Wednesday, May 25, 2005

The Beginning of the End

Or is it the end of the beginning. Furnished below is the SEC letter revoking Lifetime Plans' Certificate of Incorporation....a body blow to PPI's and their lawyers' best laid plans.

Atty. Tecson on TV today had to put on her best face to claim that the SEC's presentation of this document at the Makati RTC was a publicity stunt that they weren't aware of.

AWWWW, Come on....The Yuchengco family was burning the telephone lines till late last night imploring the SEC not to issue this revocation. But they were informed of the Commissioners' decision last night...

Some items to think about and subject for further investigation:

a) There must be a particular feature, transaction, or requirement for lifting the escrow that PPI found difficult to regularize. We can rule out oversight or forgetfullness because there was nothing more critical than the need to spirit away the treasure into Lifetime. What could that irregularity be?

b) The stipulation for compliance was 30 days from 12 August 2004. It is again now plainly obvious that YGC was calling in all sorts of favors in order for the deadline to be continuously postponed;

c) What rehab are we talking about? Lifetime has ceased to exist. Or more correctly put, never existed in the first place because the escrow period was a conditional state of existence;

d) The sales of Lifetime were executed during the escrow period. May be another case of fraud for selling something that one was not yet legally entitled to do???

e) It is for the SEC to comment but our recollection is that revocations like this are rare and are usually reserved for scams, pyramiding, or Ponzi schemes.



revocation - p.1 Posted by Hello



revocation - p.2 Posted by Hello



revocation - p.3 Posted by Hello

71 Comments:

At Wednesday, May 25, 2005 9:34:00 PM, Anonymous Anonymous said...

Let us pray unceasingly, and give thanks to the Lord, our God, for He has done such marvelous deeds!

This is not yet over though, and we must maintain our vigilance. God bless us all, and may He show mercy on all of us!

 
At Wednesday, May 25, 2005 9:39:00 PM, Anonymous Anonymous said...

I don't understand it. Which receivables could "who" not collect? And how come they could not transfer transpo equipment from PPI to Lifetime on time? I agree : "What could that irregularity be"?

 
At Wednesday, May 25, 2005 10:03:00 PM, Anonymous Anonymous said...

Must be a substantial asset or investment that they cannot spirit out quietly from Pacific?

 
At Wednesday, May 25, 2005 10:16:00 PM, Anonymous Anonymous said...

Maybe they had to collect on certain receivables to prove to the SEC that the receivables being transferred to Lifetime are collectible and really have value?

 
At Wednesday, May 25, 2005 10:58:00 PM, Blogger SunTzu said...

Well so much for the existence and plans of the pro-rehab groups be they CARE or Alliance. Is there still the need to hear a rehab petition in the courts when technically the main part of this ploy has been frozen?

The truth has prevailed - and the SEC should be lauded for not being bullied and remaining firm - although admittedly there were moments were it seemed they were unsure and wavering (missing docs, extended deadlines).

But by this act alone, it has proven there is still hope in our country.

 
At Wednesday, May 25, 2005 10:58:00 PM, Anonymous Anonymous said...

TO: PEP COALITION MEMBERS

We are updating our membership database.

a) For those planholders who have not yet submitted their membership forms, kindly send thru any of the following:

1) fax to 824-8144
2) email to pepdatabase@yahoo.com
3) bring to our office at Rm.6A, Sayoc Bldg. 100, #93 Sen. Gil Puyat Ave., Makati City
4) or mail c/o Pep Coalition, Inc., MCCPO Box No. 2376, Makati City, Metro Manila, 1263

b) For planholders interested to join the coalition, You can call 787-25-70 or text 0922-5276115/0917-8384691. Give your fax no. or email address where we can send the form.

For those members who want to give voluntary contribution to the coalition kindly deposit thru:
Parents Enabling Parents Coalition, Inc.
BPI Broadway Branch C/A 0401-0084-03. Fax the deposit slip or text the above numbers.

REMINDER: For members/planholders who have not yet submitted their SPAs and Affidavit kindly send to our office or post office box specified above.

REGISTER NOW AMD BE COUNTED!!

 
At Wednesday, May 25, 2005 11:24:00 PM, Anonymous marc said...

I just want to repeat here: PPI has refused to pay out the second half of the payments today. My wife went there this afternoon to get the second check being disbursed, the ones PPI claimed are being funded by the 250 Million "donation" of Yuchengco. A certain Atty. Licerio in the PPI office set up at PICC said that "it was an SEC order". However, my wife contested that and said that the SEC order pertains to Lifetime Plans, not Pacific Plans. They then said that it was the order of PPI Head Office, and besides, it was Yuchengco's money they were disbursing.

Now, I'm really FUMING MAD! So now, they want to withhold the amounts that Yuchengco cleared for disbursement, because of some opaque and unexplainable reason coming from the Head Office?

WE CANNOT REALLY TRUST THE YUCHENGCOS! Now they even renege on the support they've announced publicly, now that they have already squeezed maximum media mileage for the 250 Million "donation". AND THIS IS HAPPENING EVEN WITHOUT THE REHABILITATION, WHAT MORE IF THE REHABILITATION IS APPROVED? ARE WE TO BE SUBJECT TO THE WHIMS AND CAPRICES OF BIG BUSINESS RATHER THAN THE SPIRIT AND LETTER OF THE LAW AND THE CONTRACTS FREELY ENTER INTO?

Pacific Plans, you have turned back on your word again, for what? To punish us planholders for insisting on our rightful claims?

Ambassador Yuchengco, are you really an "indian giver", taking back what you already gave publicly? Are your minions overtaking your company and ruining your name? Or perhaps, you are in the game too?

 
At Thursday, May 26, 2005 12:52:00 AM, Anonymous Anonymous said...

The University of San Francisco Board of Trustees must now regret its conferment of an honorary degree on a dishonorable man. The least it can do is kick him out of the same board where he sits by virtue of his donation to the school.

Yuchengco's legacy: a lifetime of shame!

 
At Thursday, May 26, 2005 1:04:00 AM, Anonymous Anonymous said...

I salute the leaders of this Coalition!!!

 
At Thursday, May 26, 2005 1:04:00 AM, Anonymous Anonymous said...

SINCE THE SEC HAS DECIDED THE REVOCATION OF THE LICENSE OF LIFETIME PLANS, WE WOULD LIKE TO CALL THE ATTENTION OF THE:

1. BANGKO SENTRAL NG PILIPINAS - TRUST DEPARTMENT IRREGULARITIES AT RCBC;

2. BIR - TAX EVASION OF BOTH PACIFIC PLANS AND LIFETIME PLANS IN THESE IRREGULAR TRANSACTIONS; ALSO, PREVIOUS YEARS' INCOME TAX DECLARATIONS OF ALL OFFICERS AND SALES ASSOCIATES AT PACIFIC PLANS, INC. (ESPECIALLY VAT-ABLE AGENTS. A LOT OF THE AGENTS ARE IN CONFLICTS OF INTERESTS, ESPECIALLY THE WIVES OF SOME ppi OFFICERS WHO ARE ALSO SALES MANAGERS/ASSOCIATES AT THE SAME TIME);

3. SEC - ANOMALOUS PLANHOLDER DATABASE AT PACIFIC PLANS, USED TO BLOAT/UNDERSTATE ACTUARIAL LIABILITY RESERVES; ALSO, THE LEGAL STATUS OF ALL PLANS SOLD BY LIFETIME PLANS;

4. NBI/OMBUDSMAN/AMLACC - MONEY-LAUNDERING ACTIVITIES OF CERTAIN POLITICIANS, USING PPI/LIFETIME PENSION PLANS.

SINCE WE WILL LOSE OUR JOBS ANYWAY, WE MIGHT AS WELL EXPOSE THE TRUTH ABOUT PACIFIC AND LIFETIME PLANS!!

MABUHAY ANG SEC AT ANG PEP COALITION!!

SHAME ON YOU ENVELOPMENTAL JOURNALISTS!!

NO TO REHAB!! JAIL THE CRIMINALS INVOLVED!!

 
At Thursday, May 26, 2005 1:52:00 AM, Anonymous Anonymous said...

Can someone confirm whether or not the court's granting of the rehab petition is dependent on the corporate existence of Lifetime Plans (whose SEC registration was eventually revoked)? Is the rehab petition still "entertainable" by the courts purely on the status of PPI, even if Lifetime is deemed an irrelevant, nonexistent "corporation"?

 
At Thursday, May 26, 2005 7:18:00 AM, Anonymous Anonymous said...

"AND THIS IS HAPPENING EVEN WITHOUT THE REHABILITATION, WHAT MORE IF THE REHABILITATION IS APPROVED?"

Of course, they have to hold it in abeyance because by the ruling of SEC, the spin-off was inexistent, so it follows that the rehab plan is off-course, thus the tuition support is called off. Why? Because we will get WHAT OUR CONTRACT REALLY SPECIFIES.

 
At Thursday, May 26, 2005 8:18:00 AM, Anonymous Anonymous said...

a small suggestion for ppi planholders: an eye for an eye.

rcbc is now entertaining applications for personal loans: for employed and self-employed. from 15,000 to 500,000, no collateral. get a loan approved, and don't pay it back. when they come knocking, give them your pacific plan policy in exchange.

i feel your pain. SEC people, please don't let ppi destroy the pre-need industry in the philippines. if ppi gets away with this fraud, no filipino is ever gonna buy pre-need products ever again!

 
At Thursday, May 26, 2005 10:11:00 AM, Anonymous Anonymous said...

Isn't it strange that the one speaking for Lifetime Plans in this latest wrinkle of this drama is Atty. Jeanette Tecson, the spokesperson of PACIFIC Plans, a company supposedly separate and independent now from LPI. As far as I know, she is not even officially with LPI. So, how can she come out and speak for LPI? I guess no one from LPI wants to come out and face the firing squad now.

I don't blame them at all. Now they feel what we felt last month, when we got disenfranchised at a moment's notice.

 
At Thursday, May 26, 2005 10:45:00 AM, Anonymous Anonymous said...

Here's the Phil. Star article on SEC's revocation...

SEC cancels papers of Lifetime Plans
By Zinnia B. Dela Peña
The Philippine Star 05/26/2005

The Securities and Exchange Commission (SEC) cancelled yesterday the registration certificate of Lifetime Plans Inc., the spin-off unit of the troubled Yuchengco-owned pre-need firm Pacific Plans Inc., for failure to comply with certain registration requirements.

In its order, the SEC said it has withdrawn its approval of Lifetime Plans’ certificate of incorporation due to the firm’s failure to submit documents to support its capitalization.

Among these requirements include the submission of proof of collection of receivables worth over P40 million and transfer of ownership of transportation equipment worth around P6 million.

Benito Cataran, head of the SEC’s Company Registration and Monitoring Department, said Lifetime Plans failed to submit the required documents despite sufficient time given by the SEC. The company was given until September last year to comply with the remaining requirements.

In the same order, the SEC has directed Lifetime Plans’ trustee banks Rizal Commercial Banking Corp., ING Bank N.V., and China Banking Corp. to preserve the trust fund of the pre-need firm until further orders of the commission.

With the order, it is expected that the assets of Lifetime Plans shall revert to Pacific Plans.

Meanwhile, the Yuchengco Group has decried the SEC decision, saying this has put in jeopardy the interests of over 400,000 Lifetime Plans planholders.

"This move by the SEC, which ironically is supposed to safeguard the interests of pre-need planholders, has effectively put in limbo the payment of benefits to the more than 400,000 planholders of Lifetime Plans," the Yuchengco group said in a statement.

Lifetime Plans said it would not take this matter sitting down and will, in fact, appeal the SEC decision.

SEC Commission secretary Gerard Lukban said the ball is now in the hands of the court as the SEC has already done its part in safeguarding the interest of the investing public and ensuring that its rules are complied with. "It is now up to the court to decide on the issue. As far as the SEC is concerned, we’ve already done our job."

The Yuchengco Group, however, said the SEC decision may cast doubts on the rehabilitation of Pacific Plans. As a result of the order, Pacific Plans said it is withholding payment to its planholders until all issues brought about by the SEC order are cleared and resolved.

Prior to the SEC order, Pacific Plans had distributed P591 million in cash to planholders, P250 million of which came from the personal resources of Ambassador Alfonso Yuchengco, the patriarch of the Yuchengco Group of Companies.

Pacific Plans said that if the court approves its rehabilitation plan, it will also initially provide a liquidity window of another P300 million to its traditional planholders.

Pacific Plans legal counsel Jeannette Tecson pointed out that the pre-need firm’s move to file for rehabilitation was not meant to defeat planholders’ claims but to ensure the expeditious and orderly payment of planholders" claims.

Tecson said Pacific Plans is ready to answer all charges levelled against it by the SEC.

The SEC has asked the Makati Regional Trial Court to dismiss Pacific Plans’ petition for rehabilitation for lack of merit. In its opposition, the SEC said" there is no necessity for Pacific Plans to undergo corporate rehabilitation and that the said petition was merely resorted to by the company to evade its contractual liability to planholders."

The SEC cited the financial statements submitted by Pacific Plans which showed that the pre-need firm is solvent and liquid. As of end-Dec. 2004, Pacific Plans even exceeded its trust fund liquidity reserve requirement by P3.77 billion.

According to the SEC, Pacific Plans had a total Net worth of P657.84 million and P119.08 million as of end-Dec. 2004 and March 31, 2005, respectively.

The SEC said it was because of Pacific Plans’ healthy financial condition that it agreed to the pre-need firm’s proposal for the spin-off of its pension, education and memorial businesses into a separate company called Lifetime Plans.

It also questioned Pacific Plans’ disbursement of P18.46 million in the last quarter of 2004 as management service fee to Lifetime. It also noted the pre-need firm’s allocation of commissions and bonuses to its agents and employees.

The SEC likewise pointed out that Pacific Plans deliberately failed to disclose any indication that it was indeed facing serious liquidity issue.

It also accused Pacific Plans of doctoring its books as it submitted a different set of figures in its audited financial statements as of May 31, 2004 to the Bureau of Internal Revenue.

Moreover, the SEC said the new fixed plan offered by Pacific Plans amounts to a novation of contract and therefore cannot be forced upon the planholders without their consent.

 
At Thursday, May 26, 2005 11:25:00 AM, Anonymous TLS said...

Now that PPI/Yuchengco has 10 days to prepare for its response/defense, expect them to possibly use some of the strategies below (an article on corporate fraud defense):

1. Call it the reverse Nuremberg strategy. Chief executives of scandal-ridden companies such as WorldCom, Sotheby's Holdings Inc., Cendant Corp. and now Enron Corp. all have claimed that they didn't know about the alleged fraud at their businesses and blamed it largely on underlings.
2. It is the opposite of the defense used at the Nuremberg trials, when Hitler's minions claimed they were only carrying out orders from above. In the corporate-fraud cases, the argument is that the top dog was so above the fray that he didn't know what directives were being issued or carried out by those below him. Enron's Kenneth Lay yesterday specifically cited his former chief financial officer, Andrew Fastow, saying that Mr. Fastow had "betrayed" his trust. Mr. Fastow has pleaded guilty in the case.
3. White-collar criminal lawyers also call this legal tactic the "30,000 foot" defense -- from the notion that a chief executive can't possibly be held responsible for all the goings on so far below him. Never mind that the same CEO might have once billed himself as a hands-on manager, taking credit for the details behind all the good news that came before the fraud.
4. The Sarbanes-Oxley Act, which requires CEOs and their chief financial officers to sign all financial statements attesting to their veracity, was designed in part to short-circuit such defenses, and will make them more difficult from the future. But that law was passed after most of the current crop of corporate-fraud cases arose. And lawyers in these cases are falling back on the "wasn't-me" defense because it's often the only strategy left in a fraud case -- even though it doesn't always work, as yesterday's verdict in the Adelphia Communications Corp. case showed.
5. A federal jury convicted Adelphia founder John Rigas and his son Timothy, who had been the cable-TV company's chief financial officer, of fraud. The elder Mr. Rigas said he had relied on Adelphia's board and its outside accountants and lawyers to warn him of any potential abuses.
6. "Does [John Rigas] have a right to believe that things would be done properly, that adequate and appropriate disclosures were made, that the lawyers and the accountants and the personal accountants would make sure of that?" Mr. Rigas's lawyer, Peter Fleming, asked in his summation.
7. Another high-profile case in which the defense didn't work was the 2001 price-fixing trial of the former chairman of Sotheby's, A. Alfred Taubman.
8. Mr. Taubman's former No. 2, CEO Diana D. Brooks, pleaded guilty and became the star witness against her boss. Despite tough questioning from defense lawyers, Ms. Brooks's testimony helped persuade jurors that Mr. Taubman knew that Sotheby's had conspired with rival auction house Christie's International PLC to fix fees charged to auction clients.
9. Indeed, the judge in the case came down hard on Mr. Taubman, then 78 years old, ignoring a government recommendation for no jail time and instead sentencing him to a year in prison, while Ms. Brooks avoided serving time.
10. Yet the defense tactic is being employed in other high-profile corporate-fraud cases, including those of Richard M. Scrushy, the former HealthSouth Corp. chairman and CEO, who is facing trial; and of Walter Forbes, the former chairman of Cendant Corp. who is currently on trial.
11. In the Cendant case, Mr. Forbes and his former vice chairman, E. Kirk Shelton, are blaming underlings, including former chief financial officer Cosmo Corigliano, who pleaded guilty to fraud charges and is testifying in the case.
12. Lawyers for Mr. Scrushy, who was indicted last fall, are blaming not one but several of the company's former finance executives, all of whom have pleaded guilty in the case. Mr. Scrushy faces several counts of violating Sarbanes-Oxley.
13. That defense first surfaced during a court hearing in the spring of 2003 as Mr. Scrushy successfully fought off an attempt by the Securities and Exchange Commission to freeze his assets. During the hearing, Mr. Scrushy's attorney, Thomas Sjoblom, repeatedly painted Mr. Scrushy's underlings, including former chief financial officers William Owens and Weston Smith, as the real perpetrators of the fraud. The two were the first former executives to agree to plead guilty at the outset of the Justice Department's investigation.
14. When Mr. Smith took the stand, Mr. Sjoblom asked, "Owens is the mastermind behind the whole operation, isn't he?" Later, the attorney described Mr. Owens in mafia terms, asking Mr. Smith if Mr. Owens wasn't the "don" of the conspiracy. Mr. Smith invoked his Fifth Amendment right to silence in response to both questions.
15. In the case of WorldCom (now known as MCI), the defense plans aren't yet clear, but it appears the strategy of blaming the chief financial officer is likely. A lawyer for former WorldCom CEO Bernard J. Ebbers, who was indicted on fraud charges in March, has signaled he will try to undermine the credibility of former chief financial officer Scott Sullivan. As in the Enron case, a guilty plea by the financial chief led quickly to the indictment of the company's former top executive.
16. Initially, defense lawyers in such cases often claim that the activity under scrutiny wasn't illegal. But "in a situation where the government alleges a fraud was pervasive throughout a company, it's difficult for a chief executive to claim each transaction was lawful. That's too many fires to put out" during a trial, says Barry Berke, a white-collar defense lawyer with Kramer Levin Naftalis & Frankel LLP in New York.
17. It becomes even more difficult for the top exec to argue that there was no crime when the government has garnered guilty pleas from several of his top underlings. The CEO's legal team is left in the position of having to argue that the lot of them are lying when they testify against their boss -- often a tough argument for juries to believe.

Note that, in Par. 16, PPI/Yuchengco will most likely start out with this – claiming that none of their transactions were illegal and were above-board. However, as we keep on providing all the information and documented evidence of wrongdoing, not just involving the PPI-Lifetime Transfer but with ALL the transactions, i.e., the self-dealing NAPOCOR Bond purchase meant to enrich RCBC Capital or House of Investments, the self-dealing Insurance transaction with Malayan or Grepalife, the continued growth of self-dealing secondary plan transactions in the market to enrich PPI/Yuchengco, etc., we will surely see a shift in their strategy to what is stated above – the “Wasn’t Me” or “Reverse Nuremberg” or “30,000 Foot” defense strategy.

So, let us focus efforts on the PPI Officers who will be the “fall guys” in this fraud case and get them to fight against the masterminds in this fraud – that is, if hindi sila iyon.

The other possibility, as I said in my other posts, is that they will “dump” the blame on their third-party counterparties, i.e., Accounting/Audit, Legal or Bank/Trust entities involved. As I said in my other posts, let us open all transactions with these entities because it is also for their protection that they “protect” their “integrity”. That is, unless kasama talaga sila sa massive fraud na ito.

We need to act on this now, given the limited 10-days that we have. We need to continue building our case and pouring on the heat on PPI/Yuchengco from ALL angles.

Nasabi na rin lang yung ALL angles, someone research on all those supposed legitimate groups that are proPPI/Yuchengco, i.e., Alliance of Enlightened Planholders, CARE and its convenor groups, etc. We need to print, publish and broadcast the facts on these groups and the tie-ups.

 
At Thursday, May 26, 2005 11:34:00 AM, Blogger R said...

I am very happy with the SEC decision, at least this vindicates my friend Atty. Guevarra from the negative feedback that he received during the first general assembly. I remember placing a comment on the blog that the coalition should give Atty. Guevarra a chance to prove himself on this matter. I am glad that he did the right thing. God Bless the PEP Coalition

 
At Thursday, May 26, 2005 11:53:00 AM, Anonymous Anonymous said...

Helen Dee, resign!

 
At Thursday, May 26, 2005 12:09:00 PM, Anonymous Anonymous said...

The resignation of Helen Dee will not be the end of this. Many more heads will have to roll, as she was not in this by her lonesome. But her resignation will be a good start. And a very good omen for the coalition!

 
At Thursday, May 26, 2005 1:03:00 PM, Anonymous Anonymous said...

TLS, I keep learning from you. You are right. The Yuchengcos have distanced themselves from this whole fiasco from day 1. Garcia, Tecson, et al will be used as scapegoats. Maybe that's why Tecson seemed distraught and close to tears on TV yesterday. I'm sure she knows her head is on the chopping board now. Boo Chanco was already giving Helen a way out, by advising her against listening to her legal advisers. At this point, they just might take this way out.

 
At Thursday, May 26, 2005 1:03:00 PM, Anonymous Anonymous said...

Prohibit, Prohibitive, Prohibited, Prohibiting, Prohibit…

I bought my kid’s education plan from Yuchengco so NOTHING could PROHIBIT my children from studying. Not even inflation. Not even the rising cost of tuition. Not even my DEATH could PROHIBIT my children’s education. At the time I was paying for it, gapang, iginapang ko panghulog because I believe nothing should PROHIBIT my kids from having their education. I knew then time will come when the cost of tuition will be PROHIBITIVE. And when that time comes ayokong makuba sa pagpapaaral ng mga anak ko. Those were the same words of the agent who sold it to me.

Now, my kids are PROHIBITED to use their plans. I went to PICC yesterday morning complete with all the requirements which they said I must bring. Despite these, I was told they were PROHIBITED to release the checks.

And now I learned LifeTime has been PROHIBITED to operate. I also bought pension plans from Yuchengco the very same year my kids’ education plans were fully paid.

Where have all my investments gone- yung iginapang ko?

The PEP COALITION is my refuge in all these.

To Helen Yuchengco Dee, Liway Gener and Roy Padiernos and all the other officers of PPI-Lifetime- this time around, stop prohibiting me me nor the other planholders and the the COALITION from demanding from Yuchengco to honor his agreement with us, his constituents. He must. Even beyond his lifetime. Nothing should PROHIBIT him!

 
At Thursday, May 26, 2005 1:18:00 PM, Anonymous Book Hunter said...

Sorry, joining this thing kind of late. Where do we get the membership form?

Can't seem to find it on the page.

Thanks.

 
At Thursday, May 26, 2005 1:20:00 PM, Anonymous Anonymous said...

Prohibit, Prohibitive, Prohibited, Prohibiting, Prohibit…

I bought my kid’s education plan from Yuchengco so NOTHING could PROHIBIT my children from studying. Not even inflation. Not even the rising cost of tuition. Not even my DEATH could PROHIBIT my children’s education. At the time I was paying for it, gapang, iginapang ko panghulog because I believe nothing should PROHIBIT my kids from having their education. I knew then time will come when the cost of tuition will be PROHIBITIVE. And when that time comes ayokong makuba sa pagpapaaral ng mga anak ko. Those were the same words of the agent who sold it to me.

Now, my kids are PROHIBITED to use their plans. I went to PICC yesterday morning complete with all the requirements which they said I must bring. Despite these, I was told they were PROHIBITED to release the checks.

And now I learned LifeTime has been PROHIBITED to operate. I also bought pension plans from Yuchengco the very same year my kids’ education plans were fully paid.

Where have all my investments gone- yung iginapang ko?

The PEP COALITION is my refuge in all these.

To Helen Yuchengco Dee, Liway Gener and Roy Padiernos and all the other officers of PPI-Lifetime- this time around, stop prohibiting me me nor the other planholders and the the COALITION from demanding from Yuchengco to honor his agreement with us, his constituents. He must. Even beyond his lifetime. Nothing should PROHIBIT him!

 
At Thursday, May 26, 2005 1:25:00 PM, Anonymous Anonymous said...

With all due respect to TLS, who has shared numerous insightful thoughts in this blog, I do not think the legal defense scenarios he just painted will be employed by PPI and the Yuchengcos.

How could "mere underlings" have engineered the corporate manueverings from the initial approach to the SEC about the spin-off idea, to the eventual transfer of assets, trust funds, thousands of personnel, even entire boards of directors, to the shuffling of company ownership from Grepalife to GPL Holdings to Exemplar? Would "mere underlings" have the authority to do these over several months' time, without their "superiors" raising disturbing questions about their propriety along the way? If PPI and their lawyers do come up with this "reverse Nuremberg" line of defense, it will not take much for anyone to defeat it, given what we already know. If that is the best they can come up with, it would surely take the cake for ineptitude.

 
At Thursday, May 26, 2005 1:33:00 PM, Anonymous Pikachu said...

THE YUCHENGCO'S AND THEIR PARROTS, TECSON & COHORTS, ARE ACTING LIKE SPOILED BRATS. THEY DID SOMETHING REALLY BAD AND NOW THEY CRY FOUL THAT THEY ARE "BEING PUNISHED" FOR THEIR WRONG DOINGS !!!! Hey, get real you guys!! You got to face the music, be responsible for your actions. That's what I always teach my kids. In life, you have freedom but with freedom comes responsibilities. You are free to do whatever you want for as long as you face the consequences of your actions. Amb. Yuchengco, Helen, Susanne and the rest of the Yuchengco family, Board of Directors, Spin Doctors, Legal Counsel of YGC, and "loyal" employees, enough is enough!!!! You have not only stole the dreams of thousands of parents, deprived the children of their education and blamed everyone (the gov't, S.E.C., the pre-need industry and pre-need companies, fortuitous events and even God (as in "acts of God") for the deliberate fraud and escape from your obligations. Its time you pay up and rebuild your integrity, morals, business ethics and conscience. And maybe then, you will still have a place in this society of ours!!!!! To everyone,the Davids, who have stood up against Goliath (Yuchengco), the Coalition, of which I am proud to be a part of, the S.E.C especially Chairperson Barin "whose Integrity cannot be bought", the men and women of the tri-media who have and are still supporting our cause, some politicians and cause oriented groups, my heartfelt gratitude. Now maybe, our country which seems to be on the brink of collapse, with all the issues of corruption hugging the news each day, there may still be hope. I, for one, believe that for all long as we still breath, we cannot give up making this country a better place to live in for our children and the succeeding generations!!!!!

 
At Thursday, May 26, 2005 1:38:00 PM, Anonymous Anonymous said...

I noted that you are accepting contributions to what would seem like a "legal fund" to carry on this fight. How much will it cost to wage this legal battle and what is a fair amount we should each chip-in. Voluntary, of course, but in fairness to the people spear-heading this crusade, we are not expecting them to carry the "financial burden" of this "cause" -- where potentially everyone benefits. Ideas anyone?

And to tls -- may your tribe increase, Pare (Mare?)ko!

 
At Thursday, May 26, 2005 1:38:00 PM, Anonymous Anonymous said...

I noted that you are accepting contributions to what would seem like a "legal fund" to carry on this fight. How much will it cost to wage this legal battle and what is a fair amount we should each chip-in. Voluntary, of course, but in fairness to the people spear-heading this crusade, we are not expecting them to carry the "financial burden" of this "cause" -- where potentially everyone benefits. Ideas anyone?

And to tls -- may your tribe increase, Pare (Mare?)ko!

 
At Thursday, May 26, 2005 1:38:00 PM, Blogger SunTzu said...

BOOK HUNTER
Forms are at the no2pep2010 egroup
Apply and ask the moderator to let you in so you can access all the articles and other stuff since this all began

 
At Thursday, May 26, 2005 2:22:00 PM, Anonymous TLS said...

To the two anonymous posts referring to me,

Thank you for your inputs as well! That's what I mean by contributing intelligently to this forum WITH the SAME goals and objectives in mind. My own analyses are not the best, not by a long shot, and so thanks for your inputs.

And yes, of course, the "underlings" could not have hatched these plans on their own. Definitely, if PPI/Yuchengco uses that defense, they will fall flat on their face.

But, who knows what they have in mind? We all know that Garcia and Tecson came into PPI late in the game so they really could be made out as the "fall guys". Maybe at present, Helen and other PPI people are still rallying behind Garcia and Tecson and feeding them what to say. But when the chips fall, I'm pretty sure kanya-kanyang protektahan na yan. Right now all of them are still hiding behind that corporate veil/curtain. But once the dust settles (after the Rehab plan is thrown out) and civil and criminal suits are filed, definitely, it would have helped any one in the PPI camp that ngayon pa lang they've established that wala silang kinalaman sa nangyari sa PPI.

I would think the more likely defense would be that they relied on expert opinion from their legal, accounting, trust, etc., advisors. In so doing, they get to "wash" their hands of the whole fraudulent deal.

If we know who they are really working with in terms of Accounting/Audit, Legal (because I heard that they are actually using another firm/other lawyers and that V&A is only a front or one of the advisors), Trust, etc. maybe we can sit down and dialogue with these counterparties because I'm sure they don't want to be left with the blame.

BTW, if you need to know, its "Pare".

Thanks again.

 
At Thursday, May 26, 2005 3:17:00 PM, Blogger corporate conscience said...

This comment has been removed by a blog administrator.

 
At Thursday, May 26, 2005 4:15:00 PM, Anonymous Anonymous said...

Im a very sad person. I miss the comments of Pacific spin doctors. Whats happening, why all the silence on your group. Were you all laid off by Helen for doing such a lousy job. This one is for Ripleys believe it or not. “A GROUP OF ORDINARY PLANHOLDERS WHO ARE NOT EVEN LAWYERS OUTWITS THE # 1 LAW FIRM IN THE COUNTRY” . Maybe the PEP coalition can now put up its own law firm with YGC as its client.

 
At Thursday, May 26, 2005 4:53:00 PM, Anonymous Anonymous said...

"Maybe the PEP coalition can now put up its own law firm with YGC as its client."

We bettr not. They might renege on our legal fees, too. Under rehab and stay order, kasi. (Hehe)

 
At Thursday, May 26, 2005 5:11:00 PM, Anonymous Anonymous said...

"I would think the more likely defense would be that they relied on expert opinion from their legal, accounting, trust, etc., advisors. In so doing, they get to "wash" their hands of the whole fraudulent deal."

Sorry, TLS. Have to disagree again with you on this. As my old man once counselled me, it doesn't matter who drafted your letter, once you put your signature on it, that becomes YOUR letter, grammatical mistakes and all.

If they do come up with this finger-pointing defense, they might as well employ the line the Bill Cosby loves to use in his skits with children: "The Devil made me do it!" It may not work but it should be good for a laugh or two.

 
At Thursday, May 26, 2005 5:20:00 PM, Anonymous Hang them high! said...

I don't know if carpetbaggers is the right term, but in the old days, they used to hang people like these.

At the very least, someone should go to jail for this!

May I know if the Coalition is preparing civil and criminal charges? I don't mind investing in that just for the satisfaction.

 
At Thursday, May 26, 2005 6:03:00 PM, Anonymous Anonymous said...

Below are positions held by the Yuchengcos:

Alfonso T. Yuchengco (81),
Honorary Chairman - RCBC (May 27, 2002 to June 24, 2004),
Director - RCBC (June 30, 2003 to Present); Honorary Chairman –
MICO Group; Chairman & CEO – Pan Malayan Management &
Investment Corporation; Chairman – AY Foundation, Inc. and
Yuchengco Center Inc.; Chairman, Advisory Board – Corporate
Governance Institute of the Philippines; Chairman & Member
of the Board of Governors & Chairman Emeritus – Philippine
Ambassadors Foundation; Honorary Chairman – Philippine
Ballet Theatre; Chairman, Board of Trustees – Bayanihan
Foundation; Chairman, Advisory Board – Confederation of
Asia-Pacific Chamber of Commerce & Industries (CACCI);
Chairman – Asian Bankers Association; Vice Chairman, Board
of Judges – Mother Teresa Awards; Vice Chairman – Bantayog
ng mga Bayani (Pillars of Heroes Foundation); Member,
International Advisory Board – Waseda Institute for Asia
Pacific Studies; Member, Advisory Board – Ritsumeikan Asia
Pacific University; Member, Honors Committee & former
Chairman – International Insurance Society (IIS); Member,
Advisory Board – Philippines-Japan Economic Cooperation
Committee; Director, Board of Directors & Adviser –
Philippine-Japan Society, Inc.; Member, International Board
of Trustees – McLaren School of Business, University of San
Francisco, USA; Member, Board of Overseers – Columbia
University Business School New york, USA; Member, Board of
Governors – Pacific Forum; Member, Board of Trustees –
University of St. La Salle Affiliate College, Roxas City;
Chairman – MBA-Juris Doctor (JD) dual degree program of De
La Salle University Professional Schools, Inc. Graduate
School of Business and Far Eastern University Institute of
Law; Director – Enrique T. Yuchencgo, Inc.; Director – Great
Pacific Life Assurance Corporation; Chairman & Director –
GPL Holdings, Inc.; Chairman & Director – Honda Cars
Kalookan, Inc.; Chairman – Mapua Institute of Technology;
Director – MICO Equities, Inc.; Chairman & Director &
President – MEY Foundation, Inc.; Chairman & Director –
Nippon Life of the Philippines, Inc.; Chairman & Director –
RCBC Land Inc.; Chairman & Director – YGC Corporate Services
Inc.; Trustee – Teresa G. Yuchengco Center Foundation, Inc.;
Presidential Adviser on Foreign Affairs – Office of the
President of the Republic of the Philippines


Alfonso S. Yuchengco, Jr. (52) – Director (October 29, 2001
to Present), Member – Audit Committee (June 24, 2002 to
Present), Member – Personnel & Evaluation Review Committee
(June 24,2002 to Present), Alternate Member – Excom (June
24, 2002 to Present); Vice President – House of Investments
Inc.; President & Chairman – Water Dragon Inc.; Vice
President – Hi-Am Inc.; Director – Pan Malayan Travel &
Tours Inc.; Trustee – Mapua Institute of Technology; Trustee
– Friends of Pinikpikan, Inc.; President – Pan Malayan
Management & Investment Corporation; Director – First
Malayan Leasing & Finance Corporation; Director – Seafront
Resources Corporation; Director – Philippine Integrated
Advertising Agency; Trustee – Yuchengco Museum Inc.


Helen Y. Dee Chairman/President Hydee Management Resources, Inc.
Chairman & CEO Tameena Resources, Inc.
Chairman Landev Corp.
Chairman Manila Memorial Park Cemetery, Inc.
Chairman HI-Eisai Pharmaceutical, Inc.
Chairman Mapua Information Technology Center, Inc.
Chairman Lifetime Plans, Inc.
Chairman Asean Insurance Council
Chairman Universal Malayan Reinsurance Corp.
Vice Chairman Zurich Insurance (Taipei) Ltd.
Chairman/President Grepalife Fixed Income Fund Corp.
Chairman/President Grepalife Asset Management Corp.
Director Phil. Long Distance Tel. Co.
Director Pan Malayan Management & Investment Corp.
Director EEI Corp.
Director PetroEnergy Resources Corp.
Director & ExCom Member Nippon Life Insurance Company of the Phils., Inc.
Director South Western Cement Corp.
Director Seafront Resources Corp.
Director Manila Peninsula Hotel, Inc.
Director Malayan Insurance Co., Inc.
Director MICO Equities, Inc.
Director La Funeraria Paz (Sucat), Inc.
Director/Vice President Nth Millenium Foundation of the Philippines
Trustee Mapua Institute of Technology
Trustee Philippine Philharmonic Society, Inc.
President Moira Management, Inc.
President Equitas Insurance Brokers, Inc.
President YGC Corporate Services, Inc.
Director Hermoza Ecozone Development Corp.

These are all published in Philippine Stock Exchange.

NO TO REHAB! JAIL THE CRIMINALS! LONG LIVE PEP COALITION!!

 
At Thursday, May 26, 2005 6:03:00 PM, Anonymous Anonymous said...

we Mapuans envy the break you guys are getting, we're having a hard time fighting the yuchengco machine. One of the student leaders was just officially expelled and some vocal faculty members were also let go.

 
At Thursday, May 26, 2005 7:12:00 PM, Anonymous Anonymous said...

I wont be surprised if we wont see much of Garcia and Tecson soon. After all, arent they only on a 6 months employment contract? Also, walang mawawala kay Tecson sa mga pinagsasabi niya on TV/News/radio. After all she was already PAID in advance (remember the check issued to their (hers and Garcia's) company last January 2005? Everybody on their side has been PAID!! So they donot lose anything. After all, these two know that they might be "yuchengcoed" too like what we are all going through.

 
At Thursday, May 26, 2005 7:41:00 PM, Anonymous Anonymous said...

As mentioned in the Phil. Star article ---

"...the SEC has directed Lifetime Plans’ trustee banks Rizal Commercial Banking Corp., ING Bank N.V., and China Banking Corp. to preserve the trust fund of the pre-need firm until further orders of the commission.

With the order, it is expected that the assets of Lifetime Plans shall revert to Pacific Plans."

Please note that the SEC order of preserving the trust fund (or perhaps even the assets) pertain to LPI and NOT PPI. So how come, PPI stopped releasing the checks to planholders. This is a sign of retaliation by the Yuchengcos. It only shows that they are still calling the "shots" for PPI.

Can someone who is good in writing please come up with a write-up on these recent developments and send a copy to USF. As one of the posters mentioned, with all that has been happening, USF should remove Yuchengco from its board. Hopefully, when they learn about this new developements, USF will have more reasons to do so.

 
At Thursday, May 26, 2005 7:52:00 PM, Anonymous Anonymous said...

"Hang them high! said...

May I know if the Coalition is preparing civil and criminal charges? I don't mind investing in that just for the satisfaction."

As Bob Hope once said about comedy, it's all in the timing. So, don't worry. When the time is right, . . .

 
At Saturday, May 28, 2005 10:49:00 AM, Anonymous bmw said...

Will the knight kill the damsel?
Posted 00:13am (Mla time) May 28, 2005
By Solita Collas-Monsod
Inquirer News Service


ON THE FACE of it, the recent decision of the Securities and Exchange Commission to revoke the certificate of incorporation of Lifetime Plans Inc. (LPI) -- the corporation spun off last year from Pacific Plans Inc. (PPI), a move that put the Yuchengco family in the eye of a raging controversy -- may look like a victory of the "good guys" (the traditional/open ended plan holders) over the "bad guys" (the Yuchengcos). Or using another metaphor, a case of a knight in shining armor (the SEC) saving, in the nick of time, the damsel in distress (the plan holders) from the dragon (the Yuchengcos). But a closer examination of the consequences of the order reveals that the victory, if any, will be pyrrhic.

First, any damage to the Yuchengcos will more likely be to their pride (Al Yuchengco sets great store by his name) rather than to their pocket. Why? Because while the SEC decision serves as a death knell to both PPI and LPI, any financial exposure of the Yuchengcos, even including the ambassador's voluntary P250-million capital contribution, may have been more than covered by past dividends from PPI. Any spillover of the financial problems of the PPI/LPI to the rest of the Yuchengco companies will probably be temporary.

Second, the 34,000 remaining holders of traditional plans (where they are guaranteed tuition and other school fees regardless of cost at the time of availment) are not only not going to get any relief as a result of the SEC move, but any chances of the new PPI management turning the company around have just been shot down.

Worse, the SEC decision drags the 400,000 plan holders of LPI (the spin-off was designed to protect them) -- those who have fixed-value education, memorial or pension plans -- into a quagmire from which the possibility of escape may be almost nil.

How so? Let us count the ways:

The revocation of LPI's corporate personality means that its assets and liabilities are now folded back into PPI. But PPI is under a court "stay order" which gives it relief from paying its liabilities. Which in turn means that what is due to the 400,000 plan holders of LPI also cannot be paid, leaving them in limbo. The effect? You now have another 400,000 plan holders who, because of the SEC order, cannot get any availment. Those who are still paying for their plans will have no incentive to continue their payments. What is more, nobody will want to buy any more plans, which in turn puts in jeopardy the livelihood of around 20,000 agents.

The irony of it is that even if PPI were not under a court stay order, the SEC has made sure (albeit unwittingly) that what is due to the LPI plan holders will not be paid. Why? Because at the same time that it issued its decision to revoke LPI's incorporation, it also sent a directive to Rizal Commercial Banking Corp., the Yuchengco bank that manages the trust funds, to "preserve the trust fund of Lifetime Plans Inc., until further orders of the Commission." Sounds like a good order, until you realize that the reason a trust fund is constituted is precisely to assure payments to plan holders, so that "preserving" the trust fund means non-payment of benefits!

Is there a possibility, however remote, that by putting back together the fixed-value plans with the open-ended plans (PPI), and rescinding the court order, as well as the SEC's order to RCBC -- in other words, moving back to the pre-controversy situation-there will be excess profits from the fixed-value operations to pay the open-ended plan holders?

To answer that question, we first have to get a handle on the amount required to ensure that the remaining 34,464 open-ended plan holders (some 40,340 students have already been sent to school; PPI discontinued the plan in 1992, when tuition fees were deregulated) can finish their schooling. Some very rough calculations (no official estimate is available): Last year, PPI paid out P800 million to finance the tuition and other school fees of the 16,000 who were already using their plan. Assuming that those 16,000 will need another three years of schooling; assuming that 18,500 other plan holders will come in this year, that their financial needs are identical to that of the previous 16,000 and that they will be taking four-year courses; and assuming that there will be no increases in tuition fees over that period, then total required outlay will be about P5.6 billion. However, the funds in reserve are valued at P3.2 billion, leaving a gap of P2.4 billion.

Can the company's prospective net income cover that amount? The SEC moves certainly reduce market enthusiasm. Even setting that aside, a look at the audited corporate income of PPI over the period 1992-2004 gives the answer: No way. The largest recorded corporate income for any year was P139 million, with losses of up to P1.4 billion being recorded in the last five years. Including the combined trust fund incomes (which are not fungible), the net income of the corporation averaged something like P100 million a year.

The bottom line: As a result of the SEC order, the "good guys" may have "won," but will get killed in the process, while the "bad guys" (and there is at least some doubt as to their villainy) have been wounded, but are not likely to die. The knight in shining armor shows a dangerous ineptitude, slaying the damsel in distress while trying to save her. Actually, he is turning out to be the more likely villain of the piece.

 
At Saturday, May 28, 2005 12:53:00 PM, Anonymous reader rabbit said...

re monsod's article, she says:
"Second, the 34,000 remaining holders of traditional plans (where they are guaranteed tuition and other school fees regardless of cost at the time of availment) are not only not going to get any relief as a result of the SEC move, but any chances of the new PPI management turning the company around have just been shot down."
okay, firstly...it is a fiction that PPI needs relief because before their moro-moro they were a profitable company. so it is not a company that needs to be turned around...it is Helen who needs to turn around from her path of self-destruction.
monsod further says:
"The revocation of LPI's corporate personality means that its assets and liabilities are now folded back into PPI. But PPI is under a court "stay order" which gives it relief from paying its liabilities. Which in turn means that what is due to the 400,000 plan holders of LPI also cannot be paid, leaving them in limbo. The effect? You now have another 400,000 plan holders who, because of the SEC order, cannot get any availment. Those who are still paying for their plans will have no incentive to continue their payments. What is more, nobody will want to buy any more plans, which in turn puts in jeopardy the livelihood of around 20,000 agents."
SEC negated PPI's grounds for rehab before they revoked Lifetimes existence. so the stay order is a temporary inconvenience because Barza now has no choice but to trash the rehab petition. this will revert PPI to pre-rehab petition status...in the words of SEC "liquid and solvent". they then have no reason to refuse to honor their obligations to planholders, trad or non-trad.
then monsod says:
"Some very rough calculations (no official estimate is available): Last year, PPI paid out P800 million to finance the tuition and other school fees of the 16,000 who were already using their plan. Assuming that those 16,000 will need another three years of schooling; assuming that 18,500 other plan holders will come in this year, that their financial needs are identical to that of the previous 16,000 and that they will be taking four-year courses; and assuming that there will be no increases in tuition fees over that period, then total required outlay will be about P5.6 billion. However, the funds in reserve are valued at P3.2 billion, leaving a gap of P2.4 billion.
Can the company's prospective net income cover that amount? "
well who mismanaged the company anyway? solita, let me just remind you of your own reaction on tv as seen by millions of viewers when you learned that PPI invested in Napocor bonds!
PPI screwed up and they should face the consequences and not pass it off to the planholders who entrusted them with their hard-earned money based on PPI's own words as stated in their own contract!
the planholders did not break the contract, PPI did!
so please naman solita, i know how hard it is to come up with something to write everyday, but putting out a "potboiler" like this is beneath you. "knights and damsels in distress" belong in fiction writing, not respectable editorials.

 
At Saturday, May 28, 2005 1:31:00 PM, Anonymous rabbit slayer said...

Anonymous said...
so please naman solita, i know how hard it is to come up with something to write everyday, but putting out a "potboiler" like this is beneath you. "knights and damsels in distress" belong in fiction writing, not respectable editorials.

How convenient for them to display Solita Monsod's name in their Honor Roll when she was on 'on their side' but when she was enlightened, AYUN LUMABAS NA RIN ANG TOTOONG KULAY NILA. Gusto nilang idamay lahat ng planholders sa perwisyong ginawaga nila.

Anonymous said...
"PPI screwed up and they should face the consequences and not pass it off to the planholders who entrusted them with their hard-earned money based on PPI's own words as stated in their own contract!"

Screwed up? Why don't you look around and realize that all companies which offered the open-ended plans are having exactly the same problems. Talk to planholders from PET, Platinum, Prudential and CAP. Don't talk to their officers kasi hindi magsasabi ng totoo ang mga yun.

Anonymous said...
"okay, firstly...it is a fiction that PPI needs relief because before their moro-moro they were a profitable company. so it is not a company that needs to be turned around...it is Helen who needs to turn around from her path of self-destruction"

Hay naku! Without any valid arguments to back you up, here you go again directing tirades against Helen.

Anonymous said...
"SEC negated PPI's grounds for rehab before they revoked Lifetimes existence. so the stay order is a temporary inconvenience because Barza now has no choice but to trash the rehab petition. this will revert PPI to pre-rehab petition status...in the words of SEC "liquid and solvent". they then have no reason to refuse to honor their obligations to planholders, trad or non-trad"

SEC has no other recourse but to do this to save face because it is through their ineptitude that the crisis came out, starting from CAP, followed by PPI and others soon to follow.

SEC has no power to adjudicate kaya sa korte talaga ang petition for rehab. Nagtampo pero walang maisagot sa petition na maayos kaya Lifetime ang pinagdiskitahan. Tignan mo nman ang timing ng paglabas ng decision to revoke, sa mismong hearing pa na di naman dapat.

Pikon talaga yang si Barin kahit noong nasa ERC pa yan. Saka si Lukban, aba'y wala ng ginawang matino ang 'unanong' yan ah. Why don't he ask for a recording of the Debate program kung saan sya guest at palagi nyang panoorin yung statement nyang kaya inaprub ng SEC ang creation ng Lifetime kasi ok nman mga papeles.

The decision of Barza will be based on the merits of the case not through the 'pre-emptive but full of harassment' decision of SEC.


Anonymous said...
"the planholders did not break the contract, PPI did!"

Well, a contract has many provisions. Don't just cite provisions which are of benefit to you. How about the provisions under Section XV and Plan Termination Values?

A contract should be viewed on its totality not on specific provisions.

 
At Saturday, May 28, 2005 9:28:00 PM, Anonymous Anonymous said...

when is our next general assembly meeting? thanks.

 
At Saturday, May 28, 2005 9:41:00 PM, Anonymous Anonymous said...

Tale of a Taipan
Posted 08:05am (Mla time) Feb 27, 2005
By Eric S. Caruncho
Inquirer News Service

excerpts

NJ: Building all these big companies, how did you go about it?

AY: You know, to be successful in life, it all depends on luck. It is not your ability. If you are lucky, you will be successful. If you are not lucky, you will not be successful. You know, Confucius once said, "Man proposes, God disposes."

NJ: Is that all your explanation for your being a tycoon?

AY: Just luck. Nothing else. No matter how hard you work, if you are not lucky, there is no way you can succeed.

NJ: My God, I can't believe it.

AY: That's true.

NJ: Your father was lucky. You yourself were lucky, too.

AY: I was luckier. I made more money. You know, one thing I firmly believe in is that a good name is forever. But money, no matter how many millions, can be lost in a day.

...

"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. The only way they can do that is if they don't fight with each other and they can work together. One possibility is to divide the businesses to be managed by each. Another possibility is that they work as a group, but each has one vote, and all decisions must be made by the majority. As of now, I have not made the decision as to which would be the best. Before I make a decision, I guess I have to talk to them first and find out their opinions also."

It seems that the final chapter in the Alfonso Yuchengco saga remains to be written.
_______
Will his tenet that a good name is forever a wishful thinking?

 
At Sunday, May 29, 2005 12:19:00 AM, Anonymous Anonymous said...

"we Mapuans envy the break you guys are getting, we're having a hard time fighting the yuchengco machine. One of the student leaders was just officially expelled and some vocal faculty members were also let go."

I shed a tear or two for what is happening to Mapua. The one time engineering course heavy hitter is no more than its former self due to the machinations of the dogs of YGC.

They screwed the quality in favor of the bottom line!

For them (YGC)- Money is God!

 
At Sunday, May 29, 2005 12:27:00 AM, Anonymous Anonymous said...

"Helen Dee, resign!"

Resign lang? You're too nice!

 
At Sunday, May 29, 2005 9:23:00 PM, Anonymous Anonymous said...

Tale of a Taipan
Posted 08:05am (Mla time) Feb 27, 2005
By Eric S. Caruncho
Inquirer News Service

excerpts


NJ: Your father was lucky. You yourself were lucky, too.

AY: I was luckier. I made more money. You know, one thing I firmly believe in is that a good name is forever. But money, no matter how many millions, can be lost in a day.

"...a good name is forever."
LIP SERVICE lang pala.

 
At Thursday, June 02, 2005 11:05:00 AM, Anonymous Anonymous said...

Never forget that PPI had enough funds in its trust for all plans. Never forget that it had an excess over ARLs until before the transfer of assets in 2004. Never forget that it had over a billion pesos net income before the 2004 transfer. Never forget that PPI/Yuchengco committed fraud and this was all documented even in earlier years when they asked for legal advice for their planned shutdown of PPI traditional plans.

 
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At Friday, November 24, 2006 1:43:00 PM, Anonymous Anonymous said...

i feel so bad ng marinig ko sa radio na di na kami mababayaran ng tuition ng pacific plan. parang gusto kong himatayin. 3 years old palang ang bunsong anak ko ng umalis ako ng trabaho at kasama sa plano ko ang wala na akong babayarang tuition pag nag high school na sila, 2 ang anak ko na 0 age ng ikinuha ko ng plan. hindi lang 2 plan ang nakuha ko 4 ang plan ko 2 high school at 2 college.
masakit dahil di ko inaasahan ang ginawa nila. dahil ng inaalok ako ng pacific plan kasama sa pag encourage nila sa akin na group of companies ito matatag. ngayon 14 at 16 na ang mga anak ko wala na akong trabaho at wla na ring tatanggap sa akin, kung alam ko lang na mangyayari ito di na sana ako kumuha ng plan na ito. semi-annual kung magbayad ako noon, para tumapat sa mga bonus namin. nagtitiis kami na di magarbo ang pasko at bagong taon sa loob ng 6 na taon. umaasa na kung di gaganda ang economiya sa panahon na nag aaral na ang mga anak ko eh di sila madadamay dahil na ayos na namin ang future nila. pero ito ang nangyari sa amin di alam kung saan kukuha ng pang tuition ng mga bata. bahala na Diyos sa kanila di naman sya natutulog, pero salamat na rin sa pep coalition at lumalaban sila, nakakaluwag ng dibdib pag nakikita ko na nagpupursigi sila pero wala akong maitutulong sa kanila kahit pamasahe para sumama sa kanila eh kailangan ko pa problemahin pero wag kayo mag alala lagi ko kayong ipinagdadasal

 

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