Pacific Plans owner warned vs mediocre treatment of victims

MANILA, Philippines - The Securities and Exchange Commission (SEC) has cautioned the new owner of pre-need firm Pacific Plans against treating victims of the old management as “second-class citizens." SEC chairwoman Fe Barin said Noel Oñate's Abundance Providers Investments Corp. should give the victims the same treatment as his firm's new customers. He (Oñate) should not give the victims who accepted his offer lesser rights than the new customers, she said in an interview on dzXL radio. Oñate's firm earlier offered victims of the old Pacific Plans pre-need mess a buy-back offer that included a 15-percent yearly interest. The Parents Enabling Parents Coalition said its members are still studying the offer. "If there are any offers from him it is up to the plan holders to accept that," Barin said. Meanwhile, Barin said they continue to monitor the trust funds of other troubled pre-need firms and make sure they rehabilitate properly. She also said they want to make sure the firms set up trust funds to pay the victimized plan holders. - GMANews.TV