INTRODUCTION
I am delighted to join you this evening as you mark two milestones — the 15th anniversary of the College Assurance Plan (CAP) and the 13th anniversary of the CAP Pension Corporation.
These two corporations are pioneers in the pre-need industry and leaders in their respective sectors.
Let me offer you my heartfelt congratulations for these enviable achievements, and my good wishes for you to continue to hold fast to your well-deserved standing as pathfinders and pacesetters.
These two companies have significantly contributed in building the pre-need industry to what it is today — a multi-billion business helping to secure the future of our countrymen and the growth of our economy.
Indeed, the scope of the industry today is very impressive: a total of 89 pre-need companies with an average annual sales of p8 billion, gross collections of over p2 billion and a combined trust fund of over p5 billion.
The industry employs at least 7,000 individuals and provides livelihood to a sales force of about 150,000 receiving some p600 million a year in salaries, commissions and bonuses. Thus, the industry supports over 600,000 family members.
The industry also pays a substantial amount of taxes to the government that we in turn channel to various development projects.
I have been informed that our neighbors in the ASEAN region are interested in what we are doing here in the pre-need industry. I urge you to continue to maintain the lead so that we will soon be exporting an industry that is truly Filipino.
GOVERNMENT REGULATION
Government recognizes the pre-need industry as a legitimate business activity. In fact, the industry can be regarded as having the same stature as the other reputable industries like banking, investment, insurance and others.
The SEC has strengthened the industry through its supervision. It has formulated rules and procedures governing its operations, providing the industry the much-needed guidance and direction during its formative years.
I believe that the pre-need industry must be strengthened further by providing it with a code of its own.
The leaders of both chambers of congress have recognized the necessity for the enactment of a Pre-Need Securities Code. I am optimistic that the new code will be among the first to be passed when the new Congress convenes in July this year.
PROSPECTS FOR THE FUTURE
Our country at this time faces its best prospect for sustained development in almost two decades.
We have achieved an unprecedented economic breakthrough last year that has catapulted us from being the perennial underachiever into a nation that is finally proving its worth.
Knowledgeable observers have tagged the Philippines as the biggest turnaround story in 1994, and in response, we confidently say to them, “We are just takin’ off, you ain’t seen nothin’ yet!” — we are determined to do even better this year by posting a 6.5 percent economic growth.
I am confident that we can do this, knowing the big strides we have taken in the past two years in overcoming seemingly insurmountable problems. We have put our house in order, cleared the energy crisis, resolved the various strifes in our land and ushered in enhanced political stability, put in place correct economic policies, assured quality education for the young and restored faith and optimism among our people.
Our vision of “Philippines 2000!!!” requires that we do not falter in our development efforts, to work even harder and accomplish more, and to further tighten our unity. In this our quest for a better tomorrow for ourselves and our children, we need everybody’s help, we need every Filipino to do his best in whatever task that is before him.
CLOSING
You are the cream of the crop of the pre-need industry in our country. You have greatly contributed to its growth for the past decade and a half since the birth of the college assurance plan.
I say to you do more. Intensify the spirit that motivated you to be number one. Kaya natin ito!
Once again, my congratulations and best wishes.
Mabuhay “Philippines 2000!!!”
Maraming salamat po.