SEC approves Eternal Plan's P3.7-B offering

The Securities and Exchange Commission has given a seal of good housekeeping to one of the top pre-need companies in the country.

After a thorough review of its assets and trust fund management, the SEC gave authority to Eternal Plans Inc., to sell to the public an additional P3.7 billion worth of education, life, pension and other pre-need plans.

The authorization was contained in a series of certificates of permit to offer securities for sale issued to Eternal Plans Inc. by Adelfa A. Villegas, head of the ad hoc pre-need group of the SEC.

The SEC approved the registration and licensing by Eternal Plans Inc. of an additional P1.3 billion worth of fixed value education plans, P1.3 billion worth of fixed value life plans, P1 billion worth of fixed value pension plans, and P100 million worth of life plans with cremation, for a total of P3.7 billion pre-need plans.

Industry sources said Eternal Plans Inc. is one of the very few pre-need firms in the country that has consistently passed the intense scrutiny of the SEC.

The Filipino-owned pre-need company is headed by Col. Antonio L. Cabangon Chua, president and chairman; Domingo R. Almoninia Jr., executive vice president and general manager; D. Antoinette C. Jacinto, treasurer; Roberto C. Navata, senior vice president for sales; and Guillermo P. Banes, senior vice president for marketing.

Last year, only Eternal Plans and 11 other pre-need companies out of more than a hundred pre-need firms were issued additional certificates of permit to offer securities for sale by the SEC.