Former airline owner acquires preneed Pacific Plans Inc.

MANILA, Philippines - A former airline owner has acquired Pacific Plans Inc., a preneed company that has secured court approval to temporarily stop paying debts. Businessman Noel Oñate, who used to own Asian Spirit, paid P250 million to acquire the preneed company under a share purchase agreement with the Yuchengco Group, the company’s former owner. New stockholders will rename the company as Abundance Providers and Investments Corp. (APIC). Its new offices will be at the 19th and 21st floors of PEAK Tower at 107 Leviste St., Salcedo Village, Makati. Oñate sees an “opportunity" in acquiring Pacific Plans, Rita Linda Jimeno, an APIC shareholder, said in a phone interview. "We met this morning with SEC (Securities and Exchange Commission) chairperson Fe Barin and she was optimistic. She said that planholders ‘can't be worse off,’" Jimeno said. New owners plan to meet with the existing planholders to assure them of their commitment to honor the plans, Jimeno added. "There will be no stop of benefits and we will follow the court-approved rehabilitation and comply with the court's order," Jimeno said. Besides Oñate and Jimeno, other APIC shareholders are Carlotta Montinola, Rodolfo Serrano Jr., and Ronaldo Geron. After establishing Asian Spirit Airlines in 1995, Oñate was able to grow the company’s two-plane fleet and later sold the airline to what is now Zest Air for P1 billion. Oñate is a graduate of the Ateneo de Manila University and started his career with Metropolitan Bank and Trust Co. He later became director of Philippine National Oil Co., Citra Metro Manila Tollways Corp., and Summit Realty Corp. - GMANews.TV