in a matter of hours, i'll be in heaven. so before i finally say goodbye to the real world, indulge me in some work news.
the last couple of weeks has been a pain in the industry i work in. the pre-need industry has yet again made headlines and suffice it to say, it was not the kind of news companies are dreaming of.
fresh from the quarterly conference, i am drowning in all the talks and reactions that arose from all those not-so-good PR of many media outfits. in the same way, i would like to think that, with our chairman and president's transparency, i was informed about our company's standing, our reaction, and the steps we will be taking together in the next couple of months and maybe even years.
just a while ago, while doing my last-minute packing, a former officemate, charles, texted me to watch winnie monsod's analysis on the pre-need issue. the question, if i'm not mistaken is if it's still safe to invest in pre-need plans.
i was ready to raise my eyebrows up until the 3rd floor because frankly, there are quite a handful of misleading information lately that has been presented as news which just makes me go WHAT?!
but i was wrong. and it felt quite good to be wrong this time. ms. monsod presented the concept of pre-need in a very factual basis just as we, trainers, do in our trainings. she also pointed out the biggest misconception about the trust fund. she said, and i paraphrase, that the issue about the trust fund being mismanaged is not even an issue at all. the fact of the matter is, the trust fund IS NEVER and has NEVER BEEN managed by pre-need companies. it is being managed by trustee banks.
the SEC mandates all pre-need companies to deposit at least 51% of the planholders' investment to the trust fund. our company, and i can only vouch for mine, deposits 60% into our trust fund. in addition, the trust fund can only be used to pay for the pre-need companies' obligations to its planholders -- thus, it can NEVER be used for business expansions, building offices, paying out commissions to agents, and/or/not limited to using it for the salaries of its employees.
the trust fund also serves as a guarantee to our planholders that no matter what happens to the company in the future, our commitment to serve them, as promised, shall be kept.
she was also wise enough to mention that the latest pre-need company to seemingly burst out in flames DOES NOT belong to the federation of pre-need companies. that is a fact that the politicking senators conveniently ignored (and the media too, because this IS a sellable headline). after all, it's all so easy to bash the industry because of the millions of customers it has, therefore having an expansive audience to do their political grandstanding (and yes, elections are just around the corner). this is just a perfect opportunity for them and they, especially that one lousy senator, are making sure they get their piece of the pie.
come on, would you really wanna kill an industry that has given jobs, secured futures, brought in a lot of money to the economy, and realized hopes to millions of filipino people? or is the industry just another hapless victim to some greedy people's ambitions?
however, the greater issue is this: why do they have to wait for some "illegitimate" pre-need companies to go out in smokes when they have all the right and the time to do so EVEN BEFORE THOSE COMPANIES WERE JUST STARTING?
my answer would be this: they don't give a f*ck because there's just NOTHING IN IT FOR THEM. period.
and that, my friends, ends my pre-valentine pre-need brouhaha.
thanks again, charles!
the last couple of weeks has been a pain in the industry i work in. the pre-need industry has yet again made headlines and suffice it to say, it was not the kind of news companies are dreaming of.
fresh from the quarterly conference, i am drowning in all the talks and reactions that arose from all those not-so-good PR of many media outfits. in the same way, i would like to think that, with our chairman and president's transparency, i was informed about our company's standing, our reaction, and the steps we will be taking together in the next couple of months and maybe even years.
just a while ago, while doing my last-minute packing, a former officemate, charles, texted me to watch winnie monsod's analysis on the pre-need issue. the question, if i'm not mistaken is if it's still safe to invest in pre-need plans.
i was ready to raise my eyebrows up until the 3rd floor because frankly, there are quite a handful of misleading information lately that has been presented as news which just makes me go WHAT?!
but i was wrong. and it felt quite good to be wrong this time. ms. monsod presented the concept of pre-need in a very factual basis just as we, trainers, do in our trainings. she also pointed out the biggest misconception about the trust fund. she said, and i paraphrase, that the issue about the trust fund being mismanaged is not even an issue at all. the fact of the matter is, the trust fund IS NEVER and has NEVER BEEN managed by pre-need companies. it is being managed by trustee banks.
the SEC mandates all pre-need companies to deposit at least 51% of the planholders' investment to the trust fund. our company, and i can only vouch for mine, deposits 60% into our trust fund. in addition, the trust fund can only be used to pay for the pre-need companies' obligations to its planholders -- thus, it can NEVER be used for business expansions, building offices, paying out commissions to agents, and/or/not limited to using it for the salaries of its employees.
the trust fund also serves as a guarantee to our planholders that no matter what happens to the company in the future, our commitment to serve them, as promised, shall be kept.
she was also wise enough to mention that the latest pre-need company to seemingly burst out in flames DOES NOT belong to the federation of pre-need companies. that is a fact that the politicking senators conveniently ignored (and the media too, because this IS a sellable headline). after all, it's all so easy to bash the industry because of the millions of customers it has, therefore having an expansive audience to do their political grandstanding (and yes, elections are just around the corner). this is just a perfect opportunity for them and they, especially that one lousy senator, are making sure they get their piece of the pie.
come on, would you really wanna kill an industry that has given jobs, secured futures, brought in a lot of money to the economy, and realized hopes to millions of filipino people? or is the industry just another hapless victim to some greedy people's ambitions?
however, the greater issue is this: why do they have to wait for some "illegitimate" pre-need companies to go out in smokes when they have all the right and the time to do so EVEN BEFORE THOSE COMPANIES WERE JUST STARTING?
my answer would be this: they don't give a f*ck because there's just NOTHING IN IT FOR THEM. period.
and that, my friends, ends my pre-valentine pre-need brouhaha.
thanks again, charles!
disclaimer: i don't work IN the pre-need industry. i work in the marketing affiliate of a pre-need company.
i merely do trainings.
i merely do trainings.
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