Zubiri backs crusade to clean up pre-need industry

Senate Majority Leader Juan Miguel Zubiri has called on the Bangko Sentral ng Pilipinas (BSP) and other government agencies concern to come up with a plan of action that will safeguard plan holders.

Zubiri's 100 percent support to the crusade to clean up the pre-need industry and to come up with mechanism that will defend the plan holders from "scrupulous and abusive" practice of pre-need companies was issued at the Senate committee on trade and commerce hearing chaired by Sen. Mar Roxas on Monday.

"This is a very controversial issue that has affected tens of thousands of plan holders," he said adding that even a "senator, congressman, mayor or just a hard-working individual trying to make ends meet," could be a victim of irregularities in the pre-need industry.

He revealed that even his own brother was a victim of pre-need plan, "he made investments into the pre-need industry that folded up and he lost his investments."

"I hope the government agencies can come up with a safeguard measure, [or] plan of action so this won't happen again. Because it adds to the burden of the housewife, the Filipino citizens trying to make ends meet especially in this time of financial crisis," the majority leader said.