Thursday, April 28, 2005

Pacific Plans Spin Doctors -- Please Go to the Principal's Office

Dear Readers,

As an FYI to all of you, it is important that you know the three primary objectives that the PEP Coalition had when we established this site:

a) Research and Information gathering in order to develop an opposition strategy for the rehab model
b) Planholder orientation of their rights and entitlements
c) Enlightenment of planholders and regulators as to the questionable practices undertaken by Pacific Plans shareholders and management.

For everyone's benefit, spin doctors have been engaged to nullify our efforts and create the following illusions:

a) the PEP coalition is a rag-tag group of planholders that do not enjoy the support of Pacific Planholders;
b) there is a silent majority of planholders that are pro-rehab and have even go so far as to mimic this weblog.

Friends within YGC had given inside info about the spin doctors and we delibertely sat back to observe their efforts in this weblog. We do not know if they are professionals or not but we can only surmise that they are unfamiliar with the Internet. Telltale signs of intrusion and disinformation include:

a) steady traffic of visitors but;
b) inconsistent increase in number of comments;
c) repetitive and belabored comments unlike other posters who make their comment once and leave it at that;
d) assumption of other people's identities.

Pacific Plans spin doctors, we can see your IP addresses even as you post your comments! The IP addresses are the same even if the poster's identities are made to look different. Do your homework. Please get better IT and Internet advice.

Case in point is mr. or ms. media_elf@******.com with IP address 66.249.66.166 (you know who you are...and so do we). Suffice it to say that our east coast team knows their network administration quite well. =) It is deplorable that moles such as you would stoop this low.

Also please do an examination of conscience if you are getting paid to do this -- that same money could have been used to pay for our children's tuition!

Anyway, you spin doctors were allowed to have three days of fun. We'll set the rules:

a) This website is used primarily for research and information gathering;
b) All posters should speak for themselves. It is really amateurish to start speaking for other people with the hope of deception. Comments that attempt to speak for other people shall be deleted;
c) Character assassination, the use of profanity and pointless commentaries or lectures will also be deleted. We need good ideas, recommendations, and concrete action plans.
d) Plugs and and other advertisements will also be deleted

We will be cleaning up the comments in the next few days and only leave those which stir thoughtful discussion and debate. In the spirit of the Internet, we will encourage free speech and allow views that are pro-Pacific Plans/YGC group provided that these views are presented in an intellectual manner.

For those of you who read this site but are not IT savvy, here is how to spot FAKE profiles and MOLES:

a) The posters do not have Blogger profiles. The moderating team has Blogger profiles. Just click on our names and you will be led to the Blogger Profile we created.
b) The moderating team is comprised of three people - PEP349, corporate_conscience, and pacificnoplan. All our profiles can be viewed at the top right section of the Blog.
c) The moderating team does not comment on our own postings (with the exception of warnings and one other occassion). We will post a full article. This is something that these posters cannot do.
c) Their comments are repetitive and similar to points raised by the YGC group. (this in and off itself is fine with us, but we don't like people pretending to be part of the mod team)

For all posters, please check if your contribution has been deleted. Please clean up the language as per the above mentioned editorial guidelines and you can once again repost. In that way, we cannot be accused of discouraging an honest debate or information sharing.

Congratulations to the sincere and concerted efforts of the coalition.

65 Comments:

At Friday, April 29, 2005 1:05:00 PM, Anonymous Anonymous said...

To the moderators regarding:

a) steady traffic of visitors but;
b) inconsistent increase in number of comments;

I am a webmaster who manages websites and owns several blogs. Blogs are meant to be mostly read and not commented on. In fact my blogs and websites ratio between views and comments are in the range of 200 views to 1 comment. Blogs are not discussion forums. Like others , I am one of the "viewers" who is captured by all this drama. I am sure there is infiltration here but a) and b) are not the signs. BTW,I am a planholder from a diffent provider.

Suggestions for you:

1) Transfer to a group mail. You can effectively manage and monitor comments.

2) Transfer to a bulletin board. You can organize by legal opinion,comments, and others.

3) Disable anonymous comments.

Just a suggestion. Sorry for being anonymous but I don't want to be dragged into this fight.

BTW, the moderator's real name can be seen by just putting the mouse over the webcounter.

 
At Friday, April 29, 2005 2:35:00 PM, Anonymous Anonymous said...

Wow, after announcing your guidelines for posting and claims of IP tracing, there has been only 1 post in close to 2 hours from an average of 10+ per hour.

This site is now dead. Not only did you weed out unwelcome posters but all of your posters.

 
At Friday, April 29, 2005 2:40:00 PM, Anonymous MOM said...

Not dead.

It will be more sensible this time.

And worth reading.

 
At Friday, April 29, 2005 2:50:00 PM, Anonymous Anonymous said...

Cocktales: AY to pacify plan holders
Posted: 0:08 AM | Apr. 29, 2005
Victor Agustin
Inquirer News Service



REELING from a public backlash that not only threatens his financial empire but also his legacy and his health, the 82-year-old Chinese-Filipino tycoon Alfonso Yuchengco has agreed to step in and provide funds to beleaguered Pacific Plans plan holders.

The broad outlines of the Yuchengco package, according to the pro-Yuchengco grapevine, would allow the 34,000 pre-need plan holders to cash in any time the 2010-maturity debt papers that Pacific Plans proposes to issue the plan holders.

And to plan holders who refuse to accept the Pacific Plans discounted debt papers, their college recipients would be allowed to enroll at the Yuchengco-owned Mapua Institute of Technology in any course of their choice at no cost.

The turnabout came after lengthy and continuous discussions by the tycoon with his key advisers, amid the continuous text and rumor brigade directed against the Yuchengco group of companies. The mutinous plan holders have even established a website, www.pacificnoplans.blogspot.com, not only to express their views but also to coordinate their protest actions.

If the pro-Yuchengco grapevine is to be believed, the political opposition, through a Joseph Estrada lawyer working behind the scenes, has even latched on to the anti-Pacific Plans movement to even up score against the tycoon for his having funded EDSA People Power I and especially EDSA People Power II groups.

Within the Yuchengco circle, what remains to be agreed upon is the level of interest earnings that would be extended to Pacific Plans plan holders who would vote along the rehabilitation proposal now pending before Makati Regional Trial Court Judge Romeo Barza.

But apparently the emerging consensus is that the swap papers would no longer be discounted, but also afforded higher interest rates than the seven percent being proposed by the "new owners" of Pacific Plans.

One legal downside to the Yuchengco lifeline is that it would remove the legal fig leaf that Pacific Plans has been devolved from the Yuchengco group of companies since August, which could presumably open the tycoon's family to potential court actions.

Should the liquidity proposal go through, the Yuchengco group would be hit by at least P500 million, representing the projected shortfall between the combined maturity values of the 34,000 maturing education plans and the underlying asset, National Power Corp. dollar-denominated bonds that will mature in 2010.

In all, the Yuchengco group would have pumped in and lost about P2 billion should the so-called open-ended educational plans be allowed to mature and run their original course.

The boardroom stresses, meanwhile, have already taken a toll on former Macapagal-Arroyo adviser Gloria Tan Climaco, whose resignation as a director of the Yuchengco group's House of Investments was announced on Thursday.

A former chairperson of the SGV & Co. audit firm like Rizalino Navarro who is CEO of the Yuchengco group's Rizal Commercial Banking Corp., Tan Climaco was said to have accepted a number of consultancy engagements that require frequent travel overseas.

 
At Friday, April 29, 2005 2:59:00 PM, Anonymous kit said...

I would take the article from cocktails with a grain of salt. He has published wrong information several times. I will only wait for the official statement from Pacific Plans.

 
At Friday, April 29, 2005 3:09:00 PM, Blogger bing said...

btw, i posted the above article for info purposes. pls don't confuse me with the other anonymous above. we should study this offer and scrutinize all ramifications. i feel it's inadequate. i don't want money back, i want my childrens education secured! it looks like just a scaling up of the initial offer to buy us out of our childrens education

 
At Friday, April 29, 2005 3:12:00 PM, Blogger bing said...

the cocktales article appeared in todays pdi business section page 3. on page 4 there is a paid ad enticing us to support the rehab plan and avail of their buy-back schemes. let's not fall into another yuchengco trap!

 
At Friday, April 29, 2005 3:15:00 PM, Anonymous Eli said...

Kawawa naman ang planholders.

How can we trust any financial services company after the declaration of Pacific that they have "liquidity problems". For a giant company whose owners are genius in the financial sector, this is a big shock to the community.

Nakakagulat. Without any warning to planholders, they saw on TV that the company have admitted that they have a liquidity problem. On TV. That was how planholders got to know about the problem of Pacific. Every planholder panicked.

You wake up one day, and realize you will have problems with funding for the education of your children, when before, you were at peace because you entrusted your money for the education of your children to a stable and a giant group of companies.

To top it all, you were caught off guard, tried to find some answers and no body in the company you trusted would even give you a second glance.

Masakit, for parents. A parent would, at all cost, defend his/her child.

Masakit also that you suddenly claim for what is yours in the sidewalk of a one way street in a very unfamiliar place. Not quite the place a giant company would choose for its offices as head quarters.

Without any compassion, this giant company throws out the small client, thinking that this small client will take it quietly.

Then each small client found each other in that one way street under the heat of the sun, queueing, waiting for their numbers to be called to know the status of their plan. The number being served then 46, most of those small clients are number 401,402, 403...

The small clients, angry, hungry, desperate, frustrated at how they were being treated, sympathized with each other. Shared their woes to each other. Nobody in the giant company cared about them. Calls were made to the big office but nobody wanted to give a budge to the small client, to the quarantined. And, together, for the love of their children, went forth to face the giant thru an arena they their voices will finally be heard.

 
At Friday, April 29, 2005 3:48:00 PM, Anonymous K. Lim said...

I followed the instructions of the first poster on putting the mouse over the web counter and it states "Winnie Bonifacio".

I didn't attend the PEP Coaltion rally but have been watching all TV shows and never saw her. Is she the one representing all of us, aside from Atty. Pichon?

 
At Friday, April 29, 2005 4:39:00 PM, Anonymous Anonymous said...

We have to continue the PRESSURE in "focusing" on the INTEGRITY OF Amb Yuchengco. IF the cocktails story is true then he is now feeling the pressure. As a member of the La Salle Alumni, Amb Yuchengco has been known to be honorable. BY focusing on this aspect of "character" (integrity) i am sure he will give in. We may not get ALL that we are demanding but a MUCH better deal than the one offered. But who knows, even with a P 2 Billion loss (a pittance to YGC), he might just even accomodate future planholders on the original agreement. Lets keep the pressure by focusing on the man's INTEGRITY.

 
At Friday, April 29, 2005 4:47:00 PM, Blogger Benzie Guerrero said...

I am clueless as to who are responsible for Pacific Plans now...the chairman, Mr. Ernesto C. Garcia is said to be relatively new in his post...a fallguy of sorts? Who are the board of directors before and after this fiasco? We should at least know who these "wiseguys" are and salute them for a well-thought of plan to shatter our dreams!

 
At Friday, April 29, 2005 5:26:00 PM, Anonymous Anonymous said...

Did you notice that while PPI is saying that they will pay in Year 2010 at 7% interest, in reality, PPI is offering negative, repeat, negative interest. All you need to do is look at your respective letters sent by PPI.

In my case, my high school scholar has availed of P70,014 in his 1st year. PPI estimates availments in the next 3 years at the same amount (completely ignoring possible tuition fee increases). Now, Pesos 70,014 for 3 years will amount to P 210,042. Deducting the P 35,000 tuition support, the resulting PPI obligation amounts to P175,042 over the next 3 years. Compare this amount to PPI’s computed Maturity Value on July 31, 2010 of Pesos 145,400.

If I am entitled to P175,042 in 2005-2007, and PPI delays these payments to 2010, and considering that there is an interest earning of 7%, shouldn’t the amount increase? Yet, PPI is going to reduce, not increase, the amount by giving only P 145,400 in year 2010.

It is easy to compute the correct maturity value in 2010. The P35,042 due in 2005 will earn 7% interest per year over 5 years to 2010. The P70,042 due in 2006 will earn 7% interest per year over 4 years to 2010. The final P70,042 due in 2007 will earn 7% interest per year over 3 years to 2010. The total of all these, or the correct maturity value in 2010 is P226,653. This is 56% higher than what PPI would have us believe as the proper amount.

How is PPI trying to hoodwink us into accepting their erroneous computation? Their method, as shown in their letters to us, is to multiply the amount of their future obligation by a low number, in my case by 64%. This is supposed to “de-escalate” their future obligations to 2004 values (not 2005), by assuming an interest rate, according to my computations, of over 20% per year. Then, they escalate the supposed 2004 value by 6.5% every year (not even 7%) up to 2010.

What is the concept behind PPI’s computation? The “de-escalation” to 2004 values is like theoretically advancing payments to us, and for that we are paying PPI over 20% interest per year advanced. (Note that even if the money is already due today in 2005, PPI is able to de-escalate by choosing 2004 as base). On the other hand, when the payment is delayed from 2004 to 2010, PPI is offering only 7% (I compute only 6.5% in their formula).

What crazy method is this? When PPI theoretically advances the amount to us, we pay them over 20%, but when PPI actually delays payment, they give us 6.5% interest.

While the delay in payment is in itself unacceptable, PPI even tries to cheat us by reducing the delayed amount by a very large percentage.

 
At Friday, April 29, 2005 6:38:00 PM, Blogger ceteris paribus said...

it points to the fact that there were more probably people reading the site from the Yuchengco group (and their friends) spying than there bona fide planholders!

interesting...this must mean that this Blog is getting into their nerves! Congratulations for winning in the media battle. I wish all of you well in the legal battle.

 
At Friday, April 29, 2005 6:53:00 PM, Blogger Dora said...

To help the non-IT savvy, please post instructions on how to create blogger profiles.

I surf regularly and am very familiar with yahoo groups, but it is only with this PPI incident that I'm posting in blogs. (Oh yeah, I'm a planholder too).

All along, I thought "blogger" meant the moderator or webmaster.

 
At Friday, April 29, 2005 6:58:00 PM, Anonymous Anonymous said...

For those who failed to watch the Dong Puno Show last night, the following are the replay schedules:

Saturday, 6:00 a.m.
Sunday, 1:00 a.m.

 
At Friday, April 29, 2005 6:59:00 PM, Anonymous Anonymous said...

Sorry...replay of Dong Puno will be on ANC21 (SkyCable)

 
At Friday, April 29, 2005 7:06:00 PM, Blogger Dora said...

PPI is saying that YGC or AY will step in or help out in this whole mess.
I think that is a tactic designed to calm us down. Well, I don't believe anything until I see their final offer in writing.

DO NOT LET DOWN YOUR GUARD!

 
At Friday, April 29, 2005 7:10:00 PM, Anonymous Anonymous said...

For future interviews, I think we should mention what they have been doing (ie. fake postings), along with the attending proof.

This tells me they are negotiating in bad faith.

 
At Friday, April 29, 2005 8:07:00 PM, Anonymous joy said...

to K. Lim:
winnie bonifacio is the girl (representing the coalition) beside atty philip piccio in dong puno live last night. fyi.

 
At Friday, April 29, 2005 9:51:00 PM, Anonymous Anonymous said...

For your info from the Pacific Plans Website:

To all Pacific Plans planholders based in Metro Manila



From April 27-30, 2005,

we shall be accommodating

claims for tuition support at a bigger

site to better serve your requirements.

The said office will be at:



Philippine Trade Training Center

Roxas Blvd., corner Sen. Gil Puyat Avenue



Our Kamagong operations will resume after the above dates.




TO PACIFIC PLANS TRADITIONAL EDUCATION PLANHOLDERS


PPI HAS NOT EXERCISED ITS RIGHT UNDER THE FORTUITOUS EVENT/IMPOSSIBILITY CLAUSE OF OUR CONTRACTS, AND SHALL, TO THE FULLEST EXTENT POSSIBLE, SEEK TO MAINTAIN THIS POSITION.

PPI PAID ALL TUITION BENEFITS UNTIL APRIL 15, 2005, AND AFTER THE COURT ISSUED ITS STAY ORDER, OFFERED TO PAY TUITION SUPPORT.

UPON APROVAL OF THE REHABILITATION PLAN, PPI IS WILLING TO SWAP THE TRADITIONAL PLANS WITH A FIXED VALUE PLAN EARNING 7% NET P.A. COMPOUNDED INTEREST WITH MATURITY IN 2010. THIS AMOUNT REPRESENTS MORE THAN A FULL RETURN OF PREMIUM, AND FAR EXCEEDS THE PLAN TERMINATION VALUE PROVIDED FOR UNDER OUR CONTRACTS.

FINALLY, FACILITIES ARE CURRENTLY BEING NEGOTIATED TO PROVIDE A LIQUIDITY WINDOW FOR THOSE WHO WOULD WISH TO ENCASH EARLIER.


FORTUITOUS EVENTS/IMPOSSIBILITY
PLANHOLDER AGREES THAT PACIFIC SHALL NOT BE LIABLE FOR ANY INCONVENIENCE, LOSS, DAMAGE OR DELAY THAT MAY BE SUSTAINED BY THE PLANHOLDER AND/OR SCHOLAR RESULTING FROM FIRE, EARTHQUAKE, WAR OR CIVIL DISTURBANCES, EXTRAORDINARY ECONOMIC UPHEAVAL, STRIKES OR ANY LABOR DISPUTES, ACTS OF GOD, GOVERNMENT LEGISLATION OR REGULATION, OR SUCH OTHER MATTER OR CONDITIONS THAT ARE BEYOND THE CONTROL OF PACIFIC IN CONNECTION WITH THE IMPLEMENTATION OF ITS OBLIGATION UNDER THIS AGREEMENT. PACIFIC HOWEVER, AGREES TO PAY TO PLANHOLDER UPON WRITTEN REQUEST THE PLAN TERMINATION VALUE STATED IN SECTION XIII.
PLAN TERMINATION VALUE
PLANHOLDER MAY TERMINATE HIS IN FORCE PLAN AT ANY TIME BY GIVING WRITTEN NOTICE TO PACIFIC AND HE SHALL BE ENTITLED TO TERMINATION VALUES AS FOLLOWS:

PAYMENTS RECEIVED PLAN TERMINATION VALUE

20% OF PLAN VALUE OR LESS - 0% OF TOTAL PLAN PAYMENTS

40% OF PLAN VALUE - 20% OF TOTAL PLAN PAYMENTS

60% OF PLAN VALUE - 30% OF TOTAL PLAN PAYMENTS

80% OF PLAN VALUE - 40% OF TOTAL PLAN PAYMENTS

100% OF PLAN VALUE - 50% OF TOTAL PLAN PAYMENTS

UPON PAYMENT OF THE PLAN TERMINATION VALUE, THIS AGREEMENT IS AUTOMATICALLY CANCELLED AND PACIFIC SHALL BE DISCHARGED FROM FURTHER OBLIGATIONS. TOTAL PLAN PAYMENTS SHALL MEAN ACTUAL PAYMENTS MINUS HANDLING AND OTHER CHARGES.



Last modified: April 28, 2005

 
At Friday, April 29, 2005 10:04:00 PM, Anonymous Anonymous said...

For additional info of PEP Trad Planholders from the Pacific Plan Website:

Contact Information
E-mail
pacificplansofficial@yahoo.com

Postal Address

9304 Dungon
Corner Kamagong Street
San Antonio Village
Makati City 1203

Text Center (click here for details)

0927-9379437
0927-9379438
0927-9379320
0927-9379301



Last modified: April 23, 2005

 
At Saturday, April 30, 2005 12:51:00 AM, Anonymous Anonymous said...

Thank you for cleaning up the site! It was a bit disheartening to know that the efforts of others were not being acknowledged. The leaders & organizers of the coalition have worked hard to be heard...I think the least we can say is thank you for taking up the fight for the rest of the planholders! Mabuhay kayong lahat & God bless us all...

 
At Saturday, April 30, 2005 2:46:00 AM, Anonymous Anonymous said...

• When a company applies for rehabilitation I take it to mean that the company is buying time to allow itself to return to its previously healthy state. That said PPI should desire to rehabilitate itself so it can again service and honor all contracts it entered into with planholders. But PPI seems to look at it differently. It wants to rehabilitate itself so it can get itself out of its obligations to planholders. Instead of honoring the contracts, by proposing to return premiums plus interest, it has inadvertently admitted that it wants to renege on the said contracts. The courts should see through this blatant and transparent attempt by PPI to gyp all planholders.

• By not invoking section XV when PPI could (when tuition was deregulated), PPI was telling all planholders: “Hey, see, we can pay your children’s schooling even if tuition fee increases are deregulated.” In so doing (for more than 10 years), PPI gave confidence to planholders that their children’s education is assured. On top of that, PPI allowed its agents to create a secondary market that flourished through the years because they could claim (and they did!) that PPI can service all planholders in spite of tuition deregulation. A very clear case of estoppel the way I see it.

 
At Saturday, April 30, 2005 2:54:00 AM, Anonymous Anonymous said...

Revision of previous post:

• When a company applies for rehabilitation I take it to mean that the company is buying time to allow itself to return to its previously healthy state. That said PPI should desire to rehabilitate itself so it can again service and honor all contracts it entered into with planholders. But PPI seems to look at it differently. It wants to rehabilitate itself so it can get itself out of its obligations to planholders. Instead of honoring the contracts, by proposing to return premiums plus interest, it has inadvertently admitted that it wants to renege on the said contracts. The courts should see through this blatant and transparent attempt by PPI to gyp all planholders.

• By not invoking section XV when PPI could (when tuition was deregulated), PPI was telling all planholders: “Hey, see, we can pay your children’s schooling even if tuition fee increases are deregulated.” In so doing (for more than 10 years), PPI gave confidence to planholders that their children’s education is assured. On top of that, PPI allowed its agents to create a secondary market that flourished through the years because they could claim (and they did!) that PPI can service all planholders in spite of tuition fee deregulation. And now PPI is belatedly invoking section XV. A very clear case of estoppel the way I see it.

 
At Saturday, April 30, 2005 10:14:00 AM, Anonymous wm said...

Id like to comment on those collaborators (agents) who sided with management when they appeared in tv the other night. In some instances you could even see them so upset at us plan-holders for being selfish. Only in the Phil. the deceived suddenly became the accused. Before all these fiasco occurred you knock on our doors begging us to buy products from PPI with the assurance of its stability since it is under YGC. Then you start mentioning all the listed companies under YGC to get our confidence. You guys better not deny these since I once attended a seminar for potential agents & this is the way we were taught to convince clients. Anyway , we trad plan-holders will have the last laugh for nobody will ever buy products from your company again with all these negative publicity. Remember, you are not regular employees of Lifetime. You only depend on sales to get commission and have quotas to meet monthly. Without sales in the next few months you are all goners(kakarmahin din kayo). Lets see if your benefactor will bail you out after being used (ngpagamit naman kayo). The long lines of the unemployed are waiting for you . To the other agents who resigned and are sympathetic to the injustice done to us , we are thankful for standing by you principles.

 
At Saturday, April 30, 2005 10:30:00 AM, Anonymous marc said...

I read the post that came from the Pacific Plans website. Beautiful words... encouraging words... empty words... in the end, just another way of implying "we won't pay for our side of the deal, so you better take this rehab plan or get nothing"...

There's a word that comes to mind, meretricious, I think? Appearing to have merit, but having no merit at all. That's what their rehab plan is, meretricious. That's what Pacific Plans is offering us parents, a meretricious palliative designed for them to legally renege on their contractual obligations, which they willfully disrgarded and violated beforehand.

Ah, I remember.... meretricious comes from the latin "meretrix", A PROSTITUTE!

What people are willing to throw away, INTEGRITY, honor, values, etc. in their quest for more money! Tsk,tsk,tsk perhaps they think that since they are willing to prostitute themselves for money, so will we? That because they have forced us to scrounge around frantically for money to pay for out children's tuition, we will suddenly accept their meretricious offers?

Yes, some will take the rehab offer because they need the money. I say, go ahead, if you need it badly, get it... we understand. But please don't stop us from fighting for everyone, and do remember we are fighting for the rights even of the people who have to take the substandard rehab offer because of their urgent needs.

Don't get me wrong, I have a high regard for the dignity of people, even of prostitutes who by force of circumstance get into prostitution to feed their families. They need our help and should be helped. But I disdain the prostitutes who go into prostitution to continually afford their lavish lifestyles and trappings of power and luxury.

Guess which camp Pacific Plans and the brains behind these companies fall under...

Guess which camp some Lifetime agents fall under, they who accuse us parents of being greedy because we want Pacific Plans to honor its commitment to pay for our children's tuition, no matter what. Greedy? Good Lord, you sold us those plans on the basis of that promise, and you are surprised that we are now legitimately claiming what was promised us, after we have bled dry paying for these plans?

And who earned those fantastic commissions and compensation, especially on the secondary markets where price-gouging was rampant? Who made a market in these traditional plans?

Meretrix, indeed!

 
At Saturday, April 30, 2005 11:03:00 AM, Anonymous Anonymous said...

What can I say? Our PEP coalition team in the Dong Puno and Debate shows were just GREAT!!! Congrats to you all...you are working so hard for all of us. Winnie, Philip, Elvie...and others who bravely faced up to PPI in the 2 shows...you are the faces of hope for many parents. There are others also, behind your backs, working silently, not waiting for acknowledgement, just doing it because we love our kids. You are not alone.

Anyone still sitting it out there should already make a stand now. Contribute to the coalition whatever you can in terms of your skills, time, financial help, anything!!! Each of us can contribute within our means and capacity. Let's keep the fire of love for our children as our focus so that they can get what they rightly deserve after all the years of sacrifice that each of us made for them just to pay off these plans.

I agree with a previous poster...Mr Garcia seems to be pitting the non-availing vs. the availing and it shows in the posts of some non-availing planholders. I am an availing planholder but I have MORE UNAVAILED PLANS. And yet, I still support what this coalition stands for.

Weak as we are individually to fight a giant, TOGETHER we parents are a strong, unbreakable force to contend with. This is the time to give our children the BEST EXAMPLE of what it takes to stand for what is right, honorable, fair, and just.

To PPI and all those who schemed to cheat our children of their future, you underestimated the power of our love for our children. Set right all the wrongs you have done to us and we will thank you. ...Mabuhay ang coalition!

 
At Saturday, April 30, 2005 12:19:00 PM, Anonymous Anonymous said...

MORE POWER TO PEP coalition!
We'r on your side to support the group.
any one know the websites of pacific plan

 
At Saturday, April 30, 2005 1:21:00 PM, Anonymous pep mom said...

In Apr. 30 Philstar, column of Margaret Jao-Grey (Not Business As Usual), Business section, B-3:

"Alfonso Yuchengco may be Western in many ways - and that includes his blunt speech - but, in one aspect, he is not.

For Al Yuchengco, his good name is priceless. And at this stage in his life where he has been spending more time with the Alfonso Yuchengco Foundation, which has prioritized education (in terms of sending children to school and of honoring those whom children can emulate), his friends are betting that he will do right by the planholders of the insolvent pre-need company, Pacific Plans, Inc. that he has established."

It remains to be seen how 'priceless' the Yuchengco name is...

 
At Saturday, April 30, 2005 1:39:00 PM, Anonymous Anonymous said...

At Large : CAP's and Pacific Plans' real sins
Rina Jimenez-David
Philippine Inquirer

BY SOME fluke, I happen to have bought two college education plans for my two children from the two pre-need companies facing a host of troubles, from plan-holder revolt and threats of class-action suits to regulatory heat and capital shortfalls.

My son managed to finish his multi-media arts course with (very) little help from Pacific Education Plans, while we have yet to tap the investment we made in College Assurance Plan (CAP), mainly because the thought of elbowing my way through an angry mob at the CAP offices scares the bejeezus out of me.

Anyway, judging from the coverage of the scandals besetting the pre-need companies, some of which are even sympathetic, it seems that most everyone thinks the plan holders are protesting "only" a breach of contractual obligations, and are worried "only" about not being able to pay for their children's education. (I say "only" because these are major and valid complaints in themselves.) But there's more behind the anger and frustration that the plan holders feel, and perhaps recalling how my husband and I fell for the blandishments of these pre-need firms can help explain these feelings.

We were in our 30s at the time we bought the education plans and while we were pretty secure, the amounts involved were not exactly negligible. At the time, we believed that we were at our "peak earning capacity," and the plans were "insurance" against the possibility that our children would come of college age when illness or disability would have driven us to unemployment and penury.

That scenario has not played out, knock on wood, but that's thanks to good genes and the miracles of science, though if CAP reneges on its obligations, I don't know what that'll do to my blood pressure.

WE have always believed, as did my parents, that the only material obligation parents owed their children was the very best education within their means.

The college education plans were our way of ensuring that whatever happened to us, we would still be able to protect our children's future, mainly by enabling them to go to college. An additional draw was the prospect of enjoying worry-free years toward the end of our working lives, ensuring a comfortable retirement. In short, we were buying peace of mind, reassurance that we had secured our children's future and done our best by them.

This is what CAP and Pacific Plans Inc. have stolen from their plan holders, not so much our children's education and future, but our peace of mind. Even if Pacific Plans and CAP succeed in making good the promises they made to the holders of maturing plans, they have already shattered the relationship of trust they used to enjoy with their clients and the cushion of assurance that their clients relied on when they turned over their hard-earned money to their agents.

In fact, the viability of the two companies was a question my husband raised when I broached the idea of buying college plans. But my friends as well as the agents who were selling me the plans (they were also friends) assured me of their stability and track record. And there was no reason to doubt their word. CAP was the first and biggest pre-need company in the country, and by the time I bought a plan, it had already sent hundreds of scholars to college. Pacific Plans, meanwhile, had the resources of the Yuchengco Group of Companies behind it, a factor that quieted whatever fears we might have harbored about our decision.

I REALLY felt my hackles rising during the "Debate" episode on GMA Network's Channel 7 last Thursday when a representative of Pacific Plans told off the noisy plan holders to be "honest to yourselves" and admit that while they had paid only about P20,000 for their plans, they were expecting the company to pay for tuition rates as high as P80,000.

But that is precisely what Pacific Plans had promised the plan holders! The major come-on was the savings plan holders would make in the future, given that tuition was rising steadily and might be well beyond their capacity to pay when the time came for the children to go to college (and even high school).

Defenders of CAP and Pacific Plans have been pointing a lot of accusing fingers in many directions: the government for instituting a deregulation regime among educational institutions, allowing them to raise charges with impunity; the Asian regional monetary crisis in the mid-1990s that wreaked havoc on their projections; the Securities and Exchange Commission for issuing new rules and preventing them from selling "open-ended" plans; even their clients, for being so stupid as to buy into their marketing ploys.

But if, as they now realize, their entire business plan was flawed, that is their and their analysts fault, and certainly, the plan holders are as much, if not bigger, victims as they are.

IT'S long been a lament that Filipinos have among the lowest savings rate in the world (we have the lowest in the region, if I'm not mistaken).

But if Filipinos are to develop the habit of putting something away for a rainy day, they must first develop the habit of trusting our financial institutions, including banks. But the spate of scandals, scams, bank closures and fraudulent transactions give us the working class little reason to trust in our so-called institutions.

The couples and families who have invested in education plans can be counted among the more forward-looking citizens, the few who see beyond immediate rewards and are willing to delay gratification for a long-term goal.

What CAP and Pacific Plans have done is to underscore the futility of planning one's life and future in a country where regulations favor not those who need protecting, but those who profit from their naiveté.

 
At Saturday, April 30, 2005 2:09:00 PM, Anonymous Anonymous said...

Hate the divide and conquer tactics of PPI. They have blamed everyone but not themselves.

As a planholder-exclusive category, they are now blaming us and the exclusive schools for the mess. But I recall that the agents used the rising tuition fees of exclusive schools to convince us to buy educational plans. I would also bet that during those times PPI management offered the biggest commission for the sale of plans for exclusive schools, for it would bring the biggest cash-inflow to PPI.

PPI, it is now coming back to haunt you. Your tactics has also made me change my moderate stand.

 
At Saturday, April 30, 2005 2:57:00 PM, Anonymous Anonymous said...

ppi has no right at all to do what it has done!!! while cap promises to pay its planholders, ppi neglected its obligations to us, what it promised, what it assured and what it guaranteed; and sad to say, with the help of sec and makati rtc!!! the type of plans does not matter to them so there is no need for us, planholders to divide!!! they did it all to us!!!
we have several more plans with lifetime also. what pacific did, transferring all its productive products to another company is disgusting!!! if ppi wins, for sure lifetime will follow its strategy in the future, so would the other pre-need companies. so now, we are left with bigger problems!!!
if i were to stop paying lifetime, it would forfeit what i've paid. if i were to pre-terminate my policy, i may not be able to get back all i paid for. if i wait for my policy to mature, i might not be able to get the maturity amount, considering that lifetime might resort to ppi's tactics if it were to be mismanaged again. Considering all options, we, planholders are at the losing end. so why side with ppi????
at any rate, talagang panalo sila, unless we all unite. so what if i just paid a small amount and had availed already? the point is, i am banking on pacific educational plan, for the education of my 5 children so they can go to college even if i'm old and weak or even if i'm already dead!!! i never thought that my dreams would die before me!!!
ppi defrauded us all and if its rehab plan were to be approved, all other pre-need companies will follow!!! as of now, it's not safe to invest in these companies anymore, unless ppi will keep its contract with us.

 
At Saturday, April 30, 2005 5:20:00 PM, Anonymous Anonymous said...

if we are going to think more deeply, ppi is trying to make a double fool out of us,rehab means to make the company return to its healthful state, but how can this be done if the company is not selling anything anymore, for all we know, they will reloacte their office to timbuktu and the owners might sell their shares to a new set of owners again who happens to be dead already, they have (tried) fool us once, they can do it again, to those who pin their hopes that ppi will stand by their commitment, may the good lord have mercy on us, tao ka lang maloko ka nang minsan pero sobrang katangahan magpaloko ka uli. ppi will not be doing any business from hereon, and we still expect them to be around in 2010 ???,

 
At Saturday, April 30, 2005 6:04:00 PM, Anonymous Anonymous said...

hey, ppi nanloloko ba kayo, our contract states that you will be liable to pay the tuition fee nothing more, nothing less, "no matter what the cost", and this is what we are only asking for and surely there was no government policy that requires you to pay more than the tuition fee so nothing has change or alter our basic agreement, kaya huwag mo nang kaming paikutin, these are the basic facts and you surely knows, that is why you continously pay through all these years. Secondly, ano pinagsasabi nyo na cancer and trad plans, it was because of the worthiness of the educational plan (then) that people starts buying other kinds of plan, the trad. plan opens up the market as people found out that okay pala mga pre-need plan, and using ppi argument, then if someone you loved was suffering from cancer, you ppi people iiwanan nyo ba sya mamatay pakatapos ka niyang pagsilbihan, god bless your soul

 
At Saturday, April 30, 2005 10:55:00 PM, Anonymous Anonymous said...

it's such a refreshing change to read this blog without those fake posters!

 
At Saturday, April 30, 2005 11:29:00 PM, Anonymous Anonymous said...

I highly commend the performance of the people who represented and fought for the rights of the planholders in Dong Puno's show. We will always be grateful to you guys and will continously pray that the owners and management team of PPI will eventually do what is right: honor the agreement with the planholders

 
At Sunday, May 01, 2005 1:28:00 AM, Anonymous Anonymous said...

Below was an extract from the Q&A section of the "new" Pacific Plans website (http://www.pacificplans.com
/questions&answers.htm):

Q: If PPI stopped selling tradition plans in 1992, how come I know of a lot of people who were able to buy plans after?


A: Since 1992, sales of traditional plans were all traded in the secondary market. It became a very lucrative business for some people who bought these plans at low prices and sold them at a substantial profit. PPI has nothing to do with this practice

Comment:

How dare them say that PPI has nothing to do with this practice. It was their own sales agents attracting people to buy the plans from original owners. Of course, they allowed this to happen as there were still plans being transferred from one scholar to another and from one planholder to another. They should have stopped these transfers and re-assignments if they were really in trouble. PPI, stop lying. You can't fool us.

 
At Sunday, May 01, 2005 1:42:00 AM, Anonymous Anonymous said...

I am glad that you are tracing the IP addresses of all posters. That will help in weeding out the non planholders.

I would like to suggest that we also list our policy numbers to further weed out non policy holders.

BTW, Sales agents are not employees of almost all insurance companies. These agents sell plans from different companies at the same time. They just accredit themselves to be agents.

 
At Sunday, May 01, 2005 1:56:00 AM, Anonymous JAZZ said...

Good you weeded out non-planholders by tracing IP addresses.

However, I am a planholder who believes that the coalition is still about emotions with no concrete plan of action. We are all planholders and all affected so get your act together.

I am still for the rehab plan because of no good alternative by coalition and because of a very simple argument:

Court will review all actions of Pacific Plans before this date. If there was anything wrong or illegal with it, then they can force Pacific Plans to its previous state. If Pacific Plans is indeed having liquidity problems, then we get our money back + 7%.

Think about it...

 
At Sunday, May 01, 2005 1:57:00 AM, Anonymous Anonymous said...

COMMENTS FROM PLANHOLDERS

Henry Remigio - Mindanao Ave., QC

"Mayroon akong apat na plans under Pacific Plans. Since I received a letter na hindi na makaka-bayad yung Pacific Plans, ang sama ng loob ko. But after the explanation na ginawa this morning sa office, I was really satisfied with the explanation, and that changed everything about my feelings ko sa Pacific Plans. And now, I am happy that despite my problems, ay ginawa ng Pacific Plans and lahat upang matulungan yung mga nag-aavail pa ng mga planholders"

==> COMMENT: I WONDER WHAT EXPLANATION WAS GIVEN TO THIS PERSON. ANONG "GINAWA NG PACIFIC PLANS ANG LAHAT UPANG MATULUNGAN YUNG NAG-AAVAIL PA"? PERHAPS YES FOR THIS SEMESTER ONLY (NOT EVEN ONE YEAR). THIS PERSON WILL LATER REALIZED THAT HIS BEEN "HAD" (NAGOYO!)

Fely Lucas - Tugatog, Malabon

"Natutuwa ako na bilang isang planholder ng Pacific Plans ay may money back guarantee sa 2010 at may interest pa"

COMMENT: WHAT MONEY BACK GUARANTEE ARE THEY TALKING ABOUT? WHO KNOWS THAT EVEN PRIOR TO 2010, PPI WILL AGAIN TURN ITS BACK ON THE PLANHOLDERS. AGAIN, THIS WAS NOT THE CONTRACT TERMS.

Rose Molina - Caloocan City

"Isang planholder ng Pacific Plans. Nakapagtapos ang mga anak at may plano pang natititira na magkakaroon pa ako ng pera at may interest pa."

COMMENT: BUT THIS MONEY ON THE REMAINING PLANS WILL DEFINITELY BE NOT ENOUGH TO COVER THE TUITION EXPENSES OF THE SCHOLAR.

Myrna Gacos - Karuhutan, Valenzuela

"Naniniwala pa rin ako sa Pacific Plans na ito'y magandang kumpanya. Alam ko na ito (dinananas na problema ng PPI) ay mapagtatagumpayan naming planholders at Pacific Plans)."

COMMENTS: I DON'T THINK SO!

Corazon Gonzales Umali - Pateros, Metro Manila

"Napakalaking bagay ang naitulong sa akin ng Pacific Plans, Inc., dahil ang anak ko po ay nakapag-aral ng mula elementaryo hanggang college. Then mayroon akong mga
tatlong pamangkin na ngayon ho ay may tapos na sila (sa pag-aaral) sa pamamagitan ng tulong ng PPI."

COMMENT: YOU ARE VERY LUCKY THEN. THAT WAS THE REAL INTENT OF THIS EDUCATION PLAN. WITH WHAT THEY DID SINCE AUG2004 (OBVIOUS MANEUVERING), IT'S COMPLETELY THE OPPOSITE. THEY ARE NOW DEPRIVING THE SCHOLARS WITH THE PROMISED EDUCATION.

 
At Sunday, May 01, 2005 4:05:00 AM, Anonymous Anonymous said...

I invested for my 3 sons' college education way back in 1992. Hindi pa sila na kapag avail ng college plans nila, PPI reneged on their promise.

Saklap at sakit ng ginawa in Yuchengco.

 
At Sunday, May 01, 2005 7:03:00 AM, Anonymous Anonymous said...

For all the hopes that Amb. alfonso Yuchengco to step up the plate and correct the mistake of abandoning the plan holders and their children may be just be a pipe dream!

After all they had calculated that it will cost them P2 billion to settle and make true their word that they will send the kids to school -NO MATTER HOW MUCH IT COSTS!

Perhaps keeping the P2B is better htan keeping his good name? It's perhaps cheaper to buy out commentaries and members of the media than keeping YGC's promises?

Note to the YGC: the longer you resolve this the more damage you do to your other business! I have already started to shift my insurance policies from Malayan to other insurance companies! Who knows you may suddenly declare that paying off a dent in my car may be a losing proposition and its cheaper to drop Malayan due to that dent!

 
At Sunday, May 01, 2005 11:22:00 AM, Anonymous Anonymous said...

Let's keep up the pressure on Ambassador Yuchengco. The other spokesmen and even children of AY are non-entities. They will always decide on the basis of making even more profit with the non-payment or implementation of our tuition contract. But AY will be a different story. I doubt if he will ALLOW his good name, reputation and integrity to be tainted. At his age and health, i dont think he will risk his INTEGRITY and die leaving a legacy of being one who did not make good on a contract. And to think the 2 billion amount to pay off all the contracts is just peanuts to YGC. Let's keep the pressure, print out more stickers with his picture and the bold sign INTEGRITY?? If we can help donate an amount for a newspaper ad it would even have that impact. In the end he will have to give in to a commitment lest his name is tainted.

 
At Monday, May 02, 2005 6:36:00 AM, Anonymous Anonymous said...

PPI was established by a man of integrity, Mr. Alfonso Yuchengco. Under his helm, his company grew by leaps and bounds, expanding into many businesses. It is now run by his children.

Some, not all, family corporations have this tendency, over the years, to be immensely successful during the founder's reign, then the following generation keeps up the good work, then the third generation squanders it. In this case, it looks to be happening a generation earlier. Well, it hasn't happened yet but the foundation of integrity with which their company stands on now appears to be turning to clay.

Somewhat reminds me of the movie It's a Wonderful Life starring James Stewart. Two main contrasting characters are worth watching - George Bailey and Henry Potter. Our Mr. Yuchengco could relate to both in more ways than one. I'm partial to thinking that Mr. Yuchengco could assume George Bailey's character although at present it looks like he is (or at least his children are) doing a Henry Potter. I'm just hoping and praying Mr. Yuchengco has an angel Clarence to help fix his situation.

Unlike George Bailey or Job (from the Holy Bible), Mr. Yuchengco has not lost anything yet. In fact his coffers are still full to the brim. Like George Bailey or Job, Mr. Yuchengco can do some sacrifices so he doesn't fail the community he initially wanted to serve, in the process restoring the integrity his name had grown synonymous with. He may even be rewarded after all is said and done.

 
At Tuesday, May 03, 2005 11:29:00 PM, Anonymous Anonymous said...

Ambassador Yuchengco has Alzheimer's disease. So his children are taking advantage of the situation. Out for grabs na ang kanilang limpak-limpak na mga kayamanan kahit may mga naaagrabiyado (who else but us!). Kawawa naman yung matanda. He can't do anything to save his reputation.

WALANG UTANG NA LOOB NA MGA ANAK!!!

 
At Wednesday, May 04, 2005 2:00:00 PM, Anonymous Anonymous said...

Let's not post unverified information. Let's stick to facts and issues. That way our blog will be a good venue for exchange of ideas on how we can fight for our rights. Even if we have been treated unfairly, let's keep our comments at a high level. Let us show PEP and the YGC group what decency, fairness and integrity is all about. Let us keep our leaders in our prayers, they have a tough job!

 
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AN ISSUE THAT COULD HAVE BEEN SOLVED PEACEFULLY WITHOUT DESTROYING OTHER PEOPLE'S REPUTATION. MADE INTO A BIG MESS. ERAP AND HIS GANGSTERS ARE BEHIND THIS MESS. THE PEOPLE BECOME PAWNS.

 
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