosing their financial assets for any specified reasons, that may not be possible.
The need for a current--perhaps these firms had been evaluated before and found seriously in debt and thus unable to provide the funds back then--evaluation on the liquidity or financial capabilities of these companies is essential if one is to determine if any funds for these plan holders are forthcoming.
Otherwise if they're not at least they can provide--or continue if they're already doing it--some sort of small allocation for every plan holder to enable them to tide over until these pre-need firms are entrenched in more solid financial grounds.
It had yet to be know whether they are doing this thing but if not, then it's advisable for them to do so if only to earn them the trust and goodwill of their plan holders, who have been finding it harder than ever to keep their children in school.
These pre-need firms, whose services are meant to help their clients get by financially, should show some heart if they had any to begin with.
(June 9, 2006 issue)
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