IC places Loyola Plans under receivership

By Jasper Emmanuel Y. Arcalas @jearcalas

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In a notice to the public, the IC announced that LPCI was placed under receivership pursuant to Section 50 of the Pre-Need Code.

The IC added that Atty. Dionne Marie M. Sanchez was assigned as the receiver effective last March 30, according to the notice posted on the regulator’s website last May 15.

“Moreover, the Stay Order dated 01 March 2023 issued against LPCI is still effective in order to consolidate and protect the assets of LPCI for the benefit of the planholders and

Finding financial fitness: Financial mistakes married couples should avoid

THERE is general belief that marriage is a union between two imperfect people choosing to love one another. While this is indeed true, the reality is that unions are put to the test when it comes to financial difficulties. In this article, I will be discussing 10 money mistakes that couples make and what can be done to correct them.

1. Ignoring a budget. Not having a budget or simply ignoring it can lead to overspending, bigger debt, and difficulty achieving financial goals. Once you are aware of how much you earn, it is important to spend within your means.

2. Impulsive purchases. Sometimes, when we have lots of money in our hands, there is a tendency to buy something that catches one’s eye. It can be a luxury bag, a watch, or an experience at a fine-dining restaurant. We may try to justify our spending, but at the end of the day, savings and long-term financial goals are compromised. Before buying anything, think it over several times.

3. Excessive debt. High-interest debt, such as credit card debt, can strain a family’s finances. By paying only the minimum amount due and not the full amount, hefty finance charges make it difficult to save up. To avoid this problem, one must settle all credit card dues. Make use of debt sparingly and wisely.

4. Keeping separate bank accounts without joint objectives. As a couple with joint goals, it is important to have joint bank accounts. Having separate accounts can create a lack of transparency and hinder joint financial planning.

5. Lack of open communication. suddenly discovering that your partner has a huge debt due to overspending or bad decision-making can put a strain on the relationship and ultimately affect it. Make it a point to have weekly and monthly meetings to discuss finances. Share an online worksheet where both of you can monitor expenses and income that comes in.

6. Having no emergency fund. When an unexpected expense comes in and there is no emergency cash on hand, a couple may end up having a tough argument as to who should take out debt or shoulder the expense. To avoid this situation, it would be wise to save up at least 6–12 months’ worth of family expenses in a joint savings account. This will serve as the family’s

THE Philippine Deposit Insurance Corp. (PDIC) advised the borrowers of Rural Bank of San Juan (Southern Leyte) Inc. to pay their loans despite the bank being already closed.

“[PDIC] advised borrowers of the closed Rural Bank of San Juan [Southern Leyte Inc.] that they are under obligation to pay their loans notwithstanding the closure of the bank,” read a statement issued recently by the PDIC.

The PDIC, which is the statutory receiver of the closed rural bank, told the borrowers to transact only with authorized representatives of the government agency, “emphasizing that it has not engaged any person, agent, or agency to collect the loan payments for and on behalf of the bank.”

“The PDIC encouraged borrowers of the bank to settle their entire balance by availing of the incentives under [our] enhanced ‘Closed Bank Loan Incentive Program’ [CLIP],” it said.

“Qualified borrowers who will make a one-time cash payment of their loans can emergency fund. benefit from CLIP’s substantial discounts,” it added.

7. Ignoring the importance of insurance. Having inadequate insurance coverage can easily wipe out any emergency fund a couple might have. To plan better for the future, one should allot a budget for life and health insurance, accident insurance, and property insurance.

8. Inequitable financial contributions. When one partner earns a lot more than the other, this can create power dynamics and strain the relationship, leading to dissatisfaction and resentment. In this instance, it is best to talk things out and find a win-win setup.

9. Failing to invest wisely. At times, an investment or business opportunity comes up and is offered to a young couple. The offer seems too good to be true due to the promised returns, but ultimately, the couple decides to invest. Unfortunately, they lost money when it was uncovered as a scam.

10. Lack of retirement planning. Couples might enjoy living in the moment too much. As they say, you only live once. This can lead to a lack of retirement planning. By the time they retire, they may realize too late that their retirement fund can only last so long. This can shatter their dreams of having a comfortable retirement. To avoid this scenario, it is best to save early and consistently for retirement. Consult with a financial advisor on how to best maximize your savings and investments and monitor your retirement fund’s progress.

If you want to know more about how to achieve financial fitness, you can join the 11th Financial Fitness Forum that is happening on June 17, 2023. The event will feature top Registered Financial Planners in the country who will share their invaluable insights and tips on personal financial planning. This event is made possible with the support of IMG, Kaiser, Manila Bankers Life, Rampver Financials and Atram.

To know about my financial advocacies, feel free to browse my official web site at: https:// www.ohmyfinance.pro/about-the-business-coach.

Raymond Anthony Quisumbing is a Registered Financial Planner of RFP Philippines. Follow him on Twitter via @ OhMyFinancePH. To join Financial Fitness Forum 2023, please visit RFP Philippines fan page or email us at info@rfp.ph or text at 0917-6248110.

The PDIC explained that deposits of borrowers, who have past due loans, are automatically applied to their outstanding obligations.

“If the loans are in current status, the borrowers may opt to apply their deposits against their loans, to avoid paying interest on their loans,” the government instrumentality said.

The Rural Bank of San Juan (Southern Leyte), a single-unit rural bank, was ordered closed by the Monetary Board through its Board Resolution 662.B last May 25.

The PDIC took over the bank and its assets, records and affairs last May 29.

“The PDIC Charter provides in Section 13, that a bank placed under liquidation shall in no case be reopened and permitted to resume banking business,” it said.

“Furthermore, Section 12 expressly provides that banks closed by the Monetary Board shall no longer be rehabilitated,” it added. Jasper Emmanuel Y. Arcalas creditors while undergoing receivership proceedings,” read the notice signed by Insurance Commissioner Reynaldo A. Regalado.

Last March, the IC issued the notice of stay order regarding the conservatorship of the LPCI.

“Based on the evaluation of the company’s liquidity and solvency by the Conservator, LPCI is, at this moment, not financially capable to continue paying benefits,” the IC said. Sanchez was also the appointed conservator of LPCI.

In 2019, the LPCI was placed by the IC under conservatorship as the company was unable to comply with the minimum unimpaired paid-up capital and trust fund requirements. (Related story: https://businessmirror.com.ph/2019/07/29/icputs-loyola-plans-on-conservatorship/)

During that time, the IC determined that the LPCI’s trust fund was only at P932 million as against its total preneed reserves (liability) of P1.48 billion.

Earlier last month, the IC put up for sale the various assets of LPCI that include land lots, hotel units, buildings, town house, condominium units and club shares among others, worth at least P1.557 billion.

In August 2022, the IC published a notice of sale for land owned by LPCI with an estimated area of 203,083 square meters. The property had a minimum offer price of P1.177 billion, according to the IC’s notice of sale.

Pagcor reinforces regulations vs illegal offshore gaming ops

AS part of the inter-agency effort to curb all illegal offshore gaming activities within the Clark Freeport Zone in Pampanga, the Philippine Amusement and Gaming Corp. (Pagcor) joined the newly-created Clark Security Advisory Council.

During a news conference for the launching of the new Council on June 9, Pagcor Assistant Vice President for Offshore Gaming Licensing Jessa Mariz R. Fernandez announced that the regulator will impose stricter sanctions to all erring licensed offshore gaming operators and accredited service providers. As part of these sanctions, Fernandez, a lawyer, mentioned that those who will be found allowing other entities to use the licenses or accreditation given to them will be subjected to a hefty penalty, including the cancellation of their licenses or accreditation.

Clark Development Corp. (CDC) President and CEO Agnes VST Devanadera announced that the CDC Board approved the recommendation of the CDC management to halt processing of new lease or sub-lease applications by offshore gaming operators.

“The CDC will no longer process or approve the operation of any incoming overseas gaming, even if they already have a license from Pagcor,” Devanadera was quoted in a statement as saying.

At present, Pagcor has four remaining ac- credited service providers and one licensed offshore gaming operator inside the Clark Freeport Zone (CFZ).

Pagcor said that prior to the launch of the creation of the Clark Security Council, the government-owned and -controlled corporation has cancelled the provisional accreditation of Sun Valley Clark Hub Corp. as an offshore gaming hub within the CFZ for its failure to ensure a lawful and orderly conduct of offshore gaming by its occupants in its registered sites. Pagcor said it, likewise, cancelled the accreditation of CGC Technologies Inc., an offshore gaming service provider based in Pampanga after the company was embroiled in various allegations including credit card fraud, serious illegal detention, and human trafficking activities.