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Eternal Plans says will deliver benefits despite financial difficulties

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ABS-CBN News

<p>MANILA - Eternal Plans Inc (EPI) on Monday said it will deliver the benefits promised to its plan holders as it undergoes conservatorship with the guidance of the Insurance Commission to help manage its finances. </p><p>&quot;We have lived up to our commitments and we will continue delivering the promised benefits,&quot; EPI president and COO Elmer Lorica said in a statement. </p><p>&quot;We have the resources and we want to maximize earnings on alternative investments because traditional investments are not earning and even in some cases at a loss,&quot; he added. </p><p>The pre-need industry is still &quot;plagued&quot; by payouts exceeding the anticipated rates due to &quot;frequent tuition fee increases&quot; and decades of weak investment portfolio, Eternal Plans said. </p><p>This was aggravated by the COVID-19 pandemic, it added.</p><p>Plans sold before the Pre-need Code of the Philippines have double-digit growth rates that the current investment portfolio cannot sustain, it said. </p><p>Eternal Plans said companies contribute yearly to fill the gap or fund the shortage out of the pockets which &quot;adversely affected all pre-need plan companies causing a lot of them to fold.&quot;</p><p>But Eternal Plans said it continues to deliver plan benefits. </p><p>It said it made a substantial deposit of P200 million and manifested its desire to go on supervised rehabilitation after non-cash contributions were declined.</p><p>Eternal Plans was placed under conservatorship by the Insurance Commission in late January, as announced by the Department of Finance on March 3. </p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/03/04/22/insurance-commission-says-helping-protect-eternal-plans-plan-holders">Insurance Commission says helping protect Eternal Plans plan holders</a></li></ul><div><strong>RELATED VIDEO:</strong></div><figure class="op-interactive"><iframe __idm_id__="9904129" allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=1951994" width="100%"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div>

Eternal Plans said it will deliver the benefits promised to its plan holders even as it undergoes conservatorship. 