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August 30,2005
3 foreign firms, Cocoplans ink Mindanao memorial lot deal
Three international financial institutions have entered into an agreement with pre-need firm Cocoplans, Inc. for the sale of memorial lots in Northern and Western Mindanao.
These are the International Finance Corp. (IFC), Nederlandse Financierings-Maatschappij Voor Ontwikkelingslanden N.V. (FMO or the Netherlands Development Finance Co.), and Belgian commercial bank KBC Bank N.V.
The parties signed a memorandum of agreement appointing Cocoplans as their partner in the marketing and sale of memorial lots at Pryce Gardens in Cagayan de Oro, Zamboanga City, Iligan, Ozamis and Dipolog, which formed part of the IFC-and FMO-led court rehabilitation of Pryce Gases, Inc.
Cocoplans President Caesar T. Michelena said the partnership with the foreign financial institutions shows that the pre-need firm is stable, financially sound and has the growing assets.
"This deal will give our increasing clients another opportunity to avail of our quality products and services," he said.
Akbar Husain, IFC's chief special operations officer, said in a statement that Cocoplans' ability to market pre-need products should push lot sales in Mindanao.
He said his group was confident Cocoplans "can accelerate the development of the memorial lot market in Mindanao."
IFC, the private sector arm of World Bank, mobilizes capital in the international financial markets, especially in developing and emerging markets, through technical assistance and advice to governments and businesses. It has committed more than $44 billion of its funds and arranged $23 billion in syndications for 3, 143 companies in 140 developing countries from its founding in 1956 to the fiscal year 2004.
Cocoplans, established in 1994, is the pre-need company of the United Coconut Planters Bank. It sells fixed value education plans and pension plans.
Last June, Pryce Corp., parent of Pryce Gases, said four boutique memorial parks, estimated to cost P80 million, will be completed within the year. These are in Malaybalay, Malita and Manolo Fortisch in Bukidnon and in Mislig, Surigao del Sur.
Nilo S. Ezequeil, Pryce Corp.'s president and chief operating officer, said these will bring the company's memorial parks to 10 by yearend and enable it to tap the pent-up demand in secondary cities. Boutique memorial parks, which measure three to five hectares each, are for secondary cities with a population of 80,000 to 100,000. Each lot costs P24,000, inclusive of a P4,000 perpetual care fund.
The rehabilitation plan of Pryce Corp. was approved on January 17 this year. Its outstanding loan stands at P741 million inclusive of interest.
- Roulee Jane F. Calayag
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