Bilyonaryo - Business

Another preneed firm bites the dust: Aboitiz-owned First Union Plans goes bust

March 29, 2023

Bilyonaryo.com

A pre-need company owned by the bilyonaryo Aboitiz clan is folding up after 20 years in the business.

First Union Plans, Inc. (FUPI), a subsidiary of UBP Capital-owned First Union Direct, announced it is ceasing its operations in a notice published on March 29 in national broadsheet.

The firm, which offered pension and educational plans, said it is in the process of surrendering its license and registration to the Securities and Exchange Commission.

“Notice is hereby given that the board of directors of FUPI has, by a majority vote, as ratified by stockholders owning at least two-thirds of the outstanding capital stock, resolved to voluntarily cease and withdraw its pre-need business,” the notice signed by FUPI President Romeo Kagalingan read.

The request to withdraw its certificate to operate is pending before the SEC, the company added.

First Union was established in 2000 with a paid-up capital of P70 million. It was granted a license to sell by the Securities and Exchange Commission that same year.

Several Philippine preneed firms have collapsed in the aftermath of the 1997 Asian financial crisis. Among them were the: College Assurance Plan (CAP), Pacific Plans Inc., and Prudentialife Plans Inc. (PPI).

Related News Tags: Aboitiz, First union Direct, First Union Plans, Securities and Exchange Commission

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