A reader wrote:
Just wanna ask if Pryce Plans is still existing. My sister was paying last week and the bank teller said: “The account number no longer exists”. I have been paying for more than five years now…Gosh, I need your advice guys…Thank you!
Pryce Plans declared funding problems in 2005 and has not been allowed by the Securities and Exchange Commission to sell new products. The company still exists but only to service claims. After I read Beth’s question, I called up the company and the person at the other end of the line candidly admitted that because of the company’s funding problems, some releases are delayed, but claimed that these would be serviced.
Beth, if your sister paid through Equitable PCI bank account, that account number has already been replaced due to the bank’s merger with Banco de Oro. Please email me.
To wastedbrain who complained that he couldn’t claim benefits from his father’s insurance policy with Pryce Plans, I have a name and contact number for you in Cagayan de Oro. Email me.
When buying pre-need products, don’t take the agent’s word on the financial health of the company. With all due respect to agents, and there are many good ones, that’s like asking a criminal if he did the crime. Always do your own research on the financial health, management expertise, track record, reputation, ability to service claims, and quality of customer service of the company. It will take quite a bit of time on your part, but you are preparing for your future after all. The Securities and Exchange Commission’s website is very helpful (www.sec.gov.ph) in finding information about pre-need companies.
In your analysis and due diligence, however, always be prepared for Factor X. That’s MoneySmarts linggo for unexpected things that happen even to good companies. The reality is, extensive research may do a lot of things to protect the ordinary investor, but it is not a fail-safe protection against Factor X :-). Don’t ask me to explain. I think that’s just how the cosmos was made: bad things happen even to good people. Bad things happen even to good companies. There are good things that can come out of that, but that “something” cannot be explained by peso signs or stock market tickers. Guess what it is…Oh wait, that’s off-topic! 
December 2nd, 2008 at 3:16 pm
Seonjigo Says:
October 29th, 2008 at 2:13 pm
PRYCE PLANS, INC.
15th Flr. Pryce Center
1179 Chino Roces Avenue cor. Bagtikan St.
Makati City
Education/Pension
147788
E-mail: ppcservi@pryce.com.ph
Website: http://www.pryceplans.com
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
email address and website is not working, can anyone please give us correct information regarding contact person and actual address of PLYCE PLANS INC.
November 8th, 2008 at 10:04 pm
Isa akong dating ofw na plan holder din ng pryce plan. Sarado na ang office nila dito sa Roxas City, Capiz, kaya nagsubmit ako ng claim mismo sa Makati office nila last May 2008. Pero hanggang ngayon 2nd. semester na wala pang naibigay. Once a month pina-followup ko by phone para di gaano magastosan ng long distance.
Sana mayrong batas na magbibigay ng proteksyon ng mga plan holders para mabawasan ang mga irregularities na ginagawa ng mga pre-need companies laban sa mga plan hplders.
Kung mayron Sandigan Bayan para sa mga tiwaling officials sana magkaroon ng ganoong ahensya din para sa mga tiwaling companya ng insurance.
Thanks.
October 29th, 2008 at 2:13 pm
PRYCE PLANS, INC.
15th Flr. Pryce Center
1179 Chino Roces Avenue cor. Bagtikan St.
Makati City
Education/Pension
147788
E-mail: ppcservi@pryce.com.ph
Website: http://www.pryceplans.com
October 19th, 2008 at 12:12 am
Hello,
My mother is having problem recover the money that she paid for an educational plan with Pryce Plans for her grandson. The same is true with our other neighbors.
Do you have a contact address of Pryce in Bicol where my mother and our neighbors could follow up their claim?
I have sent an e-mail to the Insurance Commission in the Philippines about this issue but I have not received any reply from them.
Would it be possible for you to write in your column on what action my mother and our other neighbors could do to recover the money they paid to Pryce for the education plans?
Under the law, can they recover their money?
Thank you very much for your help.
October 8th, 2008 at 3:12 pm
Ano na ba balita ngayon sa pryceplan? Sabi ng kaibigan ko na marami na daw nag claim ng refund nila. Wala na rin silang website at email address. Baka naman sino dyan meron latest news about sa pryce plan. I need your help guys! thanks.