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Pre-need plan victims to pursue case despite buy-back offer


MANILA, Philippines - Parents victimized by a pre-need meltdown mess are keeping their options open on a buy-back offer from the new owner of pre-need firm Pacific Plans. But Parents Enabling Parents (PEP) Coalition president Philip Piccio said Wednesday they are still bent on pursuing charges against the Yuchengcos, the company’s previous owners. "On Mr. Oñate's side, ayaw namin agad husgahan [We don't want to judge Noel Oñate at this time], Piccio said in an interview on dzBB radio. He said his group will hold meetings to see if they will accept an offer from Oñate's Abundance Providers Investments Corp. to buy back their plans at 15% yearly interest. But he admitted accepting the offer may weaken their case against the old owners of Pacific Plans. So far no one from our group has accepted the offer. It is likely they are thinking about it, he said. Piccio also admitted the hard times will likely lead some members to accept the offer, saying a 15% interest per year appears attractive. While Piccio said he will not likely accept the offer as he wants to pursue charges against the Yuchengcos, he will not take it against PEP Coalition members who do. But he said the sale of Pacific Plans to Oñate's firm does not absolve the Yuchengcos of liability. PEP Coalition members had lodged estafa charges against the Yuchengcos. He added that in his case, his child who should have benefited from the plan since 2005 is already a graduate. At least 34,000 out of Pacific Plans' 300,000 plan holders are victims of the pre-need mess who had been offered a buy-back plan by the new owner. - GMANews.TV
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