MANILA, Philippines – A bailout package is one of the options being considered by the government for the troubled preneed industry, Finance Secretary Margarito Teves said Tuesday.

President Gloria Macapagal-Arroyo's economic team will sit down and take up the matter to come up with possible solutions to the preneed firms' problems, he said.

"We are looking into it, by next week we might have something, we will take it up with the economic team," Teves told reporters after attending the hearing of the House ways and means committee on the increase in sin taxes.

Asked if a bailout plan is among those considered, he said "That's an option."

House Speaker Prospero Nograles said he had written Manila Rep. Jaime Lopez, chairman of the banks and financial intermediaries committee, to conduct an inquiry on the condition of the preneed industry in the country.

"Reports in various newspapers and other media indicate a lamentable total disregard of the welfare of the policy holders by the officers of Legacy plans as well as a failure of concerned regulatory agencies to undertake monitoring and other preventive measures to avert the collapse from happening," Nograles said in a statement.

"An investigation by the committee will not only help determine lawful and immediate courses of action to provide immediate assistance to policy plan holders but will also enable us to craft appropriate legislative remedial action to prevent any recurrence of this incident in the future," Nograles said.

Bayan Muna Reps. Satur Ocampo and Teodoro Casino on Monday filed House Resolution 961 to look into reports that some preneed firms might be in the red as a result of the global financial crisis.

A number of preneed firms have sought the help of the Securities and Exchange Commission to help them address the impact of the financial crisis.