BUSINESSMAN NOEL OÑATE, WHO bought the Yuchengcos out of ailing pre-need unit Pacific Plans Inc. 10 months ago, recently obtained a license from the Securities and Exchange Commission to sell memorial preneed plans.

Oñate’s Abundance Providers and Entrepreneurs Corp. or Apec—which earlier ventured into the preneed industry by acquiring Pacific Plans for P250 million—aims to generate new business out of selling memorial plans.

“In spite of the current market climate and the state of the preneed industry, Apec remains bullish about the prospects of selling memorial preneed plans because we believe in the potential of the industry. The approval by the SEC of our dealer’s license is a positive development. It shows the SEC’s faith in the viability and competence of Apec to jump-start the industry anew,” Oñate said in a statement.

Braving the troubled preneed industry, Apec has announced the implementation of a 10-point action plan to turn the company around, including a new business plan and a “conservative” approach in the management of trust fund assets.

Oñate disclosed that fresh capital had been infused into the company to ensure its continued sustainability.

“We were able to turn the company around in only 10 months. This shows our commitment as a serious player in the preneed industry,” he said.

The businessman, who was an investment banker and a founder of Asian Spirit Airlines (which he sold in 1998), vowed to rebuild whatever was left of the confidence and integrity of the preneed industry. He said it’s crucial for pre-need companies to be transparent and accountable to its plan holders.

With respect to Apec’s problematic open-ended traditional educational plans, he said: “The rehabilitation plan for traditional plan holders is still pending in the courts and Apec has no choice but to wait and abide by the decision of the courts on this matter.”