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Philamlife president complains of twisted facts,
defamatory statements in Lopez October 16 column
[Editor’s note: The following
letter dated October 17 was sent to Mr. Dante Ang II, President and
CEO of The Manila Times.]
This pertains to the comments of
Mr. Tony Lopez in his column “Virtual Reality”—bailout money
for the rich; nothing for the hungry poor” which appeared
yesterday in the October 16 edition of the Manila Times. As cited in
my letter addressed to Mr. Lopez, he mentioned erroneous and twisted
facts and defamatory statements about Philamlife and AIG which we
have asked him to rectify immediately.
I have copied you of my letter to
Mr. Lopez (attached) detailing the erroneous allegations he wrote in
the said article.
Being the publisher of the
newspaper and one who would espouse responsible journalism, I trust
that you will see to it that the necessary rectification is made,
including a removal of the article in your website. Moreover, I
would like to ask that equal or better prominence be given to
Philamlife to counter the negative publicity the article may have
elicited
Thank you.
Jose L. Cuisia, Jr.
President & Chief Executive
Officer Philam Life
The Philippine American Life & General Insurance Company
[Editor’s Note: The following
letter, dated October 17, 2008,was sent to Mr. Tony Lopez by Mr.
Jose L. Cuisia.]
Mr. Antonio Lopez
Columnist
Manila Times
371 A. Bonifacio Drive, Port Area, Manila 1018
}
biznewsasia@gmail.com
Dear Mr. Lopez:
This pertains to your comments in your column “Virtual
Reality—Bailout money for the rich; nothing for the hungry poor”
which appeared yesterday in Manila Times. You mentioned erroneous
and twisted facts and defamatory statements in your column which we
would like to rectify immediately.
a) You wrote: “A harried mother
of three . . . was told she would not get anything. Zero. Zilch. For
her P87,000 initial payment, she will get a cash surrender value of
P1055—but only in the second year. By any measure, this seems to
me like a big swindle.”
Our reply: Ordinary life policies
(except for single premium policies) normally earn cash value at the
end of 2nd or 3rd year. This is true for all insurance companies. It
is thus possible that a client would not be able to receive any
surrender value during the first 2-3 years or the cash value would
be small relative to the premiums paid. This is the cost of
insurance protection and other expenses to issue the policy. The
premium pricing and the cash values of all our products are approved
by the Insurance Commission.
b) You wrote: ‘Wow! And to
think that Philamlife is for all practical purposes bankrupt.”
Our reply: This is the most
derogatory statement you have made. Our official audited financial
statements submitted to the SEC and the Annual Statement submitted
to the Insurance Commission show that Philamlife is NOT bankrupt.
Philamlife has a strong balance sheet with consolidated net worth of
P49.5 billion as of December 2007.
c) You wrote: “Philamlife is
the subsidiary of the global insurance giant AIG which went bankrupt
on September 15.”
Our reply: AIG never went
bankrupt. The Federal Reserve Bank of New York provided a two-year
revolving credit facility to AIG the meet its liquidity needs.
d) You wrote: “What grates the
poor housewife is that the people at Philamlife sounded and acted
even cold, impersonal, haughty and arrogant.”
Our reply: We have begun to
investigate the matter. Right now, our initial findings show no one
could recall such an incident where a client was serviced under such
rude treatment. It would be best if the policyowner could identify
the employee she dealt with so she can be given the necessary
sanction. It is our policy to serve our clients with courtesy and to
provide them quality service.
I trust you will make the
necessary corrections in your column. Prospectively, I would implore
that responsible journalism be practiced by verifying facts first
prior to making allegations which are blatantly untrue and
incorrect.
Sincerely,
Jose L. Cuisa Jr.
President and Chief Executive Officer, PhilamLife
On Bas and Tatad articles
about HB 5403
Thanks for “Church doctrine vs.
informed choice” by Rene Q. Bas and “Retire the Reproductive
Health Bill” by Francisco S. Tatad. Both competently explain the
Christian believers’ stand against Rep. Edcel Lagman’s bill.
But my family and I are dismayed
by the other articles in your Special Report of October 12, and
articles on subsequent days. They make the false premises and claims
of the so-called pro-choice side (which is in fact pro-birth control
by all means) sound as if these are fundamental facts.
Sister P. Jenna Jones
Annapolis St., Wilsh1re Plaza
San Juan, 1500
Military
praised
It is good to know that our
military is composed of intelligent individuals. This is a fact I
got from frequently reading and watching for news that concerns our
military and their fight against the Muslim rebels.
Our soldiers know the game that
the enemy is playing. I believe evil will never prevail. To the
rebel leader who posted his video on you tube to mock the Armed
Forces of the Philippines, I wish you peace of mind. I hope he
himself will see the sufferings of his fellow Muslims.
Edilyn I. Guamos
Senior BS Biology Student, UPLB
hajile_26@yahoo.com>
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