MANILA, Philippines - Abundance Providers and Entrepreneurs Corp. (APEC), owned by investment banker and Asian Spirit Airlines co-founder Noel Oñate, was given a new lease on life by the Securities and Exchange Commission (SEC) with the issuance of a dealers license.
The license, valid Nov. 18 to Dec. 31, 2009, allows APEC to sell memorial pre-need plans. The SEC issues new licenses to pre-need firms every year.
The SEC, however, said the issuance of the license is only “permissive and does not constitute a recommendation or endorsement. APEC, formerly Pacific Plans Inc., applied for corporate rehabilitation early this year owing to tight liquidity problems.
Oñate acquired the pre-need firm from the Yuchengco family in January and has since implemented a 10-point action plan to get the pre-need firm back on its feet again.
The 10-point program includes the implementation by a credible and competent corporate team of an effective business plan and a conservative approach in the management of trust fund assets. Fresh capital has also been infused into the company to ensure its continued operations.
“In spite of the current market climate and the state of the pre-need industry, APEC remains bullish about the prospects of selling memorial pre-need plans because we believe in the potential of the industry. The approval by the SEC of our dealer’s license is indeed a positive development and shows the SEC’s faith in the viability and competence of APEC to jump start the industry anew,” Oñate said.
“We were able to turn the company around in only 10 months. This shows our commitment as a serious player in the pre-need industry,” Oñate added.
Oñate disclosed that “the rehabilitation plan for traditional planholders is still pending in the courts and APEC is left with no choice but to wait and abide by the decision of the courts on this matter.”
Based on earlier filings with the SEC and the local court, APEC intends to conduct an aggressive marketing campaign to sell new offerings and push its fixed-value educational, pension and memorial plans. To support this move, the company will put up new branch offices in Visayas and Mindanao. – With Jose Rodel Clapano