Just before I leave off for work, I would like to make this public request to SEC Chairman Fe Barin to immediately convene a meeting among stakeholders of distressed pre-need companies like Prudentialife, Permanent and others.
By stakeholders, I mean the owners or stockholders like Mr. Jose Alberto T. Alba of Prudentialife Plans, the officers and employees of these companies, the hundreds of thousands of planholders who have invested their lives' savings in buying these pre-need plans, the SEC, the media and whoever else is interested in bringing sanity to the pre-need industry.
Planholders in particular would like to see the companies where they've invested so much money get up again and resume near-normal operations. We won't have a chance to do that if the SEC will not open the forum or venue for the stakeholders to come together and discuss how they can protect their own respective interests. The owners like Mr. Alba should come up with hard facts not soothing promises.
We cannot allow a situation wherein only the SEC and the company owners know what's really going on. Public interest requires that planholders be given the same information that, at the moment, only the regulators and the owners know. The debacles at CAP, Pacific and Legacy should not be allowed to happen again! Even here, the TRINA Benchmark should apply.
If Chairman Barin and the other SEC Commissioners cannot, or will not do this, then they should all really step down from their posts as strongly suggested by Senate President Juan Ponce Enrile.
Planholders, don't lose hope! God is in control!
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More on this when I return.