Philam Life exec allays fears of policy holders
BACOLOD CITY -- Philippine American Life and General Insurance Company (Philam Life) President and Chief Executive Officer Mr. Jose L. Cuisia, Jr. came here over the weekend to assure the policy holders here that there is nothing to fear or worry about their investments with the company.
Philam Life has no exposure to the Lehman Brothers or any financial institutions which have been hit hard by the economic meltdown in America, he said.
Policy holders have expressed apprehensions over the reported disposal of the said company to interested buyers.
He however clarified that it is not yet certain whether it will be sold in one package, but he is definitely certain that Philam Life is very stable and strongly capitalized.
Cuisia said Philam Life has a strong position to meet all its obligations and commitments with P170 billion in asset.
Of the 1,125,000 plan holders in the country, only 1% surrendered their policy.
He quoted Insurance Commissioner Eduardo T. Malinis who said that, "Philam remains to be the largest insurance company in the Philippines with the strongest balance sheet in the industry. Philam Life is adequately capitalized and its customers' and policy holders' interests are protected with the company's financial strength. With its vast resources, Philam Life is capable of meeting its commitments and obligations to its clients. Philam Life's investments are concentrated in marketable Philippine Government securities, corporate bonds, and blue chip equities."
He said that there will always be life in Philam Life so nothing to worry about, nothing to fear. All your investments with the company is fully protected, he said.