Gov’t looking into pre-need firms’ woes
MANILA, Philippines — The government will look seriously into the concerns raised by the pre-need industry, Malacañang said Monday, after pre-need companies asked the Securities and Exchange Commission to ease regulations on booking losses and building up capital.
“The SEC and other agencies are looking into this right now and, together with our economic managers, I’m sure this will be looked into seriously by the government,” deputy presidential spokesperson Lorelei Fajardo said at a news conference at the Palace.
“At the end of the day, it’s not the pre-need companies alone that will suffer, but their plan-holders,” she said, and added that the problem could be taken up at the Cabinet meeting on Tuesday.
When asked whether the government was considering a bailout for the pre-need industry, Fajardo said, “We don’t want to pre-empt the economic managers.”
The president of the Federation of Pre-need Companies of the Philippines, Jose Miguel Vazquez, was quoted as saying in a newspaper report Monday that his group had no plans of asking government for a bailout but would not refuse one if offered.
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