Insurance industry remains sound -- Insurance Commission

By Ed de Leon

LEGAZAPI CITY, Feb 13 -- Insurance Commission chief Emmanuel Dooc declared here Friday (Feb. 10) that the insurance industry in the country remains in solid footing and the case of Prudential Life Plans, Inc. was an isolated case thus there is no cause for worry.

Dooc made the statement during a press conference held here, also disclosing the the insurance industry actually grew by 21 percent in 2011 more than the figures in 2010.

Dooc said that the insurance industry generated income from premium payment of P70.7 billion in 2010, while P85.8 billion were generated from premium payments in 2011 or P15 billion over the 2010 figures.

Dooc further explained that the commission took over the supervision of the pre-need industry from the Securities and Exchange Commission in 2010 and immediately undertook audit of the pre-eneed companies, consequently, discovering that some of the companies were deficient in funds to support the claims of planholders."This is same case with Prudential Life Plans, Inc., thus ordering the company to stop selling its products," he said.

The Insurance Commission on February 3, 2012 issued a “Stay Order” on the request of troubled pre-need firm Prudential Life Plans Inc. for corporate rehabilitation.

With the Stay Order decision, all payment of claims by plan holders effective February 6, 2012 are suspended, meaning starting February 6, all Prudential Life Plans Inc. plan holders cannot file for any claims against the company until its corporate rehabilitation plan is approved. All claims being processed as of February 6 will still be honored and funds will be released to plan holders.

The commission directed all Prudential Life Plans Inc. plan holders, stockholders, creditors, and other interested parties to view and comment on the verified proposal for corporate rehabilitation submitted by the company and are available at Prudential Life Plans Inc. web site.

He added that the commission has already set a public hearing on March 2, this year with the planholders and other stakeholders to discuss what will be the best course of actions to take in order to protect the interest of all parties concerned. (MAL/EDL- PIA V)

PhilHealth to be reformed, be more responsive

NAGA City, Feb. 13 (PIA) -- For the past 17 years, the Philippine Health Insurance Corporation has served as a strong pillar of hope for every Filipino people, catering to their health and medical needs and ensuring that they receive adequate and affordable Social Health Insurance Coverage especially during their most vulnerable times.

This year, as PhilHealth celebrates its 17th Anniversary coinciding with the whole nation’s celebration of the National Health Insurance Month this February, there are more reasons to celebrate as its new leadership embarks on aggressive innovations following this year’s theme: “Sa PhilHealth, pinalawak na Serbisyo, Garantisado.”

Dr. Eduardo P. Banzon, new president and chief executive officer of PhilHealth, in a press conference held over the weekend at the Avenue Plaza Hotel here, gave his words that in furtherance of their commitment to serve, PhilHealth, vis a vis the Universal Health Care Program, goes beyond signing up each and every Filipino into the National Health Insurance Program.

“ We want to be more responsive and reactive to the needs of our members and partners. We want to let them know that our people, especially the indigents who have less in life, will have more in health services. ” Banzon also said that these efforts are all summed up in their battlecry - “Bawat Pilipino, miyembro. Bawat Miyembro, Protektado. Kalusugan Natin, Segurado.”

Anchored in its four Major Pillars, PhilHealth’s corporate thrusts will indeed provide its beneficiaries with the best service that they need. Banzon said that first on the list is ensuring that their beneficiaries and stakeholders are satisfied and empowered, and one of its basic indicator is how well PhilHealth had been able to provide financial risk protection to their members. Pursuant to this, Banzon said that he is working on his design to expand case payment and intensify the implementation of the No Balance Billing.

Also included in their corporate thrusts is the achievement of excellent business processes, where PhilHealth plans to institute reforms in information and communications technology to achieve operational excellence; keep the social health insurance fund viable and guarantee an adequate organizational capability.

Banzon’s expertise in health insurance has been recognized by the Aquino administration. He was the former vice president of Health Finance Policy Sector of PhilHealth before he worked at the World Bank as senior health specialist.

After he graduated from the University of the Philippines, College of Medicine with a degree of Doctor in Medicine, he obtained his Masters Degree in Health Policy, Planning and Financing from the London School of Economics and the London School of Hygiene and Tropical Medicine. He has also served in the academe and provided consultancy and research services for various national and international agencies.

With these experiences, Banzon is determined to give PhilHealth a facelift towards a reformed, responsive, and restructured health agency in the next years to come. (MAL/LSMacatangay, PIA-Camarines Sur)

FICELCO: Power rates remain below P11 per-kilowatt-hour

By Edna A. Bagadiong

VIRAC, Catanduanes, Feb. 13, (PIA) -- First Catanduanes Electric Cooperative, Inc. (FICELCO) said that power rates in the province in overall are still below P11 per kilowatt-hour for residential and commercial users.

Clarification came after the announcement of National Power Corporation that there will be a P1.43/kwh hike in the generation rate.

According to FICELCO management, the low electric rate is due to contribution of the three hydroelectric power plants to Catanduanes grid. However, they made it clear that the NPC rate hike has yet to be reflected in the power bill for the period December 26, 2011 to January 25, 2012 and will be imposed this month.

In a computation released by FICELCO, the power bill for January, 2012 will be lower than the bill last November, 2011 except for public buildings. Said decrease is due to the lower generation charge for the month with P3.6900 per kwh compared to P5.1998 for November 2011 since renewable power contributed a big portion of the total generation mix.

Therefore, actual cost for a residential consumer with 100-kwh consumption will be P10.5121/kwh while commercial users will be charged P9.3525/kwh due to lower distribution and supply system charges.

Moreover, public buildings will be charged P9.1282/kwh while street lights will have P14.5312/kwh. (EAB/ PIA Catanduanes)