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Monday, May 2, 2016

Did Mar Roxas destroy CAP & ruin the dreams of thousands? Read, decide & SHARE


Because of the collapse of a number of pre-need companies, the government decided to intervene to protect public interest.  However, many of those who were suppose to be protected instead became victims as they lost the money they entrusted to CAP because of the way (they claim) the government intervened.

For them, the government's actions was akin to 'killing the patient instead of saving its life'.

In this article, much of the blame is pinned on Mar Roxas who was DTI secretary at that time.

Please read the article (shown below) which was written way back September 16, 2009 from jackemon.wordpress.com.

CAP and Sen. Mar Roxas
Posted September 16, 2009 by jackemon in Random Thought

Every parent believe that there is no greater gift to give their children than education.  It may not be that easy to fulfill in a third world country like the Philippines but most parents still, despite financial hurdles, strive to give their children the opportunity to go to decent schools and hopefully sustain it till they finish college.

I am one of the lucky children to receive that gift from my parents. We are not well off and my parents had to go overseas to support me and my siblings’ schooling.  They are so eager to give us THE GIFT that they had college mapped into our future as early as our elementary days. They invested on College Assurance Plan (CAP), for 13 years they have been paying for this plan which promised financial aid as we (the beneficiaries) step into college.

Knowing we had this, the fear of not being able to go to college was never in my parent’s (nor in mine) minds. Y2004,  I chose to enroll in one of the Top and well known universities (UST) and took Advertising which happens to be one of the most expensive courses in the said university.  I didn’t have to think twice, we are sure that we have CAP to back us up. My 1st year was easy, every enrollment CAP was able to reimburse a reasonable portion of my school fees, truthfully as promised.

Until, on my 2nd year, CAP was sued by SEC for some issues that as a student I can’t understand.

All I know was that the Security and Exchange Commission did not allow CAP to sell additional plans and that their account was frozen and they will not be able to issue checks to us.  Instead they just gave us vouchers which we can reimburse as soon as the issue with the court was settled.
It became clear to me, they cannot give us our checks because they don’t have the funds to support all 800.000 of us policy holders.  They get their funds for their current scholars through the payments of those who have just recently availed new plans. Unfortunately for us, SEC hindered the sale of new policy, hence no incoming funds for us.

Until now, that I am almost 2 years done with college, we are still holding 6 vouchers waiting for reimbursement.

Y2005, fliers were distributed to CAP plan-holders. It was made by a plan holder defending CAP and explaining how Sen. Mar Roxas (then DTI secretary) plays a major role in CAP’s alleged demolition job.
Here is our copy:


I may not be that exposed to politics, i may not know how it works.  I may not be a good critic for I don’t have that much basis on who to choose on 2010.  But all i know is that i don’t see nor feel any sincerity in Sen. Mar Roxas and so does the other 800.000 CAP policy holders I am pretty sure.

All I can do is share this, and you decide if you want someone like him to hold office.

Please leave a comment below:

2 comments:

  1. I hope our President Duterte will help us to recover our money.We paid 270,000 to Cap in 1997 my child was zero age then and paid full more than that plan increased to 350,000.now my child is 3rd yr college and we didnt get even 1 peso. We really need help! Maybe someone can give suggestion what to do with this?

    ReplyDelete
  2. I hope our President Duterte will help us to recover our money.We paid 270,000 to Cap in 1997 my child was zero age then and paid full more than that plan increased to 350,000.now my child is 3rd yr college and we didnt get even 1 peso. We really need help! Maybe someone can give suggestion what to do with this?

    ReplyDelete