New Pacific Plans owner assures smooth transition

MANILA, Philippines- The new owner of Pacific Plans Inc., which is under court rehabilitation, assured planholders that there will be smooth takeover of the preneed firm. A transition committee and program have been set up for this purpose. In a statement, Liwayway Gener, Pacific Plans executive vice president said there will be no disruption in the operations of the company and in the servicing of its present planholders. "The sale will have no effect on the existing rehabilitation of [Pacific Plans]. The sale only meant a change in the shareholding. There is no diminution in the corporate or trust fund assets," Gener said. Meanwhile businessman Noel Oñate of Abundance Providers and Investment Corp. has also informed the court-appointed rehabilitation receiver of Pacific Plans that he is immediately taking over management of the preneed firm. Oñate has earlier met with Securities and Exchange Commission chairperson Fe Barin to formally inform her of the change in ownership of the preneed company. Oñate was one of the three partners who established Asian Spirit Airlines in 1995 and recently reportedly sold it for P1 billion "With our fresh perspective and focus, we will work with our plan holders initially to ride out the present economic challenges and then further gain strength and momentum moving forward," Oñate said. He added that he remains confident that the preneed company will be able to turn around its ailing finances as the global financial markets correct over time. Oñate said the new owners will follow the rehabilitation plan for Pacific Plans and that planholders will continue to be served by existing branches nationwide. Rita Linda Jimeno, APIC director, also earlier said the new owners will be meeting with existing planholders. She said they are preparing notification letters for planholders. "I hope that they will give us a chance first before they react negatively about the deal," she said. GMANews.TV