4 more pre-need companies on brink of collapse

MANILA, Philippines – Four more pre-need companies are on the verge of collapse, one of which was already paying off plan holders with medicine and cooking gas because it no longer had funds to deliver the promised benefits.

Securities and Exchange Commission chair Fe Barin and Jose Aquino, SEC director of the Non-Traditional Securities and Instruments Department, identified one of the beleaguered firms as Pryce Plans Inc. that could no longer meet its obligations to plan holders and started giving away medicine and cooking gas.

During the resumption of the Senate public hearing on the pre-need industry, Barin and Philip Piccio, president of Parents Enabling Parents Coalition, each said the other should identify the pre-need companies in trouble.[Read full article...]

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