THE Securities and Exchange Commission (SEC) has issued a new dealer’s license to Eternal Plans Inc., one of the first to be granted to pre-need companies for 2008.

The new license, which allows Eternal Plans anew to sell fixed-value education, life and pension plans, is valid from January 1 to December 31, 2008. It was issued under an SEC order signed by Jose P. Aquino, acting director of the SEC’s Non-Traditional Securities and Instruments Department.

Eternal Plans obtained its new dealer’s license amid projections by sales executives of a 20-percent sales growth for the company in 2008 during their recent annual sales-planning conference.

The projected growth in sales is bolstered by improving market confidence and the company’s performance for 2006 and 2007, said Elmer Lorica, president and chief operating officer.

In issuing the new dealer’s license to Eternal Plans, the SEC said the company had complied with all the prescribed requirements set by the Commission.

Under SEC rules, the dealer’s registration of a preneed provider has to be renewed every year. Without such dealer’s license, a preneed company cannot offer preneed plans to the public.

Lorica said since its establishment in 1981, Eternal Plans’ dealer’s license has been consistently renewed year after year.

“The renewal of the company’s license affirms the company’s compliance with the rules and regulations of the SEC and strengthens planholders’ trust and confidence in Eternal Plans,” Lorica said.

Meanwhile, at the three-day sales conference attended by sales heads from Eternal Plans branches nationwide, Lorica reported that as of October this year, the company’s initial collection or cash brought in (ICBI) grew by 50 percent over 2006 and is projected to grow 20 percent more over 2007 in 2008. ICBI represents the initial collections made on plans sold, based on which, sales in the preneed industry are generally measured.

Lorica cited a study on 2006 performance of preneed companies by the Actuarial Advisers Inc., which noted that Eternal Plans increased its market share, even as other Filipino-owned companies were losing theirs to multinational preneed companies. He said that right fundamentals made the company grow even when the preneed industry was in a downturn. “Survival was the call of the time, but we went for growth. And we did!” Lorica said.

Eternal Plans offers life, pension and education plans. It is a member of the ALC Group of Companies founded by Ambassador Antonio L. Cabangon Chua.

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