Friday, April 22, 2005

Anger Management

For those of you that caught Dong Puno Live last night, it was immediately apparent that emotions are very raw regarding the deplorable and regrettable actions taken by the owners of Pacific Plans, Inc. It is indeed a wake-up call for us to resist these actions which seek to victimize us and to voice our determination to prevail.

But at the same time, we need to make sure our anger is properly channeled and does not impose collateral hurts along the way. Please abstain from stereotyping people or their ethnicity. Nobody has a monopoly on virtue nor vice. All of us planholders are victims.

I believe it was Mr. Cuisia, in last night's show, who said that people must be held FULLY ACCOUNTABLE. That should be our sole objective.


At Friday, April 22, 2005 4:55:00 PM, Anonymous marc said...

I concur, we have to keep our cool, especially tomorrow! I'd like to repeat the request of Mr. Uy in his post somewhere here: can we have some sort of formal agenda to be used for tomorrow? We cannot allow the meeting to degenerate into a free-for-all, so it will be good to lay the groundwork and terms of references.

Thanks for putting it all together for us. More power to you, and see you all tomorrow!

At Friday, April 22, 2005 5:49:00 PM, Anonymous Anonymous said...

I believe that some of the members of the Yuchengco family are also up in arms......some of them.

At Friday, April 22, 2005 6:54:00 PM, Anonymous Anonymous said...

I agree with marc. We have to keep our cool and emotions in check since it will not get us anywhere.

Perhaps we can also discuss on boycotting YGC companies?

At Friday, April 22, 2005 10:01:00 PM, Anonymous Anonymous said...

I wonder if the old man knew what is happening? How can he publish a book about "keeping a good name" and then right after, allow this to happen? I know the Ambassador would have never allowed this to happen.

At Friday, April 22, 2005 10:21:00 PM, Anonymous Anonymous said...

Ang pikon, talo. That is a truism we are all familiar with. In this fight with the powerful THIEVES who have stolen our kids' future, we must be deliberate and methodical in getting back at them. A few ideas...

point 1. There are supposedly 35,000 of us traditional plan holders who were shortchanged by YGC. If just 50% of us gave P100 each, we can raise P1.7m which can buy several big billboard spaces on EDSA, a couple of full page ads and quite a few leaflets we can hand out to publicize how we were cheated by the crooks of YGC. Lawyers among us can screen what we will put in the billboards for any libelous materials. Admen/copywriters can do the copy that will be put out in the billboards/full page ads for maximum effect.

point 2. All these YGC people live somewhere, belong to neighborhood associations, social clubs etc. Lightning rallies/pickets near the gates of their communities or even in their front gates identifying them as the THIEVES who stole our kids' fututre so as to expose them to social pressure could produce results.again, advise from our lawyer friends on the limits of free expression would be appreciated.

point 3. handing out leaflets while walking the major malls or even in the vicinity of YGC businesses can publicize our battle and alert the people to the brutal and heartless character of the YGC.

We can not fight the YGC in an arena they control. We can not fight them on equal terms in the courts, not in media, certainly not in government (witness the inutile SEC). No matter how hard we try, we will always lose. We can only win if we go thru avenues they have no control over.

Please think about this. I am sure there are other ideas on how to get back at the THIEVES who stole our kids' future without going thru the avenues they control.

At Saturday, April 23, 2005 12:50:00 AM, Anonymous Anonymous said...

This comment has been removed by a blog administrator.

At Saturday, April 23, 2005 12:31:00 PM, Anonymous Anonymous said...

Boycotting the YGCs will affect employees of said companies who are but innocent pawns in this malicious scheme ostensibly cropped up by the old man himself. Where and when will he stop???

At Saturday, April 23, 2005 4:07:00 PM, Anonymous Anonymous said...

Can we stop with the racial slurs against the Chinese-Filipinos? We are also victims of Pacific Plans and CAP.

All this mud-slinging will not get us anywhere.

We mustn't forget and lose our focus in this fight. We are a David going up against a big corporate Goliath.

We have enough problems and concerns as is without having to worry about racism and bigotry.

At Sunday, April 24, 2005 1:23:00 PM, Anonymous Anonymous said...

A different take. A group of powerful people have been trying to shut down CAP with the help of the SEC, Mar Roxas, and some other senators. Word is that Joey Cuisia of Philam/AIG is behind this. Note also that Maurice Greenberg, former head of AIG (American International Group Inc one of the world's largest insurers), is special adviser to GMA. It is strange that GMA appointed him after AIG board members ousted him as chief executive because of irregularities in the company's past financial transactions. Philam/AIG’s obvious goal is to take the market share of CAP. They began by forcing CAP to raise their trust fund levels. This change of rules mid-game is what caused the first checks to bounce. The SEC continued to tighten the screws by not allowing CAP to sell and/or pay plan holders. The well conceived plan was timed with a senate hearing and media blitz. CAP officials never hid and they faced the problems head on. The trouble with this, CAP plan holders were of no concern to the SEC, Mar Roxas, or GMA. If Mar Roxas, “Mr. Palengke”, truly cared about the industry and its stakeholders, he could have looked into many other alternative solutions. In Dong Puno live the other night, both Mar Roxas and Joey Cuisia were interestingly present. Mar again used said forum to hit on CAP, yet both Roxas and Cuisia spoke with generalities and were careful not to mention the Yuchengos and the Pacific Plans case. We should be cautious about comparing the two cases. Pacific Plans is hiding behind the confusion caused by the CAP case. We the plan holders of Pacific Plans should already accept the fact taht there will be no help from GMA, the SEC, or Mar Roxas. Our strength will come from our unity.

At Sunday, April 24, 2005 6:35:00 PM, Anonymous Anonymous said...

forget about staging rallies at the PPI office. stage future rallies infront of the rcbc plaza...that's where yuchengcos, the culprits, hold office. hit the control tower, not the satellite...if the tv and radio media will not cover it, at least the financial district will continue to take notice .

At Sunday, April 24, 2005 7:48:00 PM, Anonymous Anonymous said...


At Sunday, April 24, 2005 9:21:00 PM, Anonymous Anonymous said...

I'm a Pacific and CAP planholder. In fairness to CAP I was able to get my son's tuition fees for last semester even though it was late. At least they didn't renege unlike Pacific.

At Monday, April 25, 2005 1:18:00 AM, Anonymous Pam said...

For those of you who are not CAP holders. CAP has honored availments even if it is late. The Sobrepenas have even appeared before the media to talk to planholders and the public. My daughter's tuition at the Ateneo was paid by CAP for two semesters, albeit late a bit. They haven't reneged on their commitment yet unlike the Yuchengcos.

At Monday, April 25, 2005 11:03:00 AM, Blogger mario said...

I agree, we should hit the control tower. It is in the center of the Makati CBD. We will be noticed, better, a simultaneous protest at the PPI office and other YGC will have a better effect.

At Monday, April 25, 2005 11:12:00 AM, Anonymous Anonymous said...

i agree with the observation on Joey Cuisia. Is he not the same Joey Cuisia who was sued by his own in-laws (his wife's parents} of irregularities concerning their finances. they are all of the same kind. even the chairman of AIG, Maurice Greenberg is under investigation by the US SEC of financial irregularities. pare-pareho lang mga yan. mga mapagsamantala.

At Monday, April 25, 2005 11:21:00 AM, Anonymous Anonymous said...

A large billboard at edsa with the ff print will not be libelous: WHY? with a large pic of Amb. Yuchengco. Followed below with: Where is INTEGRITY and HONOR? Background would be the Pacific Plans name. Lets prick HIS conscience. As a fellow La Sallite, i know he will respond positively.

At Monday, April 25, 2005 11:27:00 AM, Blogger mario said...

We should also send a copy of our concern to Sen. Juan Flavier to the Senate, Pasay City. Sen. Flavier is the Chairman on Committee on Education. The more influencial people who know our problem, the better.

At Monday, April 25, 2005 12:26:00 PM, Blogger Sassafras said...

re. that comment above re. CAP and Mar Roxas... May CAP college plan din kasi kami so I followed news about that as well. i noticed the aggressiveness that Roxas and the media had toward CAP.(Ted Failon and Korina Sanchez' radio show esp.) Panay pa nga ang sisi at bintang sa CAP. My observation then: CAP seems to want to solve their problems, but govt--instead of extending some form of assistance---seems to just be squeezing them. My reaction then: paano sila papasukan ng bagong investor kung iipitin sila ng gobyerno imbis na suportahan.

This time with Pacific Plans medyo iba yata. Whereas govt should be looking deeper into what happened with PP (because they are a bigger company than CAP, and unlike CAP they belong under an umbrella of large companies) but why do they seem to be getting more leeway. PP should and ought to have more room to maneuver should they so wish, but where is the intent to make good on their obligations. is it enough to blame the tuition deregulation that happened a decade ago on their decision to dishonor 34000 old plans?

At Monday, April 25, 2005 1:12:00 PM, Anonymous TLS said...

Of course! That is the difference, which most people do not notice. CAP may have "true" liquidity ("true" because we dont know if CAP
s problems were just brought on by political interests)problems but it has always fought for paying its availing planholders. The SEC, in another show of ignorance, did not want it to service availing planholders because "kukulangin ang future funds to service future availments"!!! But kayang-kayang bayaran ng CAP and present availments IF THEY WERE NOT PREVENTED FROM DOING IT BY THE SEC and BY LEGAL/POLITICAL PARTIES. In Pacific's/Yuchengco's case, the SEC allowed it to restructure and also approved of their plan to rehabilitate (pls. see Chairman Fe Barin's earlier comments on Pacific Plans' actions!!). PPI STOPPED ITSELF from servicing current availments, even if kayang-kaya nila to pay. At end-2004, Pacific/Lifetime Plans had sales that ranked them in the Top 5 and had Trust Funds putting the in the Top 3, if not the highest in the industry. They never put the planholders' interest first.
That's why they must pay for their deceit and fraudulent actions.

Also, under any pre-need contract, they cannot change the terms of the benefits without going for approval from the SEC. Please don not even consider their 2010 offer. It is just another tool to buy them time while they lobby with the gov't./political affiliations, or evaluate their next move legally and financially. Observe that as we get stronger, everyday some new option or suggested scheme will be coming from the Yuchengcos'/ PPI group.

As I said in my other posts, just accept what they offer under protest, don't sign any waiver to our claims, and continue this fight to bring them down. Even if they pay for the full cost of education as they promised for all of our plans, availing and non-availing, elementary, high school and college (and this means all the way into the future probably until 10 to 15 years from now), remember that we are fighting for the Yuchengco group never to do business this way again. TLS

At Monday, April 25, 2005 1:25:00 PM, Anonymous Anonymous said...

In banking, there are terms such as sources and uses of funds. The source of funds=Pacific Plan, the user of funds = Schools. Lets us not only focus on the source of funds but also the user of the funds: the schools.
Some schools raise their tuition fees to unbelievable percentages. Some raise it as high as much as 30% and some raise it by 10%. WHen the deregulation of school tuition fee high and the deregulation of oil monopoly cartel, all hell broke loose.
What the government needs to do is to start regulating these things again. A high tuition fee does not guarantee quality education. Put safeguards on these manipulative pre-need companies and insurance companies as well. The least they can do is to protect consumers like us. The government must be our protector since we elected officials that represent us to office. But alas, even the government lacks the integrity we need. We just hope for the best. This will be a very steep uphill climb for all of us. I just hope we can carry this batlle all the way till we get the desired results. All of your support and unwavering desire to ensure the education of our children will help us topple this so called "goliath." AS the saying goes: "The bigger they are, the harder they fall."

At Monday, April 25, 2005 2:15:00 PM, Anonymous Anonymous said...

Here's a disgusting article i got on the net from the manila bulletin site:

Arts and Mind
Leonor Goguingco

Al Yuchengco: The man

THE biography "To Leave a Good Name/The Legacy of Alfonso T. Yuchengco," started by Nick Joaquin and finished by Krisp Yuson, recounts Yuchengco’s beginnings in business and how he built an incredible empire that encompasses banking, finance, and insurance. The book also describes Yuchengco as an outstanding diplomat, having served with distinction as ambassador to Tokyo, Beijing, and a permanent representative to the UN, with rank of ambassador.

However, I would like to focus on Yuchengco as a man, specifically as a father and grandfather, because it is this aspect which has the most human interest.

The book ends with revealing, no holds-barred interviews of Yuchengco’s children and grandchildren. The overall impressions one gathers from them is that although Yuchengco is very strict, never allowing the children to become spoiled, he is also caring and devoted. The interviews show the man as he is without embellishments.

Helen Yuchengco Dee relates that her father used to take her to school and to pick her up daily. Once, as they were nearing home, they were held up. Quickly, Yuchengco parried off the gun pointed at his head, backed up, then pressed on the horn loudly to frighten the holdup men away. That act showed real presence of mind.

Annabelle S. Yuchengco recounts that when her sister Susan and Yuchengco were in Europe, they saw at an airport counter three teenage Spanish girls crying because they had missed their flight and had run out of money. Without any second thought, Yuchengco gave the girls enough money for food and lodging in a hotel until the next flight. The parents of the girls were so grateful they wrote a letter to Yuchengco thanking him for his spontaneous generosity.

Annabelle adds that Yuchengco, a devoted son, never fails to visit his father in the cemetery – dead for 50 years – and his mother – dead for 30 years.

Yuchengco never looks down on people. He never despised his daughters’ suitors who were not wealthy. What mattered to him was their character – their family background.

As a father or grandfather, he never likes to be fussed over. He refuses to have a valet, saying he cannot afford one.

Annabelle once worked in a travel agency with her Dad. The secretary was transacting business dishonestly, but Yuchengco told his daughter: "Don’t fire her because she must have been defrauding us out of necessity." She already owed the company a huge amount!

Annabelle says that when her father was in the United Nations, he would turn over his salary to his staff – five employees – and pay for their insurance. Further, he took the whole staff, some 20 of them, to Canada for a vacation. Adds Annabelle: "And the driver at the UN was telling everybody that my father was the only ambassador who would invite him out to dinner, not only once but several times, even to expensive restaurants."

Alfonso "Boy" Yuchengco Jr. says: "One statement of my father he always reminds us of is that one’s reputation, or good name, is what is important." When one real resolution followed Cory’s takeover; power was merely transferred to another elite group.

Yuchengco is likewise disturbed about our rapid population growth. A time will come when the masa will go hungry. But for all this, Boy Yuchengco stresses that his Dad consider himself more of a Filipino than Chinese. He loves this country and is proud to be a Filipino.


At Monday, April 25, 2005 2:19:00 PM, Anonymous Anonymous said...

"Helen Yuchengco Dee relates that her father used to take her to school and to pick her up daily. Once, as they were nearing home, they were held up. Quickly, Yuchengco parried off the gun pointed at his head, backed up, then pressed on the horn loudly to frighten the holdup men away. That act showed real presence of mind"

What he need is presence of soul!

At Monday, April 25, 2005 2:23:00 PM, Anonymous Anonymous said...


"Alfonso "Boy" Yuchengco Jr. says: "One statement of my father he always reminds us of is that one’s reputation, or good name, is what is important."

Could Boy Yuchengco kindly remind his father of this or are this statements attributed to his dad were just for the book. . . pakitang tao lang

Can any one tell me where i can purchase this book. I'm running out of toilet papers!

At Monday, April 25, 2005 2:44:00 PM, Anonymous Ben said...

I notice that we are holding only the Yuchengcos accountable for this SCAM. Of course they are primarily responsible BUT shouldn't the BOARD of DIRECTORS of Pacific Plans share this responsibility? Imagine, Cesar Virata, Roberto de Ocampo, Rizalino Navarro, Gabriel Singson, Carlos Dominguez, Corazon de la Paz, Gloria Tan Climaco and the Yuchengco family being some of the brightest and most influencial people in our society combined all their knowledge and connections to SCREW a bunch of kids out of their tuition fees??!!!

If the government allows Yuchengco to LEGALLY get away with this SCAM, I am sure that ALL the other 20 plus pre-need companies will follow suit and separate the loosing end of their businesses. I wonder what the government will tell the hundreds of thousands of various plan holders when that happens.

At Monday, April 25, 2005 3:13:00 PM, Anonymous Anonymous said...

Just researched on the so called NAPOCOR bonds in which PPI invested the trust funds (our money):

This dollar denominated bond was issued by NAPOCOR to raise much needed funds to finance their operational and expansion needs. Its issue date was on Dec 10, 2002 and expires July 12, 2010. It has an 8 year life and is a zero coupon bond. This means at the time its was issued it was sold at a huge discount to make it attractive for investors to buy. If I have it right it was sold at a discount of
$0.45 for every dollar. Again, if I have it right it would give the investor a yield to maturity (YTM) of about 16.5%. Makes good business sense to invest, right? But wrong from another point of view. During that time most of the locals were scared to buy these bonds why? Because of the high return, it was a high risk even if it was backed up by the government. (May pera ba gobyerno?)Looking at it from a credit point of view, Moody's might rate it below BBB classification. In other words, when this bond was issued walang rating. Why invest in bonds with no rating kahit backed up by gov't and yields u a questionable 16.5%? Not a prudent investment decision. Second, why get into bonds with a long term maturity to fund short term requirements? In banking jargon, PPI was negatively gapped hence the so called liquidty problem. Third, why dollar denominated bonds? Why not peso denominated bonds? Philippine companies with higher credit ratings and more stable than NAPOCOR. Did they hope that the exhange rate gain when they convert the dollar proceeds will be enough to cover their liabilities? This move will expose them to exchange rate risks and they could also loose the principal amount if they did not cover the exchange rate risk with a forward transaction.
In other words, the person/persons who did this awful investment decision do not know what the hell they were doing. These persons should be held accountable too. Whoever was the trust officer/officers that decided in investing our money in this bond during that time should also be prosecuted because these persons are responsible for the liquidty problems of PPI. Let no stone be left unturned. Prosecute all these persons responsible for our problems. Officers like these should be kicked out of the banking system. My God! Think of it, if officers like these are in RCBC ( a Yuchengco owned bank), our hard-earned money is not safe. You would know what to do for your sake and survival.

At Monday, April 25, 2005 3:23:00 PM, Anonymous Anonymous said...

By the way I forgot to mention this. The NAPOCOR bonds are very illiquid issues. This means that it is not traded actively in the secondary market because there simply is no market makers or market takers for this bond. Guess we have to wait for 2010 then. Thats what they think!!!

At Monday, April 25, 2005 3:24:00 PM, Anonymous REGI said...





At Monday, April 25, 2005 3:30:00 PM, Anonymous AL said...

True. What they did is the height of deception. It's a conspiracy between them and the key operating officers.

Even if we say that the non- family officers were only "paid hacks", they have the choice to participate or not in the scam. They can always resign if they feel the actions they are to take are not beneficial to their fellowmen to keep their integrity intact.

At Monday, April 25, 2005 11:01:00 PM, Anonymous Anonymous said...

Today, I received three letters from Pacific Plans about their so-called rehabilitation, although I got two checks from them last week. Tomorrow, I shall be sending a letter to Pacific Plans, addressed to Ernesto C. Garcia, Chairman, telling them that I do NOT accept their decision to convert my three traditional plans to any fixed-value plans, the values of which were not negotiated with me. I suggest that ALL of you do the same. Write letters to Pacific to tell them you will not accept any fixed-value plan in exchange for your traditional plan. Do it now! Don't wait for any hearing at the Makati Regional Trial Court, where there will probably be a "moro-moro" between the judge and Pacific's lawyers. Each of you write your letter now and send it to Pacific as soon as possible! If they can write letters to us, so can we write to them, declining to accept their "kind offer". Otherwise, silence will mean consent. Consent to their deceit!

At Tuesday, April 26, 2005 12:12:00 AM, Anonymous Anonymous said...

I have not received my letter from pacific up to now.

At Tuesday, April 26, 2005 1:25:00 AM, Anonymous Anonymous said...

Some qoutes attributed to Mr. Yuchengco in his book and some interviews:

“My philosophy for doing business is simple. I won’t go into any business that isn’t good for the country or may tarnish the company’s reputation. A good name is much more important than a successful business. A name lives forever, while a business can be lost in one day.”

"A million, a hundred million, even a billion can be lost in a day. But a good name is forever. And so, for me, a good name is much more important."

"I’d like to be remembered as being honest, respected and being pro-country and not just greedy for myself and my family.”

"I think I said earlier that for me a good name is much more important than a fortune. So my dream is that my children will be able to preserve a good name.”

Mr. Yuchengco,
If your statements were really sincere, how i pity you. For with all your billions, you were not able to achieve this one dream of leaving behind a "good name".
You almost had it but blew it all away in one swift greedy decision.
You may win this round, but rest assured, years from now people will still be talking about your family and the PEP Scam of April 2005 in the same light as the Marcoses, Dewey Dees, Blajadias etc..
You have successfully garnered a place in Philippine Infamy.

At Tuesday, April 26, 2005 3:45:00 PM, Anonymous Anonymous said...

regarding those worthless napocor bonds, you willbe surprised to find out that these same WORTHLESS bonds were bought from the proceeds of a dollar-denominated LOAN frOm RCBC, and it IS fully collateralized.









At Tuesday, April 26, 2005 11:17:00 PM, Anonymous Anonymous said...

planholders not only from pacific plans should band together to protect their interests, especially now that they had fulfilled their responsibility of fully paying their pre-need plans. the pre-need cos. are duty bound to honor their commitments since planholders invested a large part of their savings if not all to these pre-need cos. leaders of class suit actions should be ready for any eventualities, either tempting offers or worse, a retaliatory counter suit by the superior force, e.g. 349 case.

At Tuesday, April 26, 2005 11:50:00 PM, Anonymous Anonymous said...

to the person who didnot receive a letter from ppi : check your plan, if you got it from an original plan holder, has it been converted to your name ? if not, have it done asap to correct their records. i have same problem but i was already availing for couple of years. ppi records still recognize original planholder name. the letter was sent to the other person and so my 2010 check can go to the person instead of me. hala - lagot si ppi, double payment ka ngayon ng full tuition when we win the case !

At Wednesday, April 27, 2005 8:24:00 PM, Anonymous Anonymous said...

When Alfonso Yuchengco Jr. said that his father was a "good man" am sure he was in drug.

At Thursday, April 28, 2005 11:17:00 AM, Anonymous Anonymous said...

re comment on manila bulletin article: well, the biography is really a very vivid depiction of their family. helen y. dee has always got the prensence of mind to change the contract provisions unilaterally every now and then! did ppi defraud us planholders out of necessity? ppi's transfer of all productive products to lifetime reflected his concept of transfer of power from 1 to another elite group after cory's takeover!!! kaya lang, sa book, bida sila; sa totoo????!!! di ba para lahat sa kanilang kapakanan ang mga ginagawa nila??? they are deceiving all the filipino people!!!

At Thursday, April 28, 2005 11:50:00 AM, Anonymous Anonymous said...

rcbc checks, especially post dated checks - now not being accepted ! tick, tick, tick ... our victory is close. inside info : ygc studying switching napocor assets to lifetime and transfer back earning assets to ppi. ygc will also lobby govt to freeze tuition fee increase. this way both ppi and lifetime can meet its obligations.

At Thursday, April 28, 2005 6:04:00 PM, Blogger PARTY OF ENLIGHTENED PLANHOLDERS (PEP) said...


We have created a blogspot for us

We hope we can advance our goals away from the maddening crowd.

This will provide us with the forum to better clarify all provisions of our contracts, negotiate on our own.

Thank you.

At Thursday, April 28, 2005 6:12:00 PM, Blogger PARTY OF ENLIGHTENED PLANHOLDERS (PEP) said...


We have created a blogspot for us

We hope we can advance our goals away from the maddening crowd.

This will provide us with the forum to better clarify all provisions of our contracts, negotiate on our own.

Thank you.

At Thursday, April 28, 2005 11:57:00 PM, Anonymous Anonymous said...

The Rouge Gallery:
1. Old Man Al Yuchengco trying to buy people so that he can be praised as "Mr. Integrity". Hey, Al, once you're dead, watch your kids fight each other over your ill-gotten money. Heck, they're after each others' throats right now while you're still alive.

2. Senator Mar Roxas. Are you courting the support of AGILE in your presidential bid in 2010? And come-on, please stop this charade you have with Korina Sanchez. Everybody knows that you're gay.

3. Joey Cuisia, he who steals even the money of his own in-laws. The lapdog of New York Corporate Crime boss Maurice "Hank" Greenberg. Funded the press offensive against CAP so that Philam will lord it over the pre-need industry. Sold-off all the Banks he headed (IBAA and Far East Bank), for a fat commission of course. Likes to project himself as a devout Opus Dei member. Ha!

There's a special place in hell reserved for these people.

At Friday, April 29, 2005 9:45:00 AM, Anonymous Anonymous said...

I'm surprised to learn that the government bonds backing up the open-ended plans are Napocor issued. By 2010, there might not even be crumbs left for the planholders. We should look into the history of trust investments for the plans. I have an inkling some of these were done to benefit the other Yunchengo companies.

At Sunday, May 01, 2005 12:56:00 AM, Anonymous Anonymous said...

i received letters from PPI, all 8 of them for 8 plans!!!! at the bottom was a note: "The amount will be sufficient to fully pay the New Fixed Value Plan. There will be no need for the Planholder to make additional payment." What the hell does that mean??!!!

And no way am I going to accept their 2010 offer.

I collected the "tuition support" they offerred for my 2 availing plans. And I intend to get any other amount they will give. But all of them only under protest, and always, I wrote that they are "received with no prejudice to my rights as Planholder" as my lawyer advised.

I am sure that I am just one of many who, unfortunately, was not able to attend the first meeting at St. Paul's due to a previous commitment. But I am with the group in this fight.

At Tuesday, May 03, 2005 4:34:00 PM, Anonymous Anonymous said...

I'm having trouble registering, so just refer to me as "Grumpy" here.

I bought both my top-tier elementary/secondary/college plans from PEP itself back in 1990, and not from the secondary market. Yes, they are in my--and not a previous owner's--name. Yet, I haven't received any letters from Pacific Education Plans; I found out about this mess from media (i.e., the Cocktales column). As far as I am concerned, therefore, I have not been given DUE NOTICE.

Speaking of which...when the PEP filed for a release from its obligations, did the Makati court inform, or require the company to inform, the planholders of said motion? Is a court required or not required to inform affected stakeholders in an open hearing situation?

It might also be asked of the SEC when it was requested and gave its approval for the creation of Lifetime (or Lifeline?) using PEP funds.

Why were planholders/stakeholders not informed and invited to participate in hearings that affect their interests? Why were people not given due notice? Doesn't this in itself indicate BAD FAITH?

Yes, I think the media offensive is great, but we should already file a class action suit against these voracious, low-life crocodiles for BREACH OF CONTRACT and FRAUD.

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