The extension of the effectivity of the license is subject to PET’s compliance with the trust fund requirement.
The company believes that the sale of some of its assets would address the SEC’s requirement on trust funds.
PET said it continues its program to retire its traditional educational plans, which has resulted in the retirement of over 75 percent of unavailed traditional plans with only approximately 1,000 remaining for a net reduction in its actuarial reserve liability of P200 million.
PET said it also expects to book a gain of over P62 million in income and P67 million in cash from the sale of its unlisted equity.
The pre-need firm cited its track record of fulfilling planholder obligations and full compliance with the rules and regulations of the SEC.
"Our board of directors and shareholders are persons with successful track records and are not known for running away from responsibility. It is our every intention to fulfill our obligations. We believe our plans in place will allow for this to happen," PET Plans said.
In March 2003, PET Plans, an all-Filipino pre-need company, became one of the few pre-need companies to earn an ISO 9001:2000 certification, enhancing its quality standard commitment across the organization.
With 100 business centers nationwide, PET Plans has over 160,000 planholders, 12,000 licensed agents and 400 employees.