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PIA Press Release
2009/02/05

Palace assures PGMA will act on pre-need mess

Manila (5 February) -- President Gloria Macapagal-Arroyo will look into the pre-need industry mess when she comes back from the US.

Press Secretary Cerge Remonde made the assurance in a briefing in Malacanang, amid calls from legislators and plan holders for the President to step into the pre-need industry controversy.

For the meantime that the President is still abroad, Remonde said an assistance desk was set up at the Securities and Exchange Commission tasked to assist victims of pre-need companies.

Remonde said that in deciding the fate of the Securities and Exchange Commission (SEC), President Arroyo will study the agency's performance in monitoring and regulating pre-need firms in the country.

Senate President Juan Ponce Enrile said that "it is about time for the President and government start firing some people…"

Remonde stressed that the results of the initial investigations of both the Senate and House of Representatives on the scandal will be used as basis.

The PEP (Parents Empowering Parents) coalition initially went after the Yuchengco group, former owner of the Pacific Plans Inc., and filed the first of a series of charges.

The plan holders group also asked the President to implement reforms at the SEC and Bangko Sentral ng Pilipinas.

The PEP coalition also urged the President to sack SEC and BSP officials who would be found responsible for the mess.

The Press Secretary said the concerned officials should first be given the chance to fully explain their sides. (PNA) [top]

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