Sunday, April 17, 2005

Corporate Governance and Responsibility

Last week marked a sad day for corporate governance. Last week, Pacific Plans sought the protection of the courts. Ostensibly, the convenient enough reason given for the Temporary Restraining Order was to allow the rehabilitation of Pacific Plans.

In one, swift blow, our dreams were taken away. Contractual obligations as guaranteed by the plans we had purchased have been unilaterally altered without our knowledge nor consent.


We enjoin readers and visitors to this website to contribute their thoughts, knowledge, and whatever information they might have so that we can get to the truth behind this so-called rehabilitation.


At Sunday, April 17, 2005 11:58:00 PM, Anonymous Anonymous said...

We need finance or actuarial experts to review PPI's financial records and validate their claims in the petition to the court. Such review and analysis will determine if a rehab plan is indeed necessary for PPI to meet its obligations as per the original EPA terms and conditions.

And assuming that the current financial position will not enable them to meet their obligations now, a finance study is likewise needed to validate whether the proceeds of the US$ denominated NAPOCOR bond, upon its maturity in 2010, could enable PPI to fulfill its obligations as per the original EPA retroactive to 2005 (and not really need a rehab plan). Essentially, the "underpayment" in 2005 and "advances" to be shouldered by the parents from 2006 to 2010 will be reimbursed by PPI, plus cost of money, using the NAPOCOR proceeds.

At Monday, April 18, 2005 12:09:00 AM, Anonymous Anonymous said...

As mentioned in the court order, the NAPOCOR bond is US$ denominated. Details on this bond should be researched (e.g. date of purchase, interest rate, etc.). The date of purchase is important to determine whether there could be significant gains generated from the US$ exchange rate (especially if bonds were purchased prior to the Asian crisis).
for the

At Tuesday, April 19, 2005 2:55:00 PM, Anonymous Anonymous said...

Can we start gathering all details of plan holders so whatever decision that can be made on the first general meeting, we will be able to move faster. remember, many parents are now hurting financially and having sleepless nights on how to pay their kids tuition. the sooner we can have the tro lifted, the better for us.

At Tuesday, April 19, 2005 4:50:00 PM, Anonymous Anonymous said...

Pacific Plan management deceived us planholders. Mid 2004 they came out with a plan to transfer all the products of Pacific plan to a subsidiary called Lifetime Inc. except for the traditional education plans. In short all products that were eaning profit were transfered to these so called company together with 17 Billion worth of assets + 200 million pesos of new equity. What was left with us planholders is 340 million cash to be divided among us for this coming school year and the Napocor zero coupon bonds more or less about 50 million dollars that will mature in 2010. What a brilliant move. Is these the way our corporate leaders who proclaim good governance practice. In short, if you happen to own the largest bank in the world with around 100 products to offer. When things turn for the worst & 1 of the said poducts would cause you a fotune in losses. All you have to do is put up a subsidiary and transfer the 99 products that make a decent profit together with practically all the assets. Then just leave the 1 product that causes losses , resign en mass & file z motion for rehabilitation. Congratulations corporate geniuses for making suckers out of us planholders.

At Tuesday, April 19, 2005 7:57:00 PM, Anonymous Anonymous said...

When I heard the news on TV late Friday night, I was hoping I'd wake up the following day to find out it was all a bad dream? Pacific Plans? No way, I thought. The agent who sold the plan to my husband said, "Pero hindi ka naman lugi talaga, di ba? Nagamit mo na ng two years. Bawi ka na." While that may be true, still and all, that was not what the contract was all about. If government allows Pacific Plans to get away with this, what's to stop the other pre-need participants to renege on their contracts as well? Doesn't the industry have a PDIC of sorts like the banks do? Lawyer parents who are victims like us, please do the noble thing and take the cudgels. We feel so helpless before the giant that is the Yuchengco family.

At Tuesday, April 19, 2005 8:45:00 PM, Anonymous Anonymous said...

Just like that? YEAH! JUST LIKE THAT! I think this is reality, and reality bites! PPI's move was, is and will always a reflection of the government's sincerity to serve th pople! And if it were not true, then government must take action!!!! Yes, PPI has been unilaterally changing the interpretation of the pre-need contract for quite somtime and it it triumphed even more with the help of the court!!!

At Tuesday, April 19, 2005 11:28:00 PM, Anonymous Anonymous said...

lawyers with good heart and pep holder - file TRO on the court order so PPI can release full tuition payment to all plan holders. kawawa naman talaga all those kids who will not be able to study this year. what about other damages to pep holders - lets file claims for it also. get our money and bankrupt the yuchengco before they build more rcbc grand towers or bring the money out of the country. bet you, before you know it, these guys will have left the country and we will be left with an empty bag.

At Wednesday, April 20, 2005 12:55:00 AM, Anonymous Anonymous said...

We should find out how the trust fund was cut up between Liftime, Inc. where all the fixed plans were diverted, and Pacific Plans, Inc. where all the traditional (open-ended) plans remained. It should be obvious that most of the trust fund assets were diverted to Lifetime which the Yuchengco's intend to keep as an ongoing concern. What was left with Pacific Plans was a token amount of cash and investments (NAPOCOR bonds) which they knew was insufficient to cover their liabilities and promises to planholders.

At Wednesday, April 20, 2005 5:43:00 PM, Anonymous Anonymous said...

Ambassador Yuchengco, Former DTI Secretary Roy Navarro, SGV Auditor Climaco et al,mga wala kayong konsiyensiya. Pagkatapos nyong makinabang sa aming pinaghirapang pera, bigla na lang ninyo kaming tatalikuran sa gitna ng aming kagipitan.Puro kayo mga duwag at manloloko. Sayang ang mga titulo ninyo at pinaag-aralan ginamit lang ninyo para lokohin kaming mga magulang na nagipon at naghirap upang maitaguyod ang pag-aaral ng aming mga anak. Paano namin mapag-aaral ang aming mga anak.Kailangan ba nilang maghintay hanggang 2010 para sila makapg-aral. Mahabag naman kayo sa aming mga anak,sa mga magulang na umaasa na makakapag-aral ang aming mga anak at siyang magiging gabay namin sa aming katandaan.Winasak ninyo ang lahat ng aming mga pangarap.Parusahan nawa kayo ng Diyos sa lahat ng ginawa ninyo sa amin.Nawa lahat ng inyong hahawakang negosyo mula ngayon hanggang kamatayan ninyo at ng inyong saling lahi ay mabigo upang maramdaman ninyo ang sakit ng inyong ginawa sa aming mga 34,000 planholders!!! Bahala na si LORD sa inyo

At Wednesday, April 20, 2005 10:46:00 PM, Anonymous Anonymous said...

From hereon, I VOW:
Not a single centavo of my hard
earned money will go to the business of any Yuchengco Group company.

From hereon, I PROMISE:
That any chance I get, I will BADMOUTH the Yuchengcos and their businesses. I will tell all how dishonorable this family is and how they do not keep their business commitments.

At Thursday, April 21, 2005 12:29:00 PM, Anonymous Anonymous said...

Liwayway Gener the EVP of Pacific as of same time last year is now EVP of Lifetime, same secretary, etc.

Everybody down the line from Pacific are now with Lifetime.

If this scam is not premeditated, I don't know what it is.

Helen Dee Head of Pacific is also now Head of Lifetime.

If this is not scheming maneuvering, I don't know what it is.

The fixed plans of Pacific are now with Lifetime.

If this is not sinister creativity to deceive planholders, I don't know what it is.

At Thursday, April 21, 2005 6:02:00 PM, Anonymous Spell governance, please? said...

None of the government regulators and finance people can even spell the word governance and you expect them to understand it?. You expect them to practice it?

They can't even distinguish between a Multitel and a Pacific Noplan.

At Friday, April 22, 2005 10:20:00 AM, Anonymous Anonymous said...

Caught last night's "Dong Puno Live" which came out at an ungodly hour and ended past 1:30am.

Fe Barin should be led to pasture. She is too old to head the SEC. Her answers were always motherhood statements which have no meat and never answers the questions posed. If that is indicative of the quality of the people heading our government institutions, we are in deep s..t!

I was appalled by the appearance of some members belonging to pre-need companies who made use of the show to plug their companies viability and integrity. Give me a break!

These guys are all the same. Enough with these glib-tongued jerks who would sell their mothers for a song.

If everyone stopped insuring in pre-need firms and their products, let's see who'll have the last laugh.

If everyone stopped paying their taxes, let's see what happens. We know where are our hard-earned money is going to go anyway- to their pockets.

Perhaps its time to consider migrating and leaving this hell-hole.

At Friday, April 22, 2005 11:30:00 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 4:43:00 PM, Anonymous Anonymous said...

if anyone is counting we have 6100+ visitors already. assuming an average of 2 plans per visitor - we have 33% planholders who are willing to fight this good fight until they are completely satisfied. and as the other 66% see we are organized, focused, moving forward, eventually we will have them on our side also. everyone must contribute what they feel they can give - time, energy, brains, money. no fence sitting allowed ! cant have your cake and eat it too.

At Saturday, April 23, 2005 4:43:00 PM, Anonymous Anonymous said...

if anyone is counting we have 6100+ visitors already. assuming an average of 2 plans per visitor - we have 33% planholders who are willing to fight this good fight until they are completely satisfied. and as the other 66% see we are organized, focused, moving forward, eventually we will have them on our side also. everyone must contribute what they feel they can give - time, energy, brains, money. no fence sitting allowed ! cant have your cake and eat it too.

At Wednesday, April 27, 2005 12:22:00 AM, Anonymous Anonymous said...

can anyone refer me to atty villaraza. one division of my business is losing and eating into profits of other division. i want to know how i can shield the healthy parts from bank and supplier creditors. i am serious. ygc is doing us middle classs businessmen a great favor if the court grants him his plea ! i am all for it ! and since many of us plan holders are businessmen, you can do the same and assign your pep trad plans as your collateral for the losing division of your business.

At Saturday, April 30, 2005 11:20:00 AM, Anonymous Anonymous said...

Oh dear with Lifetime under the helm of the same oafs who handled Pacific we are headed for a LIFETIME of problems with our mortuary plans - we will all end up wrapped in banig and tatterred blankets - hahaha!!! naku kitang mga Pinoy what we do against each other, such a shame. this is what our children are witnessing now, is this the path we want them to model after-no good models left! whAt is this? each man for himself? gloria get off your fat-ass and all your fat-ass SEC people
and help the Filipino. the perpetrators of this scam, they are the PINOYs victimizing true and honest, hardworking FILIPINOS.
God save the QUEEN! - fairies too!

At Sunday, May 08, 2005 1:33:00 AM, Anonymous Anonymous said...

I am not a Pacific Plan holder but I do have a mortuary plan with Lifetime. I've already taken out my money from RCBC. But I am writing to you as a Mapuan.

What happened in Mapua over the past 5 years and specially now we are fighting the Yuchengcos should serve as a lesson to you people on how they maneuver and to what extent they will try to silence you.

They raised tuition without consultation. They turned the school into quarterm system without consultation. Then they changed the name of the school without consultation. Their attitude have always been 'If you can't take it, Leave'. And that's what happened to thousands of students who find themselves unable to afford their tuition in the middle of their course. What happened to them? there are no good school willing to accept transferees so many just had to settle for less well known school that they can afford.

With massive protest from the Mapuan community, they just turned deaf issuing press releases and upping the number of ads and paid articles in the dailies to mislead the public and trivializes our cause. This is the way they treat their stakeholders, not an ounce of respect.

They use security to clandestinely videotape who are the students and faculty leaders and intimidate them with expulsions, memos and suspensions.

Our online message boards were flooded with messages from fake Mapuans urging us to accept the reality that they own the school and we should forget about demanding our rights as stakeholders and customers.

One morning preceeding a rally, they hired streetchildren to spread faeces infront of the school and fake a clean up drive with their cohorts in intramuros administration to twart a rally that has a permit.

We are continually receiving reports that pro-Mapuan / anti-Malayan internet sites are being attacked.

Know how the Yuchengcos operate. These people do not have integrity even if Alfonso liked to call himself Mr. Integrity. They fight dirty, very dirty.

Since the scandal of Pacific Plan erupted, they have been extra ruthless in dealing with us (Mapuans), obviously a sign of nervousness that when these two issues come to fore, the rest of the empire will collapse as there have been reports of bankruns in RCBC.

We should not let them get away. What is an insurance if they can change the terms anytime to benefit themselves. You invested in Pacific Plan, we invested in being Mapuan and we all have our investments threatened by these money hungry people. Its time the truth gets to the people and to show them how they handle people's future and investments.

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