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Tuesday, April 05, 2005
Group of Pinoy bizmen back CAP
THE National Alliance of Filipino Businessmen (NAFB) has signed a manifesto in support of saving the College Assurance Plan (CAP).
NAFB is a group of Filipino businessmen united to protect and advance the Filipino presence and interests in the Philippine economy.
In the manifesto, NAFB recognized CAP as a “Filipino enterprise that inspired even the financially challenged to save for college education. It has paid for almost 85,000 graduates and currently pays for more than 90,000 scholars nationwide in schools and courses of their own choice.”
The 25-year-old pre-need firm is facing angry parents unable to pay for their children’s tuition after its checks bounced.
“CAP (had) retained earnings of P7 billion in 2003 with an increasing capitalization of P300 million to P8 billion,” said Hendric Hermida, secretary general of NAFB, in a press conference last Friday at Diplomat Hotel, Cebu City.
The manifesto also mentioned three of CAP’s awards as being the Most Outstanding Pre-need Company, Hall of Fame by the Consumers Union, the Model Taxpayer by the Bureau of Internal Revenue, and a Super Brand in Asia by the Readers Digest.
NAFB believes that CAP, said to have pioneered in pre-need services in education, was eased out of the business by foreign conglomerates, one of the issues of Filipino enterprises that NAFB wants to address.
Signed by NAFB representatives from key cities in the country, the manifesto asks the government to assist CAP rather than pressure it into insolvency.
It also appeals to the plan holders to continue holding on to their educational plans. The public is also encouraged to demand a fair and level field of economic competition for Filipino enterprises against foreign interests.
“We will submit this manifesto to the Securities and Exchange Commission, the Philippine Senate, and the House of Representatives. We expect to be heard and noticed by the government,” Hermida said. (ALC)
(April 5, 2005 issue)
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