SEC allows Eternal Gardens to sell P500-M life plans

The Securities and Exchange Commission (SEC) has authorized pre-need firm Eternal Plans Inc. to sell to the public P500-million worth of fixed value memorial life plans.

The authorization is contained in an order issued recently by the SEC’s Non-Traditional Securities and Instruments Department approving the registration and licensing by EPI of the additional pre-need plan offering.

The order, dated April 4, is signed by Emilio B. Aquino, director of the Non-Traditional Securities and Instruments Department.

The SEC gave the go-signal for Eternals Plans to sell additional life plans worth P500 million after a thorough review of its assets and trust funds management record, Eternal president and chief operations officer Domingo Almoninia Jr. said.

The authority to sell, Almoninia added, is considered as a seal of good housekeeping in the pre-need industry as it recognizes an organization’s financial stability and sound assets and trust fund management capability.

Industry circles acknowledge Eternal Plans as one of the very few pre-need companies that have consistently hurdled the SEC’s stringent standards for allowing the sale of additional plans.

Besides Almoninia, Eternal Plans is also headed by Antonio L. Cabangon Chua, founder and chairman emeritus; D. Antoinette C. Jacinto, assistant to the chairman of the board, and treasurer; Roberto C. Navata, senior vice president for sales, and Deogracias R. Garcia, assistant vice president for marketing.