CEBU CITY, Philippines ? Members of the Armed Forces and Police Savings and Loans Association Inc. (AFPSLAI) are among the victims of the Legacy Group of Companies that closed down in December.
About 1,000 members in Central Visayas purchased educational plans from the Scholarship Plans Philippines Inc. (SPPI), a pre-need company member of Legacy.
In the 1980s, the AFPSLAI offered to help its members get an educational program for their children, said Rofel Vivar, AFPSLAI Central Visayas branch manager.
She said members were allowed to loan and purchase the educational plan and pay it through salary deduction.
Nicanora Torreon, wife of a Coastguard officer in Bohol, said she purchased two educational plans for their children and was fully paid by her husband through salary deduction from the AFPSLAI in 2004.
She said there was no definite time as to when the plans would mature.
She was told that as soon as the beneficiary entered college, it could already be used provided that the plan had been paid in full.
But Torreon said none of her children was able to enjoy the plan.
She went to Manila to ask for the certificate of full payment and avail of the educational plan.
Torreon said she was informed by an SPPI staffer that the certificate would be mailed to her and that she would be called about the plan?s application.
But the promise was never fulfilled until Legacy closed its pre-need companies in December, which reportedly had no approval from the Securities and Exchange Commission. /Correspondent Carine M. Asutilla