Will Philam Be Affected?

Yesterday my colleagues and I talked about the Lehman Brothers bankruptcy, and since AIG was into the picture, one commented... "So, do I still pay my balance in my AIG Card and should I check other international credit cards to replace it?"

Of course, it was a joke, but the issue itself is no joke. Fears of this shaking the Finance world down to its core have not yet disappeared, and a lot of people (like me) are wondering how exposed are the banks (local and international) and the insurance companies where they got policies. I immediately sent a text message to my Philam agent, and it seems to me that the reply, though looks sincerely, was a generic one.

"Your policy is safe. While we are under the AIG umbrella, Philamlife has independent operations. We are governed/monitored by the Insurance Commission and no asset will be dissipated.... the fund you put your money has no offshore investments... We just want to assure you that Philamlife is very much stable and that ON ITS OWN has more than enough reserve funds to cover/meet all its future obligations."

I seriously hope so. That's big moolah (at least for me), you know.