A GROUP of educational plan holders yesterday said they were willing to wait for reforms promised by the new owners of the financially troubled Pacific Plans Inc.

The chairman of the Coordinating Alliance for Reform and Empowerment in the Pre-Need Industry, Dave Diwa, said the business plans presented by the new owner, Noel O?ate seemed realistic.

?Our impression is that it can be done. Rather than fighting it out, we?ll just have to wait and give them a chance, but we will remain on guard,? Diwa said.

Diwa?s alliance has about 100 members, and they joined the closed-door meeting with O?ate at the Manila Polo Club in Makati late Tuesday afternoon.

Another group, the Parents Enabling Parents Coalition, which has sued the previous owners of Pacific Plans for syndicated estafa, was unavailable for comment on O?ate?s proposals, including an offer to buy back educational plans at their face value and 15-percent interest a year.

?The meeting was cordial, although there was some bickering,? Diwa said of Tuesday?s session with O?ate.

He said O?ate, whom he described as ?a straightforward businessman? and a ?risk taker,? would be meeting with them again next week to present the details of his plans.

Diwa said the new owners had said they would study a plan holder request for financial support for tuition in the next school year.

?We know that they don?t have enough money yet, although they assured us that the PPI has a P12-billion trust bond that will be maturing next year. I think this is a positive, welcome development,? he said.

He added that O?ate deserved the benefit of the doubt.

But Diwa said he doubted whether the new company would be able to offer 15 percent on the open-ended educational plans.

?It?s only 8 percent under the rehabilitation plan. Mr. O?ate said he was prepared to pay 6 percent on top of maturity value,? Diwas said.

?But if it?s 15 percent, then Mr. O?ate is the best thing that ever happened to the hapless PPI plan holders in years!?

In the dialog with plan holders, O?ate promised that the company would honor its legal obligation and abide by the court-approved rehabilitation process.

Amid concerns over the health of the pre-need industry, the Palace yesterday ordered the Securities and Exchange Commission to set up public help desks to help pre-need plan owners affected by companies that recently declared bankruptcy. Ferdinand Fabella and Joyce Pangco Pa?ares