Farewell to YGC
It is with deep regret that we are informing the readership that the good faith negotiations that PPI requested a few weeks back (with much fanfare on their part) has broken down. The breakdown is due to PPI's failure to follow up on their representation that they would advance an offer which improved upon their discredited original rehabilitation ploy.
Therefore, the PEP Coalition negotiation team has withdrawn as of today, 24 August 2005, from the negotiations following the PPI's failure to deliver on its representations.
We are filled with a terrible sense of unease as well as deep disappointment as we are witnessing the shattering of a pillar of Philippine society. For reasons known only to themselves, YGC has decided on a walk-away strategy and risk the exposure of their entire franchise of trust and fiduciary businesses to troubling questions and doubts regarding the strength, quality, and integrity of contractual obligations they make with their customers.
It is back to the battle lines.