My grandmother GLORIA from my mother's side, has a big influence in my life, and even now that she is gone for almost twenty years, her memory, her words, and her values lives within me - so clear, so vivid. I hate Accounting, and I told her I won't pass the qualifying examination, she told me to just take the test and if you pass, then take the course. That is why I have a degree in Accounting.
Almost everyday of my first eighteen years, I witnessed how she valued education that much. She encouraged her children to be serious with their studies, supported them all the way, and even borrowed money to pay their tuitions fees. She did the same to me, being the eldest of her grandchildren. She would do anything just to put us in school. (In the Philippines, even though you attend a public school, you need to pay a minimal amount for tuition fee every month, and you need to pay for your food and buy your own books.)
True enough my grandmother was right, "it doesn't matter if you are poor, if you are educated, things will be easier for you" her encouragement, worked for me. Education became my priority too. Pursued graduate school, took several short courses (I still am taking one at present) and like her we (my husband and I) are trying our best to share the same value with our children.
An advocate of education, and coming from a poor family, I do not want my children to experience the hardships I went through. To my mind, I'll iron-out everything so that the passage to their dreams will be smooth and easy.
At age six, my eldest already had a fullpaid college plan for an exclusive University in Manila. So what's the twist? the plan was acquired from College Assurance Plan of the Philippines or CAP, as this company is popularly known there. It is an all filipino investment, used to be a symbol of financial security for more than a decade, but now famous for dashing hopes of parents like me, unable to fulfill their obligation due to mismanagement. The company recently received an eight year rehabilitation status from the SEC and aims to settle the obligations with their creditors first and deal with the poor subscribers like us later.
What does this mean? A filipino family's dream of sending their children to college with the invested money is stashed. Schools are no longer accepting CAP's postdated checks, parents are now borrowing from friends, from creditors who are taking advantage of their situation and charging them big interests for the borrowed money. What about the future scholars? like my son who still have six years before College? What about the hard-earned money we put aside for this plan? Isn't it not fair that this money, at least at subscription value, will not be returned to us?
Who are affected? in Cavite alone where I came from, most subscribers are my friends, colleagues at work who believes that education is so important, it will pave the way for our children's success in life. Responsible parents who prepared and set aside funds for the brighter future of their children. What now, blame the parents for wrong choice of company? Of not studying the company well enough before investing? But unless you are an insider, who knows the real thing - you couldn't tell. Accountants (we) call it window dressing - an accounting practice which understate liabilities and tend to present a better financial picture than the actual standing. Some preneed companies seemed to be good at doing this.
We are now in the US, we have new hopes, keep the children intact and on track with their dreams and the good old US and the private sector will be able to help them - study now pay later, grants, scholarships, a lot of options. Good and hardworking students have better chances here than in the Philippines. With or without CAP, our hopes are high. Although at the back of my mind, I still hope that one creditor of CAP will take over and fulfill the company's obligations, that would be a miracle. For now, it's goodbye $$$ for us...
Almost everyday of my first eighteen years, I witnessed how she valued education that much. She encouraged her children to be serious with their studies, supported them all the way, and even borrowed money to pay their tuitions fees. She did the same to me, being the eldest of her grandchildren. She would do anything just to put us in school. (In the Philippines, even though you attend a public school, you need to pay a minimal amount for tuition fee every month, and you need to pay for your food and buy your own books.)
True enough my grandmother was right, "it doesn't matter if you are poor, if you are educated, things will be easier for you" her encouragement, worked for me. Education became my priority too. Pursued graduate school, took several short courses (I still am taking one at present) and like her we (my husband and I) are trying our best to share the same value with our children.
An advocate of education, and coming from a poor family, I do not want my children to experience the hardships I went through. To my mind, I'll iron-out everything so that the passage to their dreams will be smooth and easy.
At age six, my eldest already had a fullpaid college plan for an exclusive University in Manila. So what's the twist? the plan was acquired from College Assurance Plan of the Philippines or CAP, as this company is popularly known there. It is an all filipino investment, used to be a symbol of financial security for more than a decade, but now famous for dashing hopes of parents like me, unable to fulfill their obligation due to mismanagement. The company recently received an eight year rehabilitation status from the SEC and aims to settle the obligations with their creditors first and deal with the poor subscribers like us later.
What does this mean? A filipino family's dream of sending their children to college with the invested money is stashed. Schools are no longer accepting CAP's postdated checks, parents are now borrowing from friends, from creditors who are taking advantage of their situation and charging them big interests for the borrowed money. What about the future scholars? like my son who still have six years before College? What about the hard-earned money we put aside for this plan? Isn't it not fair that this money, at least at subscription value, will not be returned to us?
Who are affected? in Cavite alone where I came from, most subscribers are my friends, colleagues at work who believes that education is so important, it will pave the way for our children's success in life. Responsible parents who prepared and set aside funds for the brighter future of their children. What now, blame the parents for wrong choice of company? Of not studying the company well enough before investing? But unless you are an insider, who knows the real thing - you couldn't tell. Accountants (we) call it window dressing - an accounting practice which understate liabilities and tend to present a better financial picture than the actual standing. Some preneed companies seemed to be good at doing this.
We are now in the US, we have new hopes, keep the children intact and on track with their dreams and the good old US and the private sector will be able to help them - study now pay later, grants, scholarships, a lot of options. Good and hardworking students have better chances here than in the Philippines. With or without CAP, our hopes are high. Although at the back of my mind, I still hope that one creditor of CAP will take over and fulfill the company's obligations, that would be a miracle. For now, it's goodbye $$$ for us...
If you are planning for a year, sow rice; if you are planning for a decade, plant trees; if you are planning for a lifetime, educate people. Chinese Proverb
Postcript: Snaps to Abraham and Lemuel, for their good grades this semester. Double snap for Lemuel who made it to the GATE (Gifted and Talented Education) Class.
Click Here To Write Me
2 comments:
Congratulations to Lemuel, from Tita Debbie! See Zarah, I told he would make it. Masyado ka lang nerbyosa....hehehe
Post a Comment