LEGAZPI CITY – Former Central Bank Governor Jose L. Cuisia Jr, now the president and chief executive officer (CEO) of said on Tuesday that Filipinos are the heaviest taxed people in the Asian region.

        Cuisia made this statement at a press conference held after the inauguration and blessing of the new Philamlife and Philam Plans regional office at the Enterprises Bldg. located at the corner of Circumferential Road and F. Imperial St., Legazpi City.

        He complained that the life insurance industry is subject to a 5 percent premium tax. “Around the world you’ll not find any other country where the government imposes a premium tax, on life insurance,” he said. “We are subject to the basic tax, the 20 percent tax on investment income and the 32 percent in income tax,” he added.

        “In fact, around the Asian region, we are the heaviest taxed. And that’s what I told the government that: If you want to encourage savings, you have to bring down the tax rates,” the former CB chief said.

        “The reason why we’re left behind is that other countries have encouraged the people to buy insurance. In Singapore, for example, the members of the Central Provident Fund (CPF) can borrow from the CPF to buy insurance,” Cuisia said.

        “We used to be No. 2 in Asia, second only to Japan, but now we are at the tail end of the business ladder,” he reiterated.

        Jesus G. Hofileña, president of Philam Plans, Philam ife’s sister company, was also present at the press conference to answer questions on the pre-need industry.

        According to Cuisia, Philamlife and Philam Plans have combined assets of P132 billion, a net worth of over P38 billion and a total reserves of over P62 billion. “We have also P19.8 billion in trust funds deposited mostly in government securities,” he revealed.

        “In fact, we are the undisputed leader in the Life insurance industry for the last 58 years,” Cuisia said.

        Hofileña stressed that although Philam Plans is only 17 years old in the pre-need industry it ranks as the most stable. It has already garnered 32 percent of the pre-need industry shares.

        He said that Philam Plans has never entered the open-ended plan but only the fixed value plan to ensure that the students will get the money they deposited with the company for their tuition fees.

        Albay Gov. Fernando Gonzales and Legazpi City Mayor Noel Rosal welcomed the visiting business executives.