Application for Price Increase

April 29, 2002 SEC MEMORANDUM CIRCULAR NO. 03-02 TO : All Pre-need Plan Issuers RE : Application for Price Increase Application for price increase shall be filed with the following documents: 1. Petition; 2. Sworn Certification of a SEC accredited actuary following prescribed format: a. that there are no changes in assumptions and plan benefits and with no trust fund violations; or b. that there are changes in actuarial assumptions for which an actuarial study is submitted with the application and no trust fund violations; 3. New Price Schedule; 4. Filing fee equivalent to 1/10 of 1% of the difference in the increase in price from previous price times the number of unsold plans. If all requirements are complete, the same shall be accepted and an Order approving the new price shall be prepared within the day. IcDCaT Such Order shall be published by the issuer once in a newspaper of general circulation. For immediate compliance. EDSA City of Mandaluyong, Metro Manila, Philippines April 29, 2002 (SGD.) LILIA R. BAUTISTA Chairperson CERTIFICATION I, (name of actuary), do hereby certify that: 1. The price increase for (name of pre-need plan, with the appropriate identifying numbers or codes), previously approved on (date of approval), was computed using the same formulas, but with revised assumptions only in the following factors: 2. The above-mentioned assumptions used in the actuarial study for revising the pricing are, in my opinion, justified by current conditions and appropriate to future conditions. 3. I have reviewed the provisions of the plan agreement describing the benefits and the guarantees, and declare herewith that such provisions are the same with the previously approved plan agreement and have been considered in the pricing. 4. The actuarial formulations used for the revised pricing are the same with the formulations used in the original pricing and are in compliance with regulatory requirements. 5. The rates of deposits to the trust fund not less than the minimum deposit rates required under the rules of the SEC, and the resulting trust fund contributions are sufficient to pay all benefits and guarantees described in the plan. 6. All insurance benefits included in the plan agreement are covered under appropriate insurance contracts, approved by the Insurance Commission, and issued by (a) duly licensed insurance carrier (s). 7. I have followed the guidelines and standards of the Actuarial Society of the Philippines, and I have adhered to generally accepted actuarial principles and practices where no guidelines or standards from the Actuarial Society of the Philippines are applicable _____________________ Actuary/Consulting Actuary SEC Accreditation No. _____ Issued on: _______________ PTR No. : _______________ Issued At: _______________ Date : __________________ REPUBLIC OF THE PHILIPPINES ) City of _______________________ ) s.s. Subscribed and sworn to me before this _______ day of __________, 2002, at ___________ . Affiant exhibited to me his/her Community Tax Certificate No __________ issued on ___________ at _____________ . Doc. No. _______ : Page No. _______ : Book No. _______ : Series of 2002