Businessman Noel Onate newest venture, Abundance Providers and Entrepreneurs Corporation (APEC), has secured the approval of the Securities and Exchange Commission (SEC) to sell new pre-need plans.

The SEC approval of the dealer’s license of APEC to sell memorial pre-need plans comes less than a year after Onate took over the helm of APEC, which was the former Pacific Plans Inc.

“In spite of the current market climate and the state of the pre-need industry, APEC remains bullish about the prospects of selling memorial pre-need plans because we believe in the potential of the industry,” said Onate .

He added that “the approval by the SEC of our dealer’s license is indeed a positive development and shows the SEC’s faith in the viability and competence of APEC to jump start the industry anew.”

Ten months ago, Onate ventured into the pre-need business at the time the industry was in deep trouble.

He has since undertaken a 10-point action plan to turn APEC around, which includes the implementation by a credible and competent corporate team of an effective business plan and a conservative approach in the management of trust fund assets.

Hailed as the white knight of the pre-need industry, Onate revealed that fresh capital has been infused into the APEC to ensure its continued sustainability.

“We were able to turn the company around in only 10 months. This shows our commitment as a serious player in the pre-need industry,” Onate pointed out.

The maverick businessman, known for his risk-taking and effective investment prowess, remains committed to salvage whatever is left of the confidence and integrity of the pre-need industry.

According to Onate, it is crucial for pre-need companies to be transparent and accountable to its planholders.

With respect to APEC’s problematic open-ended traditional educational plans, Onate said “the rehabilitation plan for traditional planholders is still pending in the courts and APEC has no choice but to wait and abide by the decision of the courts on this matter.”