Planholders welcome new PPI owner’s strategy
Feb. 5, 2009
Planholders of Pacific Plans Inc. (PPI) warmly received the business plan and action plans presented by new owner Noel Onate, pointing out that it places them in better footing than planholders of other pre-need firms that have folded up.
“We are happy to have heard from Mr. Onate that he intends to comply with the company’s obligations and he presented a good strategy for the company’s turnaround under his 10 point plan,” said Dave Diwa, chairman of Coordinating Alliance for Reform and Empowerment in the Pre-need Industry or CARE.
Diwa said Onate’s offer of a buyback is welcome and he is glad that this will help planholder recover their investments. “This is definitely better than what’s happening with Legacy since this is a commitment to pay back planholders,” he said.
CARE is a group composed mainly of small planholders and supports the firm’s rehabilitation plan. He said he is glad that Onate has committed to comply with his obligations under the rehabilitation plan.
“We are pinning our hopes on Mr. Onate. We saw the light at the end of the tunnel because of him,” said planholder Luz de Leon who noted Onate’s “sincerity and passion to uplift the planholders.”
She said they now have peace of mind because of the assurances of Onate and after seeing his vision for the company as contained in his 10 point plan.
Meanwhile, Securities and Exchange Commission chairperson Fe Barin said the commission will not stand in the way of Onate’s offer to buy back the plans with interest since the sale contract is between PPI and the planholders.
“As long as it does not place the planholders in a lesser situation than before the sale. Its up to the planholders to accept the offer,” she said in a radio interview yesterday.
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