Irate plan holders were up in arms against a pre-need company after they learned that its Tagbilaran branch office closed shop without sufficient notice. Clients of Pet Plans, a company engaged in the selling of pension and educational plans, were at a loss where to lodge their complaints after they learned that the local branch office at the Ramvil Bldg. along CPG Avenue was closed. A plan holder who talked to the Post on condition that she will not be identified said that she was worried that the branch office is nowhere to be found. She said by next year, her pension plan will mature and she is expected to receive her monthly windfall according to the stipulation of the plan she amortized from the company.

Although this plan holder was already informed that the company is under receivership, she still expressed apprehension that the local branch has ceased operations and she has no one to turn to. She was given a contact number in Manila but she got no response. According to an advisory of the company to all its plan holders, Pet Plans has transferred all its trust assets to the Bank of the Phil. Islands, the receiver bank.

Lorenzo Ocampo, president and chief executive officer of the company, said the transfer was in compliance with the concurrence in full and approval by the Court and the receiver of its petition to convert all pre-need plans into shares of a unified trust fund on April 30, 2007. The same advisory said that Pet Plans considers the decision a vindication of its position that the conditions prevailing in the industry have been unfair and harmful to long-standing pre-need companies and its clients, such that the best way forward is a departure from these conditions.