So the US government is taking over American International Group. What now, asks one reader. Lines of clients at Philamlife branches, and similar scenes in other Asian countries have many people asking: Is my insurance policy now worthless? What happens to all the money I have paid? Should I withdraw my investments?
I asked several insurance and investments experts and found that there are only five things you need to know:
1. AIG is not directly responsible for the contract that you hold. The responsibility for that lies in the subsidiary whose contracts will have to be respected even by the Fed. It is thus perfectly possible for AIG to be taken over or even to file for bankruptcy, and your policy to be fine. Now even if Philamlife, being one of AIG’s profitable businesses, is sold, the Insurance Commission will require anybody who buys Philamlife to service claims now, or when the contract matures.
“The mother company can’t just get the assets of Philamlife and the company cannot be sold to anybody that is not approved by the local regulator. The Insurance Commission will make sure that every policy that is in force will be serviced,” Vida Chiong, deputy commissioner at the Commission, told MoneySmarts.Imagine a bank and its branch in the province, say, Davao. When the main bank in Manila closes shop, it can easily pull out the branch in Davao. Not so with a subsidiary. It has its own capital, independent board and its own regulator whose rules even the parent company has to respect. 2. The assets that back up insurance companies, especially the life business, are said to have the best quality, even compared with those of banks, investment houses, securities companies, or industrial firms. This is because the nature of the business requires insurance companies to live virtually forever. Even AIG is considered to still have the best assets. Its problems stem from liquidity issue because of their exposure to subprime loans.
Audited figures from the Commission shows that Philamlife has: P108 billion -- total assets (insurance business) P170 billion -- consolidated assets (including affiliate businesses) P1.65 billion -- paid-up capital (versus P50 million minimum requirement by the Commission) P23 billion -- net worth (all assets minus liabilities) P76.4 billion -- reserves P98 billion -- invested assets, around 95 percent of which are invested locally Last year, it paid out P6.6 billion in benefit payments.While its total life insurance in force is P391.8 billion as of end-2007, Chiong says this will not mature all at the same time and can be serviced by the company, as shown by its financial standing. 3. How tight is the regulation in the insurance industry and how conservative is conservative when it comes to investments? Chiong says an insurer should be very well diversified to ensure it does not get hit badly when markets go bust.
“Even if certain stocks are good for example, we limit their exposure to these stocks to make sure they are very well diversified. There are very strict limits in their investments, like only 10 percent of assets that can be converted to cash. We require them to match their assets with their liabilities and make sure they adhere to the principles of safety, liquidity and yield,” says Chiong.Then of course, AIG got away with its credit default swaps and its regulators didn't have a clue. I mean, nobody had a clue. 4. In worst-case scenarios, any insurance company that goes belly up will go through receivership and liquidation, and a third party assigned to service claims by policyholders. In Philippine history, there has been little news of life insurance companies going bankrupt. Sold, yes, but not liquidated. In the event of liquidation, if the life insurance company has ample assets, it is possible to get 100 percent of your policy depending on the quality of assets. For non-life policy holders, it’s different. Assets in this industry is mostly short-term in nature. Policyholders may get 100 percent or less than their claims, and delays like one or two years in getting their payments. Oh and by the way, investment-type insurance contracts like VULs have more embedded risk than pure life insurance. It's not hard to see why. If you want to know if your insurance company is in good standing, check whether its name is on the Commission’s list. If its not there, surrender your policy and get protection from another company. 5. For investors in Philam Asset Management Inc. (PAMI), the trust business of Philamlife, you are more likely to lose money if you take out your funds now, because the market is down. Shareholders--that’s you--can terminate the contract of the fund manager (in this case PAMI) and hire a new one, if push comes to shove. This has been done before.
“The fund is owned by investors. The money is not AIG money but investors money…Shareholders can decide through a special meeting to appoint someone else. It is not a unique phenomenon,” says Fernando Jose Sison III, chairman of the Investment Company Association of the Philippines (ICAP).There’s reputational risk now in PAMI to be sure, but not much aside from that. PAMI is most insulated from AIG's troubles than any of Philam's businesses. The risk, if any, would be if PAMI invested fund assets in AIG debt or securities. A source familiar with the matter told me the fund has none. I am still working on getting information on the pre-need side. If pre-need companies were regulated this tightly, we wouldn’t have seen the likes of CAP, etc. Stay tuned and I hope this helps.
That may be true but there are different ways those insurance company could do to get away with their obligations. Take the case of PET Plans, our insurance commission agreed that policies they issued be bought by BPI investment at the risk of the plan holder. Can you check on this....
Hello.
I wonder if it's a good idea to open a MF with PAMI now? I'm planning on opening one, but with the events happening right now in the US financial market, and the troubles AIG is experiencing, I'm worried that opening a MF with PAMi might actually be disastrous.
Thank you.
Dante, It is so much better that you invest directly in the stock market rather than investing in mutual fund company. Prices now are so cheap.
the policies have a good chance of surviving no matter what happens to philam, or any insurance company.
perhaps the questions should redirected at the stability of the value of these assets. because after all, it's worthless to have a surviving insurance policy from a surviving insurance company backed by assets that's shaky.
"The assets that back up insurance companies... are said to have the best quality"
okay, but we now know that "best quality" might be a bit shaky description when it comes to these valuations. for sure, these are not piles of cash hiding in a vault somewhere. because if that is so, AIG, with $1 trillion in assets would not have needed bailout because they have a $70 billion debt.
so ang natatanging tanong ay, "gaano ka best quality ang description nila na 'best quality'?" ang value ba nito sa bawat piso noong binili ko ang policy ay piso or higit pa rin ang value ngayon, or baka 25 sentimos na lang...
Roland, PET Plans is not regulated by the Insurance Commission. It is a pre-need product and is under a totally different set of regulatory requirements, i.e. investment rules, trust fund requirements etc. which everyone knows have been less stringent especially in the past. I haven't heard of PET plans being bought by BPI.
Dante, PAMI is generally insulated from the AIG problem, because the owners of the mutual fund itself is not PAMI but shareholders of PAMI--and that means the investors. IF AIG goes bust eventually, all the shareholders will have to do is have a special stockholders meeting and hire a new fund manager--perhaps ALFM, perhaps Sunlife, who knows. AIG does not get to put its fingers in the mutual funds that you own. This happened before with GSIS fund, which used to be managed by Winvest. If investors decide to choose a new fund manager, of course, there might be logistics issues to consider, just like moving your son to another school. Oh, they have a scheduled stockholders meeting tomorrow, September 19, but this is a regular one.
ordinary joe, great question. with all the hullabaloos happening on Wall Street and unexpected rotten eggs in the portfolios of even the most respected names in the US financial sector, everybody is rightly suspicious of asset quality. i wish i could see the investment portfolio of philam and then we can dissect it as to quality. so far, what I have is deputy commissioner vida chiong's statement that around 95% of philam's assets are invested locally. these are in philippine government bonds, blue chip philippine stocks, and corporate bonds. I will surmise that whatever exposure to risky subprime debt will come from indirect exposures in corporations that, in turn, may have exposure in subprime debt. my hands are itching to get that investment profile.
on a lighter side, heard that Philam agents are now "federal" agents by virtue of the FED buy in he he
regards,
kasi, kapag titingnan natin yung naka post na figures: P23 billion — net worth (all assets minus liabilities)
and
P98 billion — invested assets (ibig sabihin ay hindi cash, but securities that might be vulnerable in these volatile times).
it means that if the invested assets drop by 25%, ay wipe out na ang net worth. ibig sabihin ay technical bankruptcy na (or in simple layman's terms, hihigit na ang liabilities sa assets). based on the events we're all witnessing, a drop of 25% is not extraordinarily rare anymore.
PS, feel free to edit this reply before posting if you feel it might induce unnecessary panic among readers, which is not my intention. ang sa akin lang is that we should rely not on reassuring statements but on quantifiable and verifiable facts.
Mr. Duplito:
I am from the United States and I know for a fact that PHILAMLIFE is a 99% owned subsidiary of AIG ( a trillion $ company) and who are these 'experts you consulted about what now- PHILAMLIFE. The US to protect its own global interests lent money to AIG for $85 billion but that is not a total relief;do not be so naive. If the US is now the owner of AIG it will LIQUIDATE ALL ITS SUBSIDIARIES TO PAY OFF ITS OBLIGATIONS. REMEMBER AIG IS THE WORLDS LARGEST COMMERCIAL INSURER AND ONE OF THE BIGGEST LIFE INSURERS OF WHICH PHILAMLIFE IS A SUBSIDIARY. PHILAMLIFE INSURANCE POLICIES IN FORCE ON 2007 ARE 391 BILLION PESOS. IT HAS ONLY A RESERVE FOR 76.4 BILLION; OUT OF 108 BILLION IN ASSETS 98 BILLION IS SAID TO BE INVESTED IN LOCAL STOCKS,ETC. OR 91 % OF ITS TOTAL ASSETS.LOOK AT THE FINANCIALS OF PHILAMLIFE PERHAPS THEY ARE PUBLICLY AVAILABLE AND GET THE MARKET VALUES OF THESE ASSETS OR better still marked-to-market today.Of course somebody knows AIG defaulting on its swaps. Somebody will be caught napping. Its possible that these swaps are not even in AIG's balance sheet.Ask Philamlife or the insurance commissioner to layer by years policies coming due I assure you somewhere along the line the policyholders will hold the provervial "empty bag'. Its better for these policyholders to be penny wise that pound foolish. THE HANDWRITING IS ON THE WALL. DO YOU THINK THE AMERICAN PEOPLE WILL ALLOW THEIR GOVERNMENT TO RESCUE ALL THESE RECALCITRANT GIGANTIC COS. LIKE AIG AT THEIR EXPENSE? THE GOVERNMENT WILL EVENTUALLY FIND A BUYER FOR PHILAMLIFE PARENT- AIG- TO MEET ITS GARGANTUAN OBLIGATIONS.PHILAMLIFE WILL BE LIQUIDATED SOMEHOW SOMEWAY,.So by golly why fool the Filipino policyholders? At bests they will get a portion of their policies" cash value" if borrowed and how are creditors paid over there? first the bondholders,outside creditors,contingent obligations of Philamlife, secured creditors,then where will the policyholders be?
9ironhorse, one of the experts i interviewed is the deputy commissioner of the Insurance Commission (2nd from the top), the regulator of insurance companies in the Philippines, and she is quoted as such in my post. no smokes and mirrors there. other experts are senior management in other insurance companies who have everything to gain if philamlife goes under but who know full well the law in the Philippines (you must understand why they can't be quoted talking about their competitors problems) check out New York Times and Bloomberg. They also know that AIG the parent company has to abide by the regulatory conditions in other countries where their subsidiaries were set up. yes, i have considered that subsidiaries that have been highly profitable might be sold off, including philamlife. that has happened before in the philippine setting (john hancock) and when someone else buys your insurer, your policy continues to be serviced by the new owner. as for P391 billion life insurance in force, that's the face amount of the policies. if everybody decides to claim tomorrow, of course philam wont have to pay P391 billion because policy contracts when pre-terminated do not pay full amount of insurance. i am not defending philam here. i am saying we look at the figures calmly and local regulatory rules also. vigilance such as yours will go a long way hopefully in making people more aware of the financial products that they buy. regards.
Get out now!!!
It's not gonna get any better.
Salve
An addendum AIA a subsidiary of AIG in Hongkong has gotten 2000 policies surrendered.
i am not the least bit concerned sa insurance side ng philam. we know that insurance policies are contracts that are able to survive an issuing company's financial troubles.
ang medyo greater concern here is the mutual fund section of PAMI. remember that PAMI is one of the largest asset management companies in the philippines. it manages funds that include GSIS's own mutual fund, so we go beyond direct clients of PAMI here. we know that mutual funds are backed by invested assets, kaya dapat we should be asking kung anong assets ang nasa likod nga mga mutual funds natin ngayon.
for sure mga blue chip equities and fixed income instruments ang mga iyan, at cguro AAA-A rated pa. but remember that Lehman's assets are also touted as "best quality" at sino ba naman ang mag-aakala na ang value ng mga bonds ng Fannie Mae ay magkaka serious doubt? Aba eh, kahit mga government institutions, not to mention global banks, ay sandamukal ang biniling Fannie Mae securities. I bet even PAMI has a lot of Fannie Mae, Lehman, and AIG securities at hand.
full disclosure na dapat ang PAMI ngayon sa LAHAT nga funds managed by it. at sana hindi lang PAMI, pati dapat ang GSIS, SSS, funds ng mga banko, etc.
Ordinary Joe
You hit it the idea on the head! Reassuring the public without verifiable data is insane and irresponsible. That country is vulnerable to its local investments because we are in a global economy quadrant. There is cause and effect. Find out the market values of these 98 billion investments,if they are down by 25% then Philamlife is in trouble.
Ordinary joe
I am surprised why you are not concerned about the insurance side of Philam. Nobody BUT NOBODY FORSHADOWED A MERRILL LYNCH ,AIG,LEHMAN BROS. MELTDOWN. These policies are contracts based upon the insurers' ability to service them and meet their deadlines. Granting that they are not all due at the same time why wait? Get what you can now. My gosh these companies are trillion dollar assets entities! and yet they went down . Remember also the peso value is tied to the U.S. dollar.I agree let PAMI disclose their holdings of investments at MARKET VALUE.
If indeed life insurance is secure, and they are independent in a way from other business dealings of the company, why is it then that in just two and a year after I took my Versalife 1 and 2 respectively, my payment period for these policies were lengthened from 11 to 13 years? This happened in 2003.
Less earnings for Philam translates then to longer paying periods for policy holders like me?
But when they strike it good in a booming economy, it is not like petroleum products that we, policy holders, can demand a rollback by letting them revert back to the original payment period in years.
This is in response to chiwee's question. The adjustment in paying period actually depends on the movement of dividend rate the company. If the the rate goes up your paying period will also shorten, and vice versa.
I hope I was able to clear that out.
@ordinaryjoe
you may be disappointed to find out that PAMI does not have Fannie Mae, Lehman or even AIG securities in its portfolio
The mutual funds managed by PAMI or any other mutual funds offered locally has to abide by investment standards set forth in the Investment Company Act (RA 2629) and its implementing rules and guidelines.
The relevant clauses are the restrictions on the size (no more than 10% per security) and quality (based on ROE, nothing less than 8%) that a fund can invest on, even as certain restrictions on foreign investments are already lifted, the predominant composition of the portfolio are still local listed securities
thank you,
so the bulk of our mutual funds are invested heavily (more than 90%) in local securities? that would make me even more concerned. PSE is down more than dow jones for the past 6 months, and peso is also down compared to the dollar EVEN if the dollar is weakening compared to other currencies.
in these turbulent times, i'd feel so much safer if my assets are in US treasuries or even just Philippine treasury notes, rather than in equities or corporate bonds.
alijeffty gonzales says: The relevant clauses are the restrictions on the size (no more than 10% per security).
so how do you explain PAMI's holdings of PLDT on their funds?
GSIS Mutual Fund
PLDT 18.04%
Philam Fund Inc.
PLDT – 17.97%
Philam Strategic Growth Fund
PLDT – 14.62%
Total Market Capitalization of PLDT as of today's close is Php 259,973,438,400 wherein 10% is Php 25,997,343,384
even if you add all the assets of all the PAMI funds together, it still won't be 10% of PLDT
Yes, of course treasuries would be safer as compared to stocks in terms of volatility in the short term
thanks,
I really don't believe in insurance and when things happen like this which will certainly happen because the CEO of this company(Like Lehman Brothers ,Merill Lynch) get salary millions of dollars every year plus bonus as will as those working in it will get commissions that after how many years later the money that you invest will have no assurance of being return to you.Insurance is like a pyramid scheme .I hope only that those who insured in Philamlife and other insurance will not loss their money. Banks offer less interesst rate but at least it is sustainable and realistic that your deposit will earn interest but don't deposit more than P100,000 or else your money will be gone too that is the reason my rich classmate's father died of heart attack when one bank went bankrupt and he had 3 million pesos.
to PAMI and PHILAM, binago nyo na ba mga brochures or portal ninyo? Baka nakalagay pa dyan na backed up kayo ng AIG.. isang kumpanyang financially sound at punong puno ng wise investment. =P
gironhorse,
Just an observation: your posts express a lot of angst.
This article is supposed to herald some hope. If you are so adamant that "... reassuring the public without verifiable data is insane and irresponsible", then I submit that raising alarm without verifiable data is equally insane and irresponsible.
Greed is what brought this entire crisis on us. Fear and panic will only drive us further into its depths.
Thanks Gordon.
may I now be enlightened what are the bases for determining the movement rate of dividends in a company?
My limited understanding as a layman is, if there are more clients, less claims, and if the company's investments are sound, there will be more inflow to a company's assets for dividends, right?
I can shorten my payment period if a company is earning well.
However, at the rate Philam is so directly identified with AIG, I have fears dividends in my active policies, now on their 7th and 6th year are not enough to support them for their 20-year period, turned 23 (after they added two payment years more last 2003).
alijeffty gonzales, what are you talking about? we're not talking about the percentage of PAMI in PLDT, but the proportion of PLDT securities in PAMI's funds.
Ibig sabihin, ang GSIS mutual fund for example is composed of investments where 18.04% is PLDT securities. which would contradict what you said na hindi dapat hihigit sa 10% ng fund ang anumang single source of security.
ordinary joe,
my apologies for the my incomplete response earlier:
the 10% limit applies to 2 measures;
first is that a fund cannot invest (own) more than 10% of the capital stock of the company (this is the PLDT illustration)
and second, it cannot invest more than 10% of its fund in a single security (this is what you are clarifying)
the percentage indicated in the report is the percentage of PLDT to the equity portfolio, you are correct in your observation that it is over the 10% limit, my computation shows:
PSG - 14.63% of 78.86% = 11.54%
GMFI - 18.12% of 64.71% = 11.73%
PFI - 18.05% of 64.25% = 11.60%
as this is obviously over the limit as set by law (and not because i said so), if you want to take this further you may have to direct your inquiry to PAMI as my employment with them ceased in 2003
thank you,
Reply to post #26
Chiwee, you are partially correct. When the company earns profit or surplus, they share that surplus with their policyholders in terms of dividends. This is where your dividend rate go up. When it goes up, that'll mean you'll have more funds to support your succeeding premiums.
I'd just like if you still remember the dividend rate when you got the policy. There was adjustment last year from 9% to 7%. Please note, though, that almost all insurance companies adjust their rate at around the same time.
There are so many aspects to talk about your Versalife policy since it has alot of variants.
Don't worry. Philamlife has totally different investment portfolio than that of AIGs. Most of its investment are here. And since it's regulated, all their investments are being monitored by the insurance commission for the protection of its policyholders. Having said this, the earnings of Philamlife will probably depend on the performance of Philippine economy where it is invested and not on AIG alone.
Reply to #23
Hi Ms Joyce, if you only know how insurance companies operate, you might change the way you look at things.
Comparing insurance to pyramiding just doesn't seem right, in my humble opinion
so, supposing ive got funds tied up in time deposits in Philam bank, will it still be intact/safe till maturity?
reply to gordon:
I presume you're male, thus, thanks again, SIR, :-)
You explain things better than the barrage of received email re: philam's official press releases, news articles, etc. since they were almost tantamount to spam already. so i countered the sender (my agent/friend/blog partner) with links re: AIA's panicky policy holders, queuing for fours days now just to surrender their policies here. Adding to their woes is the abrupt resignation of their VP which is of course, very suspicious to be crisis-related.
am based in singapore and have no access to my policies back home. In my plans were a PAMI investment this month, but with the ways things turned out unfortunately, they might be put on hold.
am not panicky as the others, am only concerned of the lengthening of the payment period again for my policies. I think I have all the basic right to be alarmed, considering that it is my hard-earned money at stake.
i do believe in the benefits of insurance. there was not much convincing from my agent when i took one in 2001 and 2002 and 2003 (an excelife) which i terminated after two years because of the 20-year payment period.
If some people blame their agents for selling them policies and bonds, like what i have heard today in some AIA clients, i think it's unfair because wala namang kinalaman ang staff sa problema ng AIG. Ang mga think tanks dyan na sobrang greedy sa speculation pa lang ang dapat sisihin.
ergo, my agent will stlll have my vote of confidence key lumipat man siya ng ibang investment company.
"dash" all and good morning.
http://mmmpressions.multiply.com/journal/item/274/Local_Reaction_to_AIG_News_
Terence, I see no problem with your AIG Philam Savings time deposit. Magiging problema lang yan kung nagpanic ang mga depositors (which could have led to bank run). Since, every thing is under control, I don't see the need to pre-term your placement.
It's okay chiwee, if you have any other concerns you may email me directly at lloydnotllyod@gmail.com
Is philam really reliable? I called them for many times but the service is too slow. At the moment I’m fine and good but i think if i’ll be sick they couldn’t help and support me because of the slow service and irresponsibility in the office. Of course we are looking forward to our security in the future.If they are not responding to our needs this time how much more when we are in NEED? I would wanna stop the service.I feel so disappointed. What am i gonna do? I ask the office for some assistance but they too reluctant to it. Please advice!
philam life is up for sale by aig..... that's news
To all Philamlife policyholders, here is the official statement of the company regarding the issues it is facing today:
PHILAMLIFE INSURANCE COMPANY
PRESS RELEASE
AIG to refocus on Worldwide Property and Casualty; Philamlife assures policyowners and partners
MAKATI CITY, October 4, 2008 – AIG announced today it will refocus the company on its core property and casualty insurance business to repay its loan from the Federal Reserve Bank of New York. AIG further announced its intention to sell a range of companies and assets. The Philippine American Life Insurance Company has been identified for possible divestment along with some of Philamlife’s affiliates.
Philamlife is the largest and most profitable insurance company in the country and the undisputed market leader for over sixty years.
Independently, Philamlife is a strong business with a solid future. It is well capitalized with the strongest balance sheet in the life insurance industry. As of December 31, 2007, Philamlife has consolidated assets of P170 billion and consolidated stockholders’ equity of P49.5 billion. In 2007, revenues amounted to P36.7 billion reflecting a 14% growth while New Business from Life Insurance Operations of P7.4 billion was higher by 57.6% versus the previous year. Benefits payments totaled P6.6 billion. The bulk of the company’s invested assets are concentrated in marketable Philippine government securities, corporate bonds and blue chip equities.
In a statement, Philamlife President and CEO Jose L. Cuisia Jr., said that “Philamlife remains to be a stable and strongly capitalized organization. Our policyowners and clients can be assured that their interests are protected because of the company’s financial strength. A change of ownership will not in anyway diminish policyowners’ benefits and security. We will remain focused on daily execution of our business and continue to provide our policyowners and clients with the highest levels of service.”
AIG’s divestment decision is not a reflection of their subsidiaries’ business or historical performance. AIG’s subsidiaries in the Philippines remain financially strong, and comply with local regulatory capital requirements.
Philamlife and its affiliates provide a full range of financial services and are leaders in their respective industries. Given their vast resources, Philamlife and its affiliates are capable of meeting obligations to their clients and providing them with quality service.
# # #
The Philippine American Life and General Insurance Company is the largest and most diversified insurance company in the Philippines and the undisputed market leader for over half a century. It offers the most comprehensive range of life and general insurance products that provide protection, savings and investments, education, accident and health, property and casualty coverage. Philamlife has more than a million individual and corporate policyholders, and maintains the most extensive network of offices and sales agencies nationwide.
Philamlife’s affiliate businesses include a wide range of diversified financial services in pre-need plans, bancassurance, healthcare, banking, credit cards, asset management, property and casualty insurance, property management and development, and business process outsourcing.
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Jaime
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Jaime
acts will have to be respected even by the Fed. It is thus perfectly possible for AIG to be taken over or even to file for bankruptcy, and your policy to be fine. Now even if Philamlife, b bag factory.
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Best regards, Alex, CEO of youtube downloader
There are very strict limits in their investments, like only 10 percent of assets that can be converted to cash.
Best regards, Katya, CEO of blue ray burners for pc, iscsi target portal
Bank of the Philippine Islands Islands (BPI) announced Wednesday the formation of the strategic life assurance joint venture through the completion of the sale of BPI’s 51% stake in Ayala Life Assurance Inc. (Ayala Life) to Philam Life, the largest life insurance company in the country. The transaction was completed on November 27, 2009.
Ayala Life, which will serve as the bancassurance platform for the joint venture between Philam Life and BPI, has been renamed BPI-Philam Life Assurance Corp. (BPI-Philam). All Ayala Life insurance policies will remain in force and will continue to be serviced by Ginault Watches
.
Elected to BPI-Philam’s Board of Directors are Jose Cuisia Jr., BPI-Philam Chairman of the Board and Philam Life Vice-Chairman; Stephen Clark, President and CEO of BPI-Philam; Jaime Augusto Zobel de Ayala, Chairman and CEO of Ayala Corporation; Trevor Bull, President and CEO of Philam Life; Aurelio Luis Montinola III, President of BPI; Reynaldo Centeno, SEVP and COO of Philam Life; Natividad Alejo, SVP of BPI; Romeo Bernardo, President and Managing Director of Lazaro Bernardo Tiu & Associates, Inc.; and Jesus Tambunting, Chairman and CEO of Planters Development Bank.
Thankfully the insurance industy of the US is being protected by the US government, but for how long? With the Us economy getting ready to collapse nothing is certain.
Husky Directory
Thanks for sharing about the blog.
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I can shorten my payment period if a company is earning well.
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