Senator Mar Roxas insisted Wednesday that the Pre-Need Code approved by a special Senate and House committee needs changing to protect the public from scam artists instead of protecting big business,.
Roxas has led the fight against pre-need scams that have victimized millions of Filipinos since the 13th Congress.
The Visayan senator said he cannot support the bicameral version of the proposed new law because the burden of protecting the public is left to the public themselves.
Roxas proposed instead that the draft law be revised to include a provision that would ban officers or directors of bankrupt or closed pre-need companies from engaging in the same business or working for another pre-need firm.
The Senate Trade and Commerce Committee Chair had been investigating the reported financial collapse of the pre-need industry allegedly due to mishandling of policyholders’ trust funds, which has been blamed on lenient government regulation of the industry.
Roxas insisted the new law should give government more teeth in guarding against scrupulous business entities who bleed dry parents who entrust their life savings on companies which they believe could assure their children’s education. TR