New Pacific Plans owner gets federation board seat
The Manila Times
Jan. 28, 2009
AFTER acquiring Yuchengco group’s ailing Pacific Plans Inc., businessman Noel Oñate was elected into the board of the Philippine Federation of Pre-need Plan Companies on Tuesday.
Oñate, whose Abundance Providers and Investments Corp. recently bought Pacific Plans, was elected during the federation’s board elections and replaced Maribel Obidos.
In a statement, Oñate vowed to do whatever he can to help the industry get back on its feet in these trying times as the preneed industry undergoes a crisis.
The preneed industry is currently reeling from the effects of the global financial crisis that led to massive reductions in preneed firms’ capital and trust funds, leaving some firms on the brink of collapse.
Despite the crisis, Oñate said the industry remains resilient and a potential lucrative business if given the opportunity to re-engineer its offerings and operations.
In a related development, Oñate appointed Ronaldo Geron, as a new legal counsel to represent Pacific Plans in the rehabilitation court.
The new owner said Pacific Plans can recover with a good business plan, an improvement of the global financial market over time and good conservative management of the trust fund assets.
In addition, the company will bounce back with proactive planholder management, which invites and encourages dialogue and participation in company initiatives that would redound to the health of both the company and the stakeholders it serves.
— Chino S. Leyco
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