Tuesday, May 17, 2005

Big Time Al and the Small Time Check

It's good to understand what the Php 250 million check is all about...

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NOT BUSINESS AS USUAL By Margaret Jao-Grey
The Philippine Star 05/17/2005

Did you know 1: Three International School Manila seniors, including the grandson of a banker, have been caught cheating. It seems they hacked into the computer of a teacher and downloaded the contents of a scheduled test.

Now, the $64 question is not whether ISM will allow them to walk up the stage in early June but whether ISM will disseminate that information to all schools, including the American universities which have already accepted the three seniors for the school year that starts in September.
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Did you know 2: The recent two-day bank run of a large commercial bank was quickly cauterized after a couple of foreign banks, which do a lot of business with the local bank, quietly agreed to support it at the interbank level, with the corresponding interest, of course.

The local bank did not turn to the Bangko Sentral for an emergency loan for two reasons. One was sheer pride. The other was, well, everybody and his mother would have known about it.
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There’s talk that HSBC Phils. is scouting around for a senior vice-president in charge of corporate banking, now that Isidro Alcantara has accelerated his decision to move his family to Canada.

As a bonus, the new SVP might end up as HSBC Philippines’ first Filipino chief executive officer, something that current CEO Warner Manning has been quietly pushing for.
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There’s talk that plan holders of Pacific Plans Inc. will soon file a class suit against the pre-need company affiliated with the Yuchengco group. Basically, the plan holders aren’t too excited about the P250-million personal contribution of Alfonso Yuchengco to help resolve PPI’s current inability to meet the tuition requirements of its open-ended plan holders. Here are two reasons why.



One, Al Yuchengco isn’t giving away the P250 million but just lending it to PPI. That means plan holders will end up paying the loan anyway, after being appropriately grateful to Mr. Yuchencgo.



Two, the money may help planholders pay their children’s tuition for the 2005-2006 school year or for the first semester of 2005 but more money will have to be raised if PPI intends to pay the tuition paid for in advanced by planholders for the succeeding years.


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Here are indications that incoming Bangko Sentral Governor Amando Tetangco Jr. is open to the needs of the banking sector even if he’s never been a member of the Bankers Association of the Philippines.

Last week, the Monetary Board, which was chaired by Say Tetangco as Bangko Sentral officer-in-charge (since Governor Rafael Buenaventura is still in the United States), has agreed to allow banks to sell linked products or derivatives.

There’s also talk that the Bangko Sentral will soon drop the moratorium on the opening of bank branches now that its objective to encourage mergers and acquisitions among banks has been achieved.

While there are still banks out there that are mismanaged and may, therefore, face closure, these are too small to affect the industry on the whole.

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6 Comments:

At Thursday, May 19, 2005 1:18:00 PM, Anonymous Anonymous said...

THE SPIN OF SPINS, THE PPI STORY AS TOLD BY PPI

On page A8 of the May 17, 2005 issue of the Philippine Daily Inquirer, there was an article by the Inquirer News Service entitled YUCHENGCO LAUDED FOR FORKING OVER P250M. The same “Yuchengco/PPI praise release” was also printed in the column East and West of Mr. Julius F. Fortuna entitled What People Say About The Legendary AY.

In the praise release, prominent personalities sang alleluia to Mr. Yuchengco for giving his P250M to PPI. Some of the comments were:

Former Senate President Jovito Salonga praised Mr. Yuchengco for his honesty, integrity and patriotism.

Federation of Philippine Industries’ Chair Meneleo Carlos decribed Mr. Yuchengco as “a living testament to the ideals of FPI.” He went further and said that “Yuchengco had long pursued with FPI members his dreams of promoting competitive and socially concerned Philippine business enterprises”.

Ambassador Jose Macario Laurel IV said “The soft spot behind a decade of firm leadership has earned him (Yuchengco) the respect of his colleagues in the diplomatic world. He is known to be fair and just man. I admire him also for his high regard for education and for instilling good values among the youth.”

Former Education Secretary Brother Andrew Gonzalez was also quoted when he said “in raising P250M from his personal resources to alleviate the plight of PPI parents with tuition fee problems, Ambassador Yuchengco certainly proved his commitment to serve the public unselfishly”.

I wanted to throw up. There must have been a major misquote somewhere. I am sure these learned gentlemen do read the papers. However, if they did miss the news, I wish to bring to their attention two articles on Mr. Yuchengco’s P250M alleged contribution to PPI.

In Alcuin Papa’s NEW PACIFIC WAR – SHATTERED DREAMS OF THE MIDDLE CLASS, found in page A1 of The Philippine Daily Inquirer’s May 17, 2005 issue, it quoted Mr. Ernesto Garcia, President of PPI:

“On May 13, the Yuchengco family patriarch, Alfonso Yuchengco, extended a P250-million loan to the company, bringing the funds available for tuition support this year to P591 million”.

Likewise, in Margaret Jao-Grey’s NOT BUSINESS AS USUAL, found in page B-5 of The Philippine Star’s May 17,2005, it said:

“One, Al Yuchengco isn’t giving away the P250 million but just lending it to PPI. That means plan holders will end up paying the loan anyway, after being appropriately grateful to Mr. Yuchengco.”

“Two, the money may help planholders pay their children’s tuition for the 2005-2006 school year or for the first semester of 2005 but more money will have to be raised if PPI intends to pay the tuition paid for in advance by planholders for the succeeding years.”

So gentlemen, Mr. Yuchengco gave a loan for P250M to PPI. It was not a gift or gratuity. It was a loan. Please cue us in when we have to say “Thank you, Ambassador Yuchengco”.

For the PPI planholders, Mr. Yuchengco is perceived as the person who built the company, and planned and engineered its collapse after getting the profits. I wonder how much did Mr. Yuchengco, his PPI Directors and Officers, got from PPI over the years. I am pretty sure it was much more than P250M. So what is the big deal about the P250M loan?

Miguel Ereñeta

 
At Thursday, May 19, 2005 5:02:00 PM, Anonymous Anonymous said...

how much is the rate of interest being charged by ay by extending the 250m loan to ppi, we might be paying more than the 7%, again ginatasan nanaman ang planholders,

 
At Thursday, May 19, 2005 7:17:00 PM, Anonymous Anonymous said...

Philip will have an interview with DZBB (594AM radio) tomorrow at 2:30 p.m.

 
At Saturday, May 21, 2005 12:42:00 AM, Anonymous Anonymous said...

Si kuya Cario talaga!

Don't let your personal relationship with the Yuchengcos affect what is the truth!

Ala e even with your father and name sake would have flipped with what the Yuchengco's did, may I even say your lolo may have raised a howl too!

About throwing up! I already did!

Brother Andrew? Et tu Brutus?

Senator Salonga- senility creeping in?

Sa ganitong pandaraya at panlilinlang na ginawa sa mga kababayan natin, hindi ko maisip na lubos kang matutuwa sa "pa-utang" ni Mang Alfonso! Opo! Pautang lang po ang P250M at hindi kontribusyon!

At ano kaya ang ginagawa nang ating magaling na presidente? Abay ang tahimik naman na nakaka-bingi na!

Mga taga BIR, karapat dapat lang paimbestiga ang mga financial statements ng PPI! Sabi nga ng SEC Chairman. Bakit daw iba ang mga figures na submit sa SEC at BIR!

 
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At Sunday, October 09, 2011 7:22:00 PM, Anonymous Anonymous said...

The big news has not even been told. Apparently word is out that Marco Yuchengco Santos aka MySan or MySABOG was caught by the authorities in a hacking scandal which would make front page news. He tried to extort money from a Singapore based friend of his by hacking facebook and yahoo accts and taking over the identity of his friend. He then asked his friend to pay him money so he would stop telling lies about him. Now if you all think that Alfonso Yuchengco can leave a good name, this Marco Yuchengco Santos is also under investigation for hacking into their bank, the database of Pacific Plans and the ouster of his uncle Tito Yuchengco. So this family is messed up, they fight against one another to get to the top. No wonder Pacific Plans went down the drain, the Yuchengco grandson is the culprit - he tried to maneuver his way in YGC to buy drugs and stole its reserves. His profile, revealed as a hard-core drug addict, has so much debt from friends that he now has resorted to online extortion. He has been blacklisted by his family but well only after the damage has been done to our plan holders - all 34,000 of us. How could we have bought plans from a reputable company? HOGWASH !!!!! its run by a drug addict

 

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