The recent decision of the US government’s bailout ot AIG is perhaps the most sensible action that the Bush administration has made relative to the Lehman Brother’s financial fiasco. The bail out has temporarily calmed down the apprehensive AIG clients worldwide.
In the Philippines, thousands of worried clients of AIG’s local affililiate/subsidiary Philiamlife, have expressed apprehension about the ability of AIG Philippines operations to respond to customers’ adverse actions in relation the the rumored questionable financial conditon of one of the of the biggest insurer in the world. Hence the bail out anouncement is a welcome development.
The local management of AIG affiliate represented by Mr. Jose Cuisia explained that Philamlife is adequately capitalized and and there is no reason for its clients to panic. The Philippine Insurance Commissioner, Mr. Eduardo Malinis, was quoted as saying that Philamlife is the largest insurance company in the Philippines and has the strongest balance sheet in the industry.
As a result of the recent bail out by the US government of AIG, its affiliates and subsidiaries around the world including the Philippines, the thousands and perhaps millions of its clients worldwide can sleep well knowing that their investments are safe, at least, for now.