PEP Coalition

We fight for truth, justice and good corporate governance!

Pacific Plans owner offers to buy plans

By Doris Dumlao
Philippine Daily Inquirer
First Posted 19:56:00 02/03/2009

MANILA, Philippines — The new owner of Pacific Plans Inc. (PPI), investment banker Noel Oñate, made on Tuesday a bold offer to redeem all the pre-need plans previously sold by the troubled company, promising to return the money to the planholders plus interest.

Oñate and officials of his Abundance Providers Investments Corp. (APIC) met planholders to discuss the buyback offer, which he said was necessary as the “first step away from acrimony and hate.”

“Our dialogue with the planholders made us realize that there are those who have an urgent need for their hard-earned money in these difficult times,” Oñate said at a meeting with planholders at the Manila Polo Club. “In response, we shall offer to planholders to buy back their plans and return what they have paid to PPI plus interest. In that way, no planholder will lose a dime of their investment paid to PPI.”

The meeting included members of the Parents Empowering Parents Coalition, some of whose members have run after the company’s former owner, the Yuchengco family.

“Our plan to turn around PPI is a work in progress,” APIC director Rita Linda Jimeno said. “This is only the first in a series of dialogues we are having with our planholders. We want them to be our partner in finding ways to turn around this company.”

Oñate said his group was committed to having an open mind not only in their dialogue but in the way the corporation would be managed. He called on the planholders to move away from a confrontational and adversarial engagement and move into a more “constructive” and “collaborative” partnership.

The Yuchengcos sold PPI, lock, stock and barrel, for P250 million in December to Oñate, who had cashed out of Asian Spirit, an airline he had co-founded.

PPI, which with about 300,000 planholders is one of the biggest pre-need companies, was hit hard by surging costs of servicing open-ended educational plans when the government liberalized tuition rates in the 1990s. Before that, the government capped tuition increases at 10 percent a year.

At the meeting Tuesday, Oñate discussed what he called the “core business principles” guiding the rehabilitation of PPI and outlined a “10-point action plan” to turn the company around.

In earlier statements, he projected a financial turnaround in two to three years.

“I am an entrepreneur and I am proud to have had some successful ventures in my career,” he said at the meetingTuesday. “From my early days as an investment banker until I started a small airline that pioneered the business model now being used by other thriving budget airlines in our country, I have always believed in thinking outside the box … I believe in looking toward the future instead of dwelling in the past.”

Oñate said he saw an opportunity when he found out that the Yuchengcos were thinking of selling the company.

“With trust assets amounting to P12.5 billion, a steady stream of corporate earnings, and a highly professional staff, I saw the intrinsic value in the company and believed that the challenges it faces can be overcome in time,” he said. “I saw the more than 300,000 planholders of Pacific Plans and its nationwide sales force of more than 10,000 committed and motivated agents as a source of its strength.”

Oñate said that under his plan of action the new management would stick to the court- approved rehabilitation plan and continue to honor legal obligations under the plan for open-ended educational plans.

“Upon the maturity of the securities comprising the trust assets covering these plans presently valued at P2.3 billion next year, APIC is committed to pay off the traditional plan holders their proportionate share in the trust assets in US dollars which is projected to appreciate in the coming months,” Oñate said.

“Traditional planholders stand to benefit from a more favorable currency exchange rate anticipated by most financial analysts,” he said.

Other components of the action plan according to APIC:

• APIC will ensure that the trust funds with present consolidated value of P12.5 Billion are prudently managed with focus on maximizing their proceeds;

• In anticipation of an improving business climate, the new management will re-engineer offerings, possibly with terms of three to five years that will allow for more effective liability-directed investment management of corporate assets. (At present, it has already discontinued the sale of products in its inventory that were priced using high hurdle rate assumptions of up to 18 percent but continued servicing them)

• In tandem with an improving economy, APIC will conduct an aggressive marketing campaign to sell new offerings and exert greater effort in pushing fixed-value educational, pension and memorial plans. New branches will be set up in the Visayas and Mindanao;

• To signify a “clean break” from the past, PPI will do business under a new name: Abundance Providers Entrepreneurs Corp. (APEC);

• APIC will explore cross-selling opportunities of other products to optimize the value of a 10,000-strong nationwide sales force;

• It will study ways to further streamline operations and generate savings on our operational costs;

• It will evaluate prospective trustees and consider transferring the trust funds (now with the Yuchengco group’s Rizal Commercial Banking Corp.) to other trustee banks;

• It will continue to infuse professional management into the company and mandate a cap on the salaries of corporate officers;

• While working on the early recovery of the company, it has vowed not to distribute any dividends to shareholders; and,

• It will work closely with regulatory agencies and the Philippine Federation of Preneed Companies (PFPCI) to address industry-wide issues and brace against the impact of the global financial crisis. With editing by INQUIRER.net

February 3, 2009 - Posted by | Philippine Newspapers/Web News | , ,

43 Comments »

  1. get you email me the contact number and address of abundance providers entrepreneurs corp.

    Comment by paul pacunayen | April 21, 2009

  2. Paul,

    I am a fixed valued educ plan holder and I have completed my payments two years ago or so. Like you, I am worried about the entire health of the pre-need industry. So, after reading the above article, I was happy and hopeful of the buy back offer. I tried to look for their contact details but to no avail. However, in one of the articles I read, there was a posting of their business address in Makati. It’s unit 2001 Peak Tower, 107 LP Leviste st. Salcedo, Makati. I went there and ask about the buyback. Well, to my surprise, there’s no such mechanics in place as of my visit. I visited their office last April1 13. I was offered 50% of my full payment only indicated our contract if we decided to terminate the plan. I said, I am not terminating and I am availing of the suppose “buy back” offer of Mr. Ornate as published in the papers. Well, they simply cant answer me. All the did was to refer me to their Customer action center with no. 816-0000. Well, again, if you plan to call that no. better sum up your patience coz it will take you quite a while before you can get a breathing human being on the other line. So, there you go. Good luck to all of us and may God have mercy on all plan holders.
    —-
    ” Do not store up for yourselves treasures on earth, where moth and rust destroy, and where THIEVES break in and STEAL. But store up for yourselves treasures in heaven, where moth and rust do not destroy, and where thieves do no break in and steal. For where your treasure is, there your heart will be also.” Matt. 6:19-21

    I’m moving on, and I am refusing to let this matter pull me down. I will stand up and I will become better !

    Howard

    Comment by Howard | April 21, 2009

  3. Paul,

    I found the number of APCI (Abundance Providers and Investments Corp.). You may try to call their claims department with tel no. 8564050 to 51.

    Hope this help. God Bless.
    —-
    In reply Jesus declared, ” I tell you the truth, no one can see the kingdom of God unless he is born again.” John 3:3

    Howard

    Comment by Howard | April 21, 2009

  4. Hi can you give me the contact numbers of pacific plans because i have an educational plans to them, i want to buy back but i have no contact numbers in their office. thank you. can you send it to my email address.

    joy

    Comment by joy cunanan | May 28, 2009

  5. 8564051-52

    Comment by Winnie Bonifacio | May 29, 2009

  6. Hi,
    I don’t understand what does it mean by buy back, pls anyone expalin it to me,

    Thanks

    Comment by joseph | May 29, 2009

  7. Where in Cebu City we can find the Abundance Providers Investments Corp. (APIC) office ? I would like to inquire if my plan is dis-enfranchise.

    Thanks a lot ….

    Comment by elmer | September 16, 2009

  8. hi,

    i would like to ask if the money we payed for the plan of my mother be give back of the company?anyone please explain to me…the plan has mature already…

    edna

    Comment by edna | September 17, 2009

  9. i was ableto read a pamplet that pep coalition distributed here in davao city when they came here to call for an assembl,in the pamplet pep distributed it was an update on the cases pepcoaliton filed and one of the update was on pacific plan, according to the pamplet pacific plan was divided into two company lifeline and examplar. lifeline handles education plan while exemplar the life insurance and memorial plans. what i’dlike to know is how can we contact exemplar? where is theirofficelocated? is there a person we can talk to who represents exemplar and if there is such a person where can we contact him? can you provide us an answer to this questions because we want to know if the memorial plans we bought from pacific will still be honored by exemplar. thank you very much and more power to pep coalition.

    Comment by jong pacanot | September 26, 2009

  10. Hello. I tried calling the number (8560450) but it said that the point is ‘… not yet available…’

    Comment by weng solamo | October 20, 2009

  11. Sorry for the typo (8560450), it should be 8564050…

    Comment by weng solamo | October 20, 2009

  12. where can we find the APIC office here in Iloilo? and if possible their contact number as well. Thanks and more power.

    Comment by imelda s azucena | November 3, 2009

  13. Iam the one member van pacific plan,i finished to pay it and now i like to refund it but how can i get my money back it is to difficult,i hope that they have a system that somebody give imformation to the members how and what documents needs,where i must bring it or send the papiers. b’coz we are living now in belgium so it is so complicated b’coz i have only 4 weeks to stay in phil.i hope you can help me for this situation.
    Thank you.

    Comment by REGINA ROELS | November 15, 2009

  14. A mountain climber has safety harness, an acrobat has safety nets. How about us parents-planholder?

    I am a father who in 1987 gave our son his birthday gift of a Pacific Educational Plan for a four-year college education. It took us quiet sometime to complete the plan through an officemate then who was the agent. It paid us back recently when we tried to avail on this – I think twice or thrice we have collected payments. Then this kind of problem surfaced. Not only with PEP but also on other company with similar “business.” Now my son is about to finish his college education, his last semester actually, and I want to avail the same. I tried searching PEP in the Internet, but I can’t locate it. I was brought to this site. I am residing in Puerto Princesa City, and going to Manila just for this purpose is not a practical one. Who can assist me on this matter?

    Comment by Celso Quiling | November 26, 2009

  15. Can anyone update us on the status of Pacific Plan pre-educ need?? My plans matured 2 year ago but my son will be needing it this coming school year (High School). How do i go about it?? Where do we inquire?? Help pls…

    Comment by marita m. fuentes | January 30, 2010

  16. I was not able to attend the meeting at Polo Club by new owners. Is there really a buy back offer if there is how do I go about it. What about the original plan of lump sum payment 1st quarter of 2010. I bought my plan 1993 and paid cash my daughter is now in college and we badly need the money for her expenses. Pls inform me of other important developments about pacific plans thanks

    Comment by Mike | February 15, 2010

  17. My brother will be entering college this year, and he holds an open-ended traditional plan that was originally mine but was later transferred to his name at a time when we were yet unaware of what was happening inside pacific plans. from what i recall, he is supposed to receive a bulk payment this year from pacific plans. will this still be the case? and how do we go about this? my family and I are very frustrated considering that my father actually spent 20 years as an agent for Pacific Plans, both he and my mother struggled to complete the full payment of our educational plans with more than your usual trust in Pacific Plans, and this is what we ended up with.

    Comment by Dianne | February 19, 2010

  18. Can anyone from PEP Coalition answer the important questions previously asked? This is as important as your campaign for 3 seats in the government. Thank you. And may the good Lord continue to bless us all victims of heartless individuals.

    Comment by cherry | March 19, 2010

  19. Pay up. May the current and future generations of the family of yuchengco shall suffer endlessly during and after their life time!

    Comment by Ditas | April 8, 2010

  20. I will be needing the rebate on the educ’l. plan of my son this school year. When are we going the receive the promised lump sum 1st quarter of 2010? (in dollar currency) One of these plans was named after my late husband, can I inquire about the documents that I need to submit to change/transfer the name in my favor? I hope I can receive a response to my inquiries. I am 62 years old and fully dependent on a pension that is so small/meager for existence. Thank you and God bless.

    Comment by Aida Sandigan-Franco | April 9, 2010

  21. Its 2010, its time to claim our rebates of an un-expensed educational plans of my daughters. Please send us message about what happened because we are hoping to claim this month. Thank you and God Bless.

    Comment by Ma.Fe E. Villamora | April 12, 2010

  22. Can u pls e-mail me your exact because i would like to personally follow up the status of my claim.This will be highly appreciated, thank u

    Comment by Lorna del Rosario | May 9, 2010

  23. Hi all,

    Like you guys I am also after any updates at all with regards to this situation. My mother bought 2 of these plans, 1 we managed to pass on to a relative and she was able to use it but the other have not been used at all until the company apparently went bust. It would be very helpful if anyone can share some information on how their claim is going and if anyone had been successful yet, if any. I will be going to Manila in a month and I hope to be able to get somewhere with this whilst there.

    Any help will be much appreciated, thank you all so much indeed.

    Comment by Gay Capistrano | June 14, 2010

  24. Is there any news yet regarding this year’s rebate with Pacific Plans? How do we go about getting the rebate?

    Comment by dianne | July 6, 2010

  25. can i still receive cash instead of availing my Pacific Educational paln?

    Comment by ALAN BARINQUE | November 2, 2010

  26. where can we find the APEC plans here in Pangasinan? can you send me there contact number? thanks

    Comment by Marites | December 15, 2010

  27. where can we find the APEC plans here in Pangasinan? can you send me there contact number? thanks

    Comment by Rayle | December 15, 2010

  28. where is your new field office(APEC) in davao city now?

    Comment by alma a. suaga | March 16, 2011

  29. Where can i claim my dad & mom life insurance (LIFETIME PLANS) this Dec 11?
    ANY OFFICES TEL NOS? in TARLAC CITY now?
    pls reply,,thank u..GOD bless!

    Comment by jocie | March 19, 2011

  30. I would like to know where to go in Manila, the address and tel number of the office of formerly Pacific Plans, INC. Can anybody help me with this info? also, how fast do you get the transactions done, for claiming the check/money? pls do help me with this info? thanks. my educ plan has been matured since 2005.

    Comment by jenn | April 9, 2011

  31. Hi . we are due to caim our pre-need plan. its fixed cash claim every semester/ Where will I go? Will I go to Pacific or what? My family expects to get this benefit, considering that we waited for 15 years for this plan to mature, and we dont have any idea about the situation of Pacific/

    Comment by Maria Liza Peraren | June 15, 2011

  32. I would like to know if someone already got the promised July 2010 Entitlement payable in US Dollars? Just read that PPI was bought by APEC and have no idea where to go or what numbers to call for any inquiries. Please do help for any information

    Comment by Robert B. Palafox | June 22, 2011

  33. My daughter will be in collage by 2013.. it just went through my mind and i remembered that i received a letter last 2009 about this plan.and i haven’t visited the office at 107 LP Leviste st. Salcedo, Makati. Are they still there?

    Appreciate your soonest reply. and thank you all for the information

    Good luck to me also😀

    Comment by Jen Pena | January 26, 2012

  34. …college i mean.

    Comment by Jen Pena | January 26, 2012

  35. I have my plan for my son and might be needing it next year any new address to inquire , new telephone number? What documents do they need?

    Comment by Regina | September 16, 2013

  36. Have you checked the APEC website? http://www.apecplans.com/
    Will they be able to answer our inquiries about PEP?

    Comment by xn | January 15, 2014

  37. hi! my educational plan matures this december 15, 2014 how can I claim it? who can assist me and what will i do? hoping for your response. thanks!

    Comment by ginabel kapunan | December 12, 2014

  38. my husband has a paid memorial plan, where can we find your manila office?????

    Comment by Rosalinda J. Espiritu | April 23, 2015

  39. I have eduplans w/Pacific/ APEC that matured last feb. 2015,another one is to mature in aug. 2016. I went to APEC office last Feb. 2015 for the availment but i was informed that they are still waiting for the decision of the court (Makati RTC Br. 61) on their rehab plan. I was not informed that the APEC is under rehab. Our plans, were paid thru our hard-earned money. I sent an email last 8/11/2015 & they replied that there is already a decision & would just wait for their letter. Anyone here knows if a court decision is already out? And what was the decision of the court on our investments?

    Comment by Jessamyn Espiritu | August 18, 2015

  40. WhaT is the company name of lifetime plans, inc…..adresss…contact number

    Comment by precy matawaran | September 5, 2015

  41. what is the new company name of Lifetime Plans, Inc.? ….current address? ….contact number?

    Comment by precy matawaran | September 5, 2015

  42. How come they offer me 4000 + only, I thought they will return the money of the plan holder paid plus the interest. I paid a total premium of 90,000+ and will mature on 2018. Where is the justice here. I have an autistic child and the need for his therapy is very expensive.

    Comment by Teresa Zhang | May 23, 2016

  43. my auntie had a certificate of full payment in LIFETIME plans inc.she is already 83 years old if ever she died how can i claim this Plan Agreement? and what will i do?pls…
    response my concern. thanks!

    Comment by Princess Rada Buenaventura | May 28, 2016


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