“The pre-need industry on the whole is not totally hopeless,” Securities and Exchange Commission chairperson Fe Barin said yesterday.

Barin, who is now under fire amid the latest controversy surrounding the pre-need industry, said the SEC is working on resuscitating the pre-need companies experiencing liquidity problems, a Malacañang press statement said

“I think giving (troubled pre-need firms) a chance to be able to be viable, we are also protecting the plan holders,” she said. If the SEC allows the pre-need companies to close down one by one, “the plan holders cannot claim anything anymore.”

The SEC chief added that another thing that must be considered is the contribution of the pre-need industry to the economy.

At the same time, Barin said she leaves her fate to the President, who appointed her to the SEC post, adding that many of the SEC staff are career service eligibles.

“She (President) has the final say,” she said.

Barin has still two years remaining of her seven-year term as SEC chairperson, the press release added.

“The SEC is trying its best to do its mandate under the law. Maybe there is some difference in the way we read our mandate. But to us, it is clear, we are a creation of law and we will operate in accordance with the law that created us. To the best of our ability, we will try do our functions,” she said.

She added though that the SEC needs fiscal and administrative autonomy for it to perform better, the Malacañang release said.

She advised plan holders to visit the SEC to ask if the pre-need company they have subscribed to are in good standing.

A help desk was set up at the SEC to assist pre-need plan holders, the press release also said.*

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