Senator Edgardo
Angara (above)
says the interests
of Philamlife
policyholders
must be
protected in the
impending sale
of the nation's
largest insurer.
Angara (above)
says the interests
of Philamlife
policyholders
must be
protected in the
impending sale
of the nation's
largest insurer.
| All rights reserved. Filipino Globe |
Philamlife urged to disclose state of health
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| n a t i o n a l |
filglobe.com
filipino globe online edition
Impending sale carries risk for policyholders, says Angara
MANILA
Philamlife, the nation's largest domestic life insurer, is under pressure to
disclose the state of its finances to reassure policyholders in the face of its
impending sale.
"We should assure all Philamlife policy and planholders that their investments
are safe and are not affected by the pending change of ownership," said
Senator Edgardo Angara, chairman of the Senate committee on banking and
finance.
MANILA
Philamlife, the nation's largest domestic life insurer, is under pressure to
disclose the state of its finances to reassure policyholders in the face of its
impending sale.
"We should assure all Philamlife policy and planholders that their investments
are safe and are not affected by the pending change of ownership," said
Senator Edgardo Angara, chairman of the Senate committee on banking and
finance.
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Ten local and
foreign firms
have signified
their intention to
buy the nation's
largest domestic
insurer
foreign firms
have signified
their intention to
buy the nation's
largest domestic
insurer
Philamlife is among several companies
being sold by troubled US financial giant
AIG, which received a bailout from the
federal government two weeks ago.
"The underlying risk here is a change of
ownership, because AIG now is 80 per cent
owned by the US government," Angara said
"Since the cost of this bailout is so heavy,
they will be forced to sell assets," he said. hh
being sold by troubled US financial giant
AIG, which received a bailout from the
federal government two weeks ago.
"The underlying risk here is a change of
ownership, because AIG now is 80 per cent
owned by the US government," Angara said
"Since the cost of this bailout is so heavy,
they will be forced to sell assets," he said. hh
"Our regulators must closely monitor the developments since AIG has its
biggest operations here in the Philippines and this can affect many Filipinos."
Philamlife chief executive Jose Cuisia said 10 local and foreign firms have
signified their intention to buy the nation's largest domestic insurer.
Meanwhile, Finance Secretary Margarito Teves said the sale will have a
positive impact on the insurance industry “as we anticipate [the sale] to result
in a stronger institution that would provide improved services and greater
protection to the Filipino public.”
Citing the strength of the insurance company’s capital in line with the reforms
that we have instituted in the local insurance industry, Teves said, Philamlife
clients do not need to worry about their collectibles from the company.
“We will continue with these reforms, particularly the increase in
capitalization, to help ensure that insurance companies are better prepared to
tackle unexpected challenges like the ongoing US financial turmoil,” he
added.
biggest operations here in the Philippines and this can affect many Filipinos."
Philamlife chief executive Jose Cuisia said 10 local and foreign firms have
signified their intention to buy the nation's largest domestic insurer.
Meanwhile, Finance Secretary Margarito Teves said the sale will have a
positive impact on the insurance industry “as we anticipate [the sale] to result
in a stronger institution that would provide improved services and greater
protection to the Filipino public.”
Citing the strength of the insurance company’s capital in line with the reforms
that we have instituted in the local insurance industry, Teves said, Philamlife
clients do not need to worry about their collectibles from the company.
“We will continue with these reforms, particularly the increase in
capitalization, to help ensure that insurance companies are better prepared to
tackle unexpected challenges like the ongoing US financial turmoil,” he
added.
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