CIB annuity holders were overlooked
MR Howai's shockingly blasé reply to Jessie-May Ventour's question seeking clarification for clients of CIB on the post-Budget Forum aired on CNMG, formed the impetus for this letter.
It was with dismay that I absorbed Mr Howai's response that he'd look into CIB after the CLICO matter was settled and that with $20 billion already being allocated it was unlikely that there would be any additional injection of funds.
Mr Finance Minister, for your information, Clico Investment Bank was also a part of the CLICO collapse. Further, there is a Board of Inland Revenue-approved policy aptly named, it seemed to me, US$ Secure Retirement, which for many years I've used as a tax deductible when filing my income tax returns. So a Central Bank-approved financial product registered with the BIR, similar to the Investment Note Certificates or INCs (which the court has ordered the state to pay) has now been dismissed by Mr Howai, who in essence has rewarded the nine and 11-per-centers who bought risky EPA investments but penalised working class people like me who bought into supposedly safe annuity products.
As I know it, pensions are not risk investments and ought not to be treated as such and I am certain that it is illegal for the receiver, DIC, to bundle these policies into customary receivership practices.
In light of this, a plea is being made that you delve into CIB's products and immediately offer relief to the holders of the US$ Secure Retirement Policy.