The Pentagon Was Shocked At What President Trump Told President Duterte

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U.S. President Donald Trump called Philippine President Rodrigo Duterte on April 29, 2017 and their conversation revolved around the problem with North Korea and with Kim Jong Un's nuclear ambition.

Pentagon officials however are in shock after a transcript of their conversation was released on May 23, 2017. Pentagon officials are very careful about discussing the movement of their submarines as is it their military's belief that their stealth is the key to their mission.

In their conversation, President Trump told President Duterte that the U.S. has two nuclear submarines in the area. Trump said: "We have two submarines -- the best in the world -- we have two nuclear submarines -- no that we want to use them at all."


They also talked about China and how China is the key to keeping North Korea in check. Duterte said he will call China's President Xi Jinping. Duterte told Trump: "I will try to make a call to President Xi Jinping and I will try to tell him if …

PPI collapse dashes dreams of 245,000 policyholders

(First of three parts)

“It was just too much to bear,” said Edna Roxas, a 45-year-old mother of two, upon hearing the bad news that Prudentialife Plans Inc. (PPI) had collapsed.

Roxas, who worked as a midwife in Libya from 1991 to 2001 so she could send her daughter and son to college, said she had spent nearly P400,000 over a five-year period during her overseas employment to pay premiums for two educational plans she had bought for them.
“I did not mind going to the Middle East and working in long-hour shifts because I wanted to support my children and make sure they go to college,” Roxas told the Inquirer. Her job, she recalled, would often require her to work 24 hours.

What she thought was a valuable investment proved to be good in helping pay the tuition of her daughter only for the first year in college. Her son, who would be in college next year, will never benefit from the educational plan.

Minerva Lubong, 61, who owns an eatery in Nueva Vizcaya province, expressed shock upon learning that PPI was in liquidation. She helped her husband, Abraham, who works as a farmer, pay for a pension plan bought from the preneed firm.

The couple had banked on the preneed policy to help support them in old age.

“We were told that buying a pension plan was a good investment. It turned out we lost money because of what happened to PPI. It is difficult to accept that we just lost our money that way,” Minerva said in Filipino.

The Lubongs paid a total of P84,900 from 2002 to 2006 as premiums for the pension plan, which was supposed to have matured last year. Under the preneed policy, which was in her husband’s name, they were supposed to get P100,000 in benefits last year and P100,000 in 2017.

245,000 plan holders

Roxas and Lubong were just two of some 245,000 plan holders who suffered losses from the collapse of PPI.

Under the terms of liquidation of the company, policyholders will be reimbursed the amount they spent for premiums but with huge cuts.

According to the Insurance Commission (IC), payments shall be done in two installments. The first covers the recovery of PPI’s liquid assets (cash), while the second covers nonliquid assets, mainly investments in securities.

Under the first installment, holders of PPI education plans shall get back only 19 percent of their total contributions; holders of pension plans, 40 percent; and those of memorial plans, 80 percent.

This means that an educational plan holder who paid P100,000 in premiums but did not receive benefits before PPI’s collapse will recover only P19,000.

A pension plan holder, who paid the same amount and did not receive benefits, ought to get P40,000, and a memorial plan holder, P80,000.


Read more: http://newsinfo.inquirer.net/488207/ppi-collapse-dashes-dreams-of-245000-policyholders#ixzz2f2TSfCsK

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