The Securities and Exchange Commission (SEC) belied claims that it sat on a request for assistance by the pre-need industry.

Commission Secretary Gerard Lukban of the SEC said the pre-need industry letter it received last August is private communication between the SEC and the pre-need federation.

Lukban said communication lines have always been open between them. Obviously, he said the SEC cannot give financial assistance to the industry.

However, the pre-need firms want certain proposals to be considered, like leniency in regulatory activities.

Lukban said just because the proposals haven't been acted upon doesn't mean the SEC is sitting on these. He added the SEC is just still studying the requests.

Lukban said the remaining pre-need firms are in good health, and the SEC hopes the industry will continue to work to get back on its feet.

On Thursday, senators expressed alarmed over reports that the pre-need industry is on the brink of bankruptcy and that the Securities and Exchange Commission (SEC) allegedly sat on it even after owners of pre-need companies informed the agency about it last year.

Senate President Juan Ponce Enrile said there was dereliction of duty on the part of SEC if it is proven that they didn't act on it posthaste.

"They have to explain why they didn't act on it expeditiously," said Enrile, adding that he wants to find out if the SEC really sat on it.

He said crimes may have been committed if it is proven that company officers swindled or defrauded plan holders.

Enrile warned of the gravity of the problem if the demise of the pre-need industry is not averted anytime soon. He said he will personally initiate an inquiry on this. -- reports from RG CRUZ and MARICAR BAUTISTA, ABS-CBN News