Monday, April 18, 2005

Media Push of Yuchengco Group of Companies

Source : www.inq7.net April 15, 2005

THE CENTRAL bank said Rizal Commercial Banking Corp, the Philippines' sixth largest lender, is financially sound despite the problems faced by its affiliate, pre-need firm Pacific Plans Inc.

"The problem of Pacific Plans has not spilled over to the bank," central bank deputy governor Alberto Reyes said, adding that RCBC itself does not have any investment in the pre-need firm.

"RCBC is a very big bank. They only have common shareholders," Reyes said.

Pacific Plans, whose major shareholders are the Yuchengco family, who also controls RCBC, has filed for rehabilitation with a Makati City court.

The court has ordered the company to suspend payments to creditors, suppliers and planholders until it has been rehabilitated.

The company said that while it can still pay the tuition fees of planholders now, it may not be able to pay future claims due to a sustained sharp rise in tuition since a 10-percent cap on tuition increases was lifted in 1990.

Pacific Plans has more than 34,000 planholders, of which 16,000 have been claiming their entitlements.


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Based on the abovementioned press release. it would seem that there will be every attempt to create distance between the Yuchengco Group of Companies and Pacific Plans. Assuming that the good governor Reyes was quoted properly, his choice of words to describe the corporate relationships as that they "only have common shareholders" would have you gain the impression that the Pacific Plans has an arms-length relationship with the other YGC entities.

The following days and weeks will tell if the term "interlocking ownership and directorships" is not the more precise and accurate characterization. If so, probably, we could even get the BSP to agree that there are moral, managerial, and financial responsibilities that YGC has to own up to.




34 Comments:

At Monday, April 18, 2005 9:06:00 PM, Anonymous Anonymous said...

The Yuchengcos sold Pacific Plans on the financial strength of the Yuchengco Group of Companies. I submit most plan holders bought Pacific Plans on the stability of RCBC, RCBC Savings Bank, Great Pacific Life, Malayan, etc.

Today, they are turning their backs! This is not an investment in a golf course or a country club. This is not a failed highrise condominium or townhouse complex. This is blood money. Blood, sweat and tears for the future of our children.

The Yuchengco Group has a moral obligation. Take loses they must. Why should our children suffer. Why should parents lose their peace of mind. The Yunchengcos took a financial position. They should be true to their word and honor their commitments. They can afford to have a new building. They bought Mapua. They have investments everywhere. If they have to sell to support Pacific Plans, they should.

But no. They chose the path of least resistance. Distancing Pacific Palns from the parent company. Pacific Plans once had Gabriel Singson as Chairman, Rizalino Navarro, Cesar Virata as directors. For what purpose? For marketing purposes? We bought because of the leadership they advertised. Alas, it was all for show. Chairmanship and Directorship is about good governance and being a good corporate citizen. Can we say that about the Yuchengco Group of Companies today!

Immoral, unethical are kind words. The most appropriate term...TULISAN at BALASUBAS!

That's what they are.

God help them.

 
At Monday, April 18, 2005 9:09:00 PM, Anonymous amanda said...

I pray and hope the Yuchengco family will reconsider their corporate decision on Pacific Plans that has left families in shambles, reeling under the prospect of shattered hopes for their children.

The Ambassador, a well respected man, will surely not turn a blind eye to the plight of planholders who bought their plans and staked their children's future on the strength of the Yunchengco name and everything it stands for....

 
At Monday, April 18, 2005 9:54:00 PM, Anonymous Anonymous said...

The statements of SEC's Fe Barin and that of CB Deputy Governor Reyes betray a bias in favor of the Yuchengco Group of Companies. It was as if they were cozily defensive in favor YGC. Why? These are two people whose objectivity and sense of fairness are now put to question. Why, are they being made to tow the line to pay off political debts?

 
At Monday, April 18, 2005 10:52:00 PM, Anonymous Andy said...

Why does Deputy Governor Alberto Reyes sound like he is lawyering for the Yuchengco Group?

 
At Tuesday, April 19, 2005 10:22:00 AM, Anonymous Anonymous said...

Pacific Plans is a fully-owned subsidiary of Grepalife. It is true that with the press releases going on, the Yuchengco Group is trying to disassociate themselves with Pacific Plans.

I think Grepalife should come in and save Pacific Plans being the real owner of the company.

 
At Tuesday, April 19, 2005 10:53:00 AM, Anonymous korek ka dyan said...

I fully agree with andy. This is not the first time Gov. Reyes has acted as if he was the lawyer of powerful interest groups.

Remember Urban Bank!!!

 
At Tuesday, April 19, 2005 10:54:00 AM, Anonymous noli l. from pque said...

I am not a planholder of Pacific, but I do share your burden because I have a Pamana and a CAP plan too. Pacific Plans main selling point was their strong affiliation to RCBC, only to be told that RCBC has no investments at Pacific Plans. Now that's not a con, plain and simple.

The Phil Center for Investigative Journalism should look into the lifestyles of the people who managed, lavished and wasted our money. If we look closley, its the old-boy network thing that comes into play. They belong to the same crowd.

There is an emerging pattern here. Pamana, CAP and now Pacific. Who are the people behind these outfits? I am sure they are still enjoying the fruits of "our" labor. They still spend their vacations out of town, out of the country, eat at fine dining resturants, play golf, sleep in air-conditioned rooms, and swim at their pools.

.....and laugh at our miseries.

I bet you that Reyes and Barin, when they leave government service, they will wind up as a director, if not a chairman of one of these organizations or its affiliate.

 
At Tuesday, April 19, 2005 4:54:00 PM, Anonymous Anonymous said...

That is if Reyes and Barin can protect themselves from the charge of violating Republic Act 6713 which pertains to the ethical conduct of government officials.

 
At Tuesday, April 19, 2005 8:21:00 PM, Anonymous Anonymous said...

i am not a pacific plan holder but i think it's time that class action suits are initiated against companies like this. First it's CAP, now Pacific Plans, which clearly did this on the sly.

 
At Tuesday, April 19, 2005 11:53:00 PM, Anonymous Anonymous said...

As long as RCBC Tower is standing and so are the Yuchenco's other businesses, they should honor their obligation to us, planholders. I agree with what one PH said- tulisan ang labas nila! Also, the media has been relatively quiet about this matter...could there be something that got passed around so that they turn a blind eye to our plight?!

 
At Wednesday, April 20, 2005 3:28:00 PM, Anonymous Anonymous said...

media has been silent - could it be because yuchengco is a big time advertiser for their other companies and who could refuse such revenue? check out the ad of rcbc in bulletin today "save at RCBC now - you may win any of dream vehicles and home showcases to be drawn every month?" (apr15,2005 issue)

 
At Wednesday, April 20, 2005 3:48:00 PM, Blogger Sassafras said...

Yes, the media has been silent... partly due to interest in who the new Pope will be...dun na-focus ang attention. At least sa Failon/Sanchez morning show, medyo nabibigyan ng focus ang PP mess paminsan minsan. Pero ngayon- ayan, may new Pope na. I hope this PP scandal will be talked about again. We have not been affected by this, but if this becomes common business practice, masama ang pangitain para sa ating lahat. This is not just an issue about the planholders anymore.

 
At Wednesday, April 20, 2005 6:20:00 PM, Anonymous Anonymous said...

for everyone's information, deputy governor alberto reyes of bangko sentral ng pilipinas retired from government service yesterday, april 19 being his 65th birthday! what will happen to us now? does this mean he can no longer be charged? this is so unfair!!! kaya siguro siya ang pinagsalita ng bangko sentral kasi palabas na sya ng government service. GOD HELP US! JUSTICE FOR ALL PPI PLANHOLDERS AND THEIR CHILDREN!

 
At Wednesday, April 20, 2005 10:27:00 PM, Anonymous Anonymous said...

Whoever said the Yuchengco Group is financially strong?
Bankard, Inc. just lost P 500 Million last year. EEI lost P 400 Million. Grepalife and Malayan, despite its size only managed to post a net income of P 200 Million. RCBC only postd P 1 Billion in net income despite its humongous assets.
What does this all mean?
That the YGC Group is badly managed.
The Yuchengcos were already offering to sell RCBC as far back as two years ago. MetroBank, Banco de Oro and BPI all did some due diligence examining RCBC's books. All of them begged off after discovering lots of anomalies.
That Bank has super bad asset quality.
RCBC is a dying bank, contrary to its press releases. Their employees and officers hav not had any decent salary increase nor profit sharings in the past five years!! So, you better tell your relatives and friends to pull their money out of that Bank.
BOYCOTT THE YGC GROUP!!
PULL-OUT YOUR DEPOSITS FROM RCBC!
CANCEL YOUR BANKARD & JCB CREDIT CARDS!
DO NOT BUY ANY INSURANCE POLICIS FROM MALAYAN OR GREPALIFE!!
FIGHT BACK!!

 
At Wednesday, April 20, 2005 11:28:00 PM, Anonymous Anonymous said...

Hit the Yuchengcos where it hurts the most- their pockets.
They don't care about their name and integrity.
Start withdrawing your accounts from RCBC. Cancel your policies with Malayan, Grepalife and Lifetime Plans.

 
At Thursday, April 21, 2005 11:42:00 AM, Anonymous Anonymous said...

Not only did the bought Mapua last year, DE LA SALLE University is theirs too. It only means they have money, they just wanted to run away with their obligation.

 
At Thursday, April 21, 2005 5:14:00 PM, Anonymous Anonymous said...

if what was written in "cocktales" column is true that the yuchengcos opened another company"lifetime plans" and transferred the profitable business/plan out of pacific plans to lifetime plans, then this is tantamount to systematic plunder by the pacific plan owners. aggrieved plan holders should insist on an audit of the business since 1992 when it became clear that the plans maybe at risk because of the deregulation of the tuition. did management, the board and the owners prepare plans to improve revenue and more importantly, control cost to mitigate the risks? or did they give themselves bigger compensation and dividends and to hell with the planholders. we want to know if management , directors and owners exercised prudence or simply planned to make themselves whole and bail themselves out and just abandon the planholders

 
At Friday, April 22, 2005 3:51:00 PM, Anonymous Anonymous said...

According to the biography of Amb. Yuchengco that he wants to leave behind a good name, now is the time to prove it by saving Pacific plans and protect the plan holders.

 
At Friday, April 22, 2005 7:34:00 PM, Anonymous Anonymous said...

the Yuchengco's don't own Dela Salle University. They donated a building perhaps for tax purposes.Please tell us na lang what positive steps we can do to make sure the Yuchengcos honor their original contract with us tradtitional planholders. What they did was to squeeze us into a buy-back plan--eh,ayaw naman talaga natin ng buy-back with 7% interest. We were originally promised a safe haven for the education of our children-exclusive school or not--when they fall due no matter the cost. They are promising to give back our money by 2010. Eh kung may mangyari between now and 2010,may maaasahan pa kaya ako?KUng talagang may government bonds to back up their 2010 obligation, di ba dapat hawak ko na yun govt bonds just to be sure?and not just this certificate of full payment that i am now holding?Please naman let's find ways to resolve our issues.

 
At Sunday, April 24, 2005 11:24:00 PM, Anonymous Anonymous said...

Suggestions to have key persons esp. government officials who are involved to have lifestyle check. Yuchengos must have the fund for these officials. If GMA really is serious in fighting against graft and corruption.

 
At Friday, April 29, 2005 4:59:00 PM, Blogger edjay said...

I wanna know how and where PPI invested the money. If it turns out that most of the investment they made benefited the other YGC businesses, then magbayad sila. If they won't pay, isa lang ibig sabihin nun sobrang sugapa sila sa pera!

 
At Saturday, April 30, 2005 9:08:00 AM, Anonymous Gin said...

To the Research/Legal group: Please be wary with Ernesto (Sonny) Garcia. He is a "snake", manipulator, money jiggler (short of launderer as well), liar, and dangerous. His record in the business community is PFFT. He caused the downfall of Piltel by manipulating the book of accounts. This guy has to be crimimally charged if proven to be involved in this PPI fiasco!!! But we cannot do this thru SEC bec SEC sucks (no legal power!!) Tsk tsk tsk...Personally, I BELIEVE HE IS THE ONE BEHIND ALL THESE TRANSFERS TO LIFETIME AND LEAVE TRADITIONAL PLANS TO BLEED TO DEATH!! May God help all of us. And God knows "judas" the dirty job!!

 
At Wednesday, October 05, 2005 6:09:00 PM, Blogger Jackie said...

You have an interesting blog here. Some of the things people put are kind of strange. Another cool site I like is a affiliate internet marketing tip site that is about information marketing and a little other stuff.

Anyway, I like your blog and will proably be back.

Take care.

 
At Thursday, October 13, 2005 2:25:00 AM, Blogger mac said...

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I have a affiliate marketing course site/blog. It pretty much covers affiliate marketing courserelated stuff.

Come and check it out when you have the time and keep up the great work on your site :-)

 
At Saturday, June 10, 2006 8:27:00 AM, Anonymous Anonymous said...

I would like to agree with many that we bought the plans (4 to be exact) thinking that Yuchengco Group of Companies owned it.

It was our dream to send our children to better schools because both of us (husband and wife) were not born privileged enough to afford good schooling.

We gave up everything just so we can pay for the plans. It was a dream. Now it is a nightmare. The first availment we had for high school was just last year! 2005. We sent them to good schools and we can not just pull them out of there. How then can we make both ends meet without having our children upset and discouraged by the fact that the Yuchengcos chose to turn their backs on a promise. A promise to my children. A costly promise that if I miss on one payment, I get to give up that dream.

Do you think parents will not haunt the Yuchengcos. We Filipinos may have some lousy values. But when it comes to the family. We are willing to die for them.

It would be a fight. You may be rich and mighty but remember the Spaniards who oppressed us? We fought back.

Can you tour the world enjoy worldly pleasure without thinking you turned your back to an orphan wanting a chance to good education which was paid for twenty years ago! Will you be happy doing the wrong thing and sending parents to jail? When you know pretty well they have the right to feel oppressed.

Asiaweek featured a good old man recently. The Yunchengco name earned its reputation through the years. The grand monarch may have to teach the next generation of the yuchengcos that you can destroy that name overnight in such a grand mistake as this.

Pay our tuition and we will stop our offensive position.

 
At Thursday, May 08, 2008 2:52:00 PM, Anonymous Anonymous said...

Now Yuchenco come up with a new name Great PAcific Plans which was Nippon Philippines before. I bought it under Nippon but decided to stop and cancelled my premium payment right after I knew it was owned now by YGC Group.

 
At Friday, May 09, 2008 9:04:00 AM, Anonymous Anonymous said...

to be more specific...it is GREAT LIFE FINANCIAL ASSURANCE CORPORATION - a new pre-need offered by YGC Group of Companies
Lets learn from what happened to Pacific Plans. This cold blooded Yuchenco has no heart at all. If you dont want your hard-earned money be wasted, do not patronize Great Life.

 
At Wednesday, January 14, 2009 10:43:00 AM, Blogger dick said...

yuchengco,

you owe us big time....what happened to your conscience?

 
At Wednesday, February 11, 2009 11:47:00 AM, Blogger TRiAD said...

I am a victim of their incompetence. I studied in a School in Makati. I was able to complete 2 years in my high school before I had problems. During my high school, our tuition increased considerably from 25k-36k to 70k-85k. We expected that Pacific plans will cover all of our expenses REGARDLESS of what we paid them was less than what we'll get for 4 years. We had to pay half from my third year and we had to pay the whole tuition fee on my fourth year.

I believe that Pacific Plans SHOULD PAY US BACK WHAT WE HAVE SPENT IN OUR TUITION FEE, REGARDLESS IF WE GAVE LESS THAN WHAT WE RECIEVED. IT IS A BREACH OF CONTRACT!!!

 
At Monday, October 10, 2011 4:21:00 PM, Anonymous Anonymous said...

It is out that a grandson of ambassador yuchengco named Marco Yuchengco Santos a.k.a. MySabog was caught by authorities as the leader of a hacking syndicate which extorts money from facebook and yahoo users. His modus operandi is to create bad blogs and fabricated emails and you have to pay him so he would stop it. If this is a Yuchengco business, then you can imagine that our problems as policy holders are not a priority. He did these extortion attempts to close friends who did not have a clue it was him - so hindi lang tayo ang na YUCHENGCO !

 
At Tuesday, October 11, 2011 3:27:00 PM, Anonymous Anonymous said...

dont be a fag and mention his victims: last month, it was all over Singapore that the facebook and yahoo accts of 2 prominent filipinos, Paul Monozca and Rico Hizon were hacked. Bad blogs and messages were fabricated and it was revealed last week that the culprit was Marco Yuchengco Santos, a grandson of ambassador Yuchengco. No one believed it at first as he was a friend to both gentlemen and a yuchengco at that but little did anyone knew he is wanted for a failed drug deal with the military in manila and he was a drug addict desperate for money to buy drugs. He has since fled overseas (I heard he is also looking for a job in Singapore) to escape the authorities. It was also revealed Marco Yuchengco Santos is responsible for hacking into RCBC bank, Malayan insurance and Pacific Plans when he worked for Mapua (handles all back-end needs of YGC) defrauding millions from its members. He uses bogus titles from companies that he set up which have already closed down or companies he was fired from: edsamail, touchmedia, IPVG etc. (being vice-chairman of non-existent companies)His modus operandi is to make his friends fight against one another via facebook or yahoo, including some family members, actresses who rejected him and he would ask a fee to stop it. hayop sa racket! this is the yuchengco name we bought plans from?????????? all 34,000 of us?????? this is the guy who would run YGC someday????? seriously!!!!!!!!!

 
At Tuesday, March 20, 2012 5:22:00 PM, Anonymous Anonymous said...

i met a bald guy named marco y. santos, is this the same guy?

 
At Saturday, June 02, 2012 7:32:00 PM, Anonymous Anonymous said...

marco looks through deleted emails and blackmails people with it. what do you call someone who does that? diba basurero?

 
At Friday, February 01, 2013 3:41:00 PM, Anonymous Anonymous said...

all i can say is this marco y. santos guy does not expect to walk the streets ALIVE with what he does

 

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