Bilyonaryo - Business

‘Di nalugi! First Union Plans folding up ‘voluntarily’

March 30, 2023

Bilyonaryo.com

The cessation of First Union Plans Inc.’s (FUPI) operations was caused by a shift in the Union Bank of the Philippines’ “strategic direction” and not bankruptcy, the Aboitiz-led lender clarified Thursday (March 30).

In a statement, Union Bank said all of FUPI’s policyholders were fully paid prior to the announcement that the preneed firm was folding up.

Another preneed firm bites the dust: Aboitiz-owned First Union Plans goes bust

“Contrary to insinuations that it went bankrupt, FUPI decided to voluntarily return its license given its many years of inactivity since the Bank’s change in strategic direction for this business unit eight years ago,” the bank said.

“The public can rest assured that before undertaking this process, all FUPI plan holders were paid in full,” Union Bank added.

FUPI, a provider of education and pension plans, announced Wednesday (March 29) that it will be “voluntarily cease and withdraw its preneed business” after more than two decades of operation.

The firm’s president, Romeo Kagalingan, said the company has submitted an application for cessation of sales and cancellation of registration of all its pre-need plans to the Insurance Commission for approval.

Related News Tags: Aboitiz, First Union Plans Inc, Union Bank of the Philippines

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