ROXAS VOWS SAFEGUARDS FOR PLANHOLDERS
IN FINAL PRE-NEED CODE

Liberal President Senator Mar Roxas today vowed to push for the interests of pre-need planholders over industry players in the final version of the Pre-Need Code, which will soon be under congressional bicameral deliberations.

Roxas, chairman of the Senate trade and commerce committee, said he would frontload consumer rights and give priority to the viability of the industry when the bicameral conference committee begins reconciling the differing versions of the bill passed by the Senate and the House of Representatives.

The Senate approved the proposed Pre-Need Code of the Philippines on June 11 last year. The House approved its own version only last August 12. No date has been set for the bicameral meetings.

"Babantayan ko ang kapakanan ng ating mga kababayan sa magiging deliberasyon ng Kongreso para sa pinal na bersyon ng Pre-Need Code. Mahalagang ayusin natin ang kinabukasan ng industriyang ito nang hindi isinasakripisyo ang interes ng mamimili (I will look out for the interest of the consumers in our deliberations. It is important to protect the future of the industry without sacrificing the consumers' own future)," Roxas said.

He stressed the need for the adequate protection and security of consumers by way of a restructured trust fund mechanism; and for pre-need companies to be subject to strict disclosure requirements, including the disclosing of risks associated with buying pre-need plans.

"Kailangang ayusin natin ang industriya. Kawawa naman ang ating mga kababayang naging biktima ng mga manggantsong katulad ni Celso de los Angeles at ng Phil Asia. Naglahong parang bula ang kanilang mga pinaghirapang ipon ng daan-libong pamilya (We need to fix the industry. I pity those who were scammed by the likes of Celso de los Angeles into losing savings meant to ensure their family's future)," the Visayan senator said.