Monday, May 23, 2005

A Curious Denial



May 18 Phil. Daily Inquirer PPI Denial Posted by Hello


These paragraphs were quoted by a commentator to one of our previous posts. We thought that it was worth reproducing the original section as it appeared in section A6 of the Phil. Daily Inquirer dated 18 May 2005.

We thought it was curious that PPI should have taken it upon itself to deny the existence of an opinion that Accra was supposed to have issued regarding the rehabilitation that PPI was contemplating. We looked for a letter to editor of PDI on the mentioned date but were not able to find any. Anyway, even if it were there, ACCRA probably does not need any lawyering on its behalf (pun intended).

Is it a case of "where there's smoke, there's fire?"... Worse, what if such an opinion were actually there and ACCRA was just too gracious not to put YGC in a worse position than it already it is in. Meaning, YGC can do the denial but not ACCRA itself...

21 Comments:

At Monday, May 23, 2005 10:13:00 PM, Anonymous Anonymous said...

The ACCRA letter was written way before PPI filed its rehab plan so technically, they are correct. They probably ask ACCRA to comment on a proposed mode of action, but not terming it as a rehab plan.
A case of splitting hairs.....

 
At Monday, May 23, 2005 10:17:00 PM, Anonymous Anonymous said...

I guess one can say PPI and ACCRA are both in denial. Reality check, anyone?

 
At Monday, May 23, 2005 10:29:00 PM, Blogger SunTzu said...

Well it looks darn authentic to me so they can deny all they want but in the end, what was opined seems to confirm ACCRA is really a good law firm

 
At Monday, May 23, 2005 10:46:00 PM, Blogger SunTzu said...

My hats off to you Blogsite guys. You really outdid yourselves this time!

 
At Monday, May 23, 2005 10:51:00 PM, Anonymous Anonymous said...

From ACCRA's website.

ACCRALAW's clientele represents the full spectrum of business and industry - including many of the Philippines' top 100 corporations. Professional organizations and individuals also form part of the Firm's clientele.

The Firm provides its clients with a whole rate of standard and specialized legal services. For a better understanding and appreciation of clients, their operations and concerns, the Firm has instituted regular client calls. Clients are invited to the Makati Head Office for a better interaction with lawyers. The firm extends to its clientele regular briefings on new developments in any aspect of law.

To improve further the delivery of services to clients, the Firm has expanded the networking capabilities of its computer systems.

Over and above the Firm's commitment to deliver quality legal service is its proven track record of uncompromising fidelity to the client.

At ACCRALAW, the trust of a client is a sacred covenant.

REPRESENTATIVE CLIENTS OF ACCRALAW


MANUFACTURING, TRADING AND DIVERSIFIED

San Miguel Corporation • A. Soriano Group • George Ty Group • Araneta Group • Luy Kim Guan Group • International Copra Export • Lucio Tan Group • Fortune Tobacco • Sarmiento Group•Tantoco Group • Rustan's •Shoemart, Inc. • Yuchengo Group • Alvarez Group • Dole Philippines, Inc. • Telengtan Group • Mariwasa • Metro Drug

BANKS

Metropolitan Bank & Trust Co. • Rizal Commercial Banking Corporation • Philbanking Corporation • Philippine Bank of Commerce • Philippine National Bank • Asian Bank • China Banking Corporation • Equitable-PCI Bank • Prudential Bank

INSURANCE

Philam • Malayan Insurance • Seaboard-Eastern • Pacific Plans • Pioneer Insurance

 
At Tuesday, May 24, 2005 6:34:00 AM, Blogger Punzi said...

This comment has been removed by a blog administrator.

 
At Tuesday, May 24, 2005 6:37:00 AM, Blogger Punzi said...

I've been following your blogsite intently since, I think, Atty. JJ Disini blogged about your site.

I'm not a plan holder myself since there were no more new trad plans for sale (and/or very expensive) and I don't believe in fixed value plans.

I'm amazed by the way you are handling yourselves both online and in the real world. While your situation may be truly explosive, you have carried yourselves in a truly dignified and organized manner. And your intelligence network may even beat the government's!

If there is anything I can do to help, please let me know.

More power and good luck!

 
At Tuesday, May 24, 2005 7:52:00 AM, Anonymous Anonymous said...

Here's a new group (kuno) na niloko na, nagpapaloko pa! Or is it ignorance on their part? Or maybe they are still in the denial stage??

"New group backs Pacific Plans rehab

Posted 00:59am (Mla time) May 24, 2005
By Leila B. Salaverria
Inquirer News Service



Editor's Note: Published on Page A7 of the May 24, 2005 issue of the Philippine Daily Inquirer


A NEW group of educational plan holders has emerged and has called for the rehabilitation of beleaguered Pacific Plans Inc. so that its clients could be assured of receiving their children's tuition even as reforms in the company are being carried out.

Made up mostly of holders of PPI's non-exclusive plans and those who consider themselves members of the "C-D economic classes," the Coordinating Alliance for Reform and Empowerment in the Pre-Need Industry (CARE-Pre-Need) said PPI's collapse would not only deprive plan holders' children of an education, but would bode ill for the industry.

"Our main concern is that our investments in the education of our children should be amply protected," the group said in a position paper. "We are convinced the eventual rehabilitation of PPI is in the best interest of the ordinary plan holders, the company and the other stakeholders in the pre-need industry."

The group also called for "calm, sober and constructive discussion" in place
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of inflammatory rhetoric that would only muddle the PPI issue.

"Helping PPI get back on its feet is an important step forward in ensuring the viability of the entire pre-need industry. Its offered rehabilitation plan could be a starting point in this painstaking endeavor," CARE said.

The group, however, said that would not be enough.

According to CARE, PPI should open its books to accounting and legal experts in the presence of plan holders' representatives. This would ensure a thorough understanding of the company's situation and contribute to an informed discussion on PPI's rehabilitation plan, it said.

Angie Silvestre, a CARE member and non-exclusive PPI plan holder since 1984, said the group wants PPI to pay their children's tuition through up to graduation.

"There is a contract that they have to honor. We were given tuition support for the first semester of this year, but what about the succeeding semesters? We want that assurance," Silvestre said at a forum at the Manila Hotel yesterday.

CARE member Lito de Luna said the group's members banded together a month ago since they moved in the same circles. But he said they were not distancing themselves from the Parents Enabling Parents (PEP) Coalition, the original group of PPI plan holders, and would be willing to team up with the latter.

Most of CARE's members hold tuition plans for the cheaper schools, De Luna said. On the other hand, most PEP members have plans for the pricier schools like La Salle and Ateneo, he said.

Aside from supporting PPI's rehabilitation, CARE aims to get government assurance the pre-need industry would be well-regulated and protected so that more children would be assured of an education.

It suggested the government instruct agencies like the Social Security System and the Government Service and Insurance System to help the industry out.

"If government can guarantee the profits and viability of the IPPs [independent power producers] or even take over cash-strapped Maynilad Water Services, among others, we see no reason why it cannot extend the same assistance to the pre-need industry upon whose health depends the future of our children and our country as a whole," it said."

 
At Tuesday, May 24, 2005 8:01:00 AM, Anonymous amanda said...

To the Yuchengcos, Villaraza lawyers, PPI spin-doctors, etc.

St. Augustine said:

"The life you have is God's gift to you, what you make of your life is your gift to God."

At the end of the day, can you hold your head up and say you have lived a life worthy of God's grace?

Can you look at your children and say I have lived a good life.

Can you honestly serve as a role model for your children in their own life journey?

 
At Tuesday, May 24, 2005 8:05:00 AM, Anonymous Anonymous said...

All pa-cute Banal has to do to be informed is to read the columns of De Quiros, Boo Chanco and Rina David. What he writes about the PPI fiasco is way off line. Magkano kaya?

 
At Tuesday, May 24, 2005 8:11:00 AM, Anonymous Anonymous said...

I am posting Conrado Banal's entire piece in todays papers. I don't want to be accused of just posting the portion(s) that is/(are) beneficial to the group. Gee...this guys is really a jerk! He sounds like one, he smells like one, and he definitely looks like one. As they said, people are just to close to the trees they failed to see the forest!!!

"
Fraud to be Filipino
Posted: 11:24 PM | May 23, 2005

Conrado R. Banal III
Inquirer News Service

printable version email a story write the editor feedback




NOTHING can be funnier in the media these days than those news reports -- and of course those commentaries -- putting big business down as being pitiless, greedy and evil.

Well, not exactly. Because frankly, I am having a grand time over media reports on the "jueteng" illegal numbers games scandal, which allegedly involved you-know-who.



Those jueteng reports already got us into war -- well, an "all-out" war, no less, at least according to the media -- against jueteng. Plus other ILLEGAL gambling activities!

Actually, I can settle for the evil-business-empire slant anytime, but war is war, and we have been going to a lot of wars for the longest time now.

Earlier, also according to media reports, we were embroiled in all those many relentless ALL-OUT wars against illegal logging, terrorism, lawlessness, tax evasion, smuggling, mountainous garbage, diseases like TB and dengue, malnutrition, smoke belching, sidewalk vending and even jaywalking.

Nobody has declared a ceasefire or truce in all those wars, and so they must be raging up to now. Although we are probably in a stalemate in our war (also ALL-OUT) against poverty.

Aren't you proud to be Filipino?

* * *

ANYWAY, coating the mouths of babes in media these days is the word "fraud," mainly labeled against big business, such as the pre-need company, Pacific Plans Inc.

The owner of the company is the Great Pacific financial group founded by Alfonso Yuchengco, one of the local "taipans," meaning that he is really that big.

Pacific Plans is asking the court to approve a rehabilitation plan, claiming that it could not possibly afford to pay for some 34,000 open-ended education plans.

What with the tuition and other school expenses having gone up in the past 15 years to another planetary system!

For and in behalf of the 34,000 holders of those plans, who are not necessarily the original buyers from Pacific Plans, a small group is making noise all over town.

It is saying that the company should just follow the contracts, which say it should pay for the tuition and other fees, wherever in the galaxy they may be.

I don't know. But I seem to remember that every contract, particularly if it is between the public and any of the evil big business empires, always has an escape clause.

All pre-need education plans, if you look closely, say that the company may just choose to return the money of the holder in case of "fortuitous" events.

Of course, you know what "fortuitous" means. It can be anything -- like major change in government policies, such as declaration of war. The real shooting kind, okay!

* * *

STILL, such an escape clause becomes useless if it is proven in court that Pacific Plans actually committed fraud.

Look, boss, this evil empire fooled us, the helpless public!

They are saying that Pacific Plans transferred assets to another company to hide them from those 34,000 holders of the "open-ended" education plans.

Apparently, the "transfer" refers to the move of Pacific Plans some years ago, the spin-off of pre-need products other than the "open-ended" education plans, into a company called Lifetime.

Based on the noise in media, it seems that Pacific Plans transferred its assets to the new company Lifetime, getting only P205 million, when it could have gotten P2.5 billion, at least.

On top of it all, the buyer of Lifetime was another company in the Yuchengco group, called GPL Holdings.

That's a serious accusation, because if it is true, somebody should rot in jail. In effect, they are saying that Pacific Plans stole from the plan holders -- big time! By the billions!

In that case, I will drop my call for everybody to be cool in this pre-need crisis, which I have always advocated, because from where I sit, the hotheads will not solve anything.

But if Pacific Plans really stole money, it's also going to be a ... well, ALL-OUT war.

* * *

THAT big business is being projected as the bad guys in the media is always understandable.

I have been in this racket long enough to know that we always go for the underdog.

In a conflict between the powerless public and the evil big business empire, we always want to air the side of the oppressed.

The question remains: Is this Pacific Plans -- owned by a taipan, at that -- oppressing the weak and the powerless? Well, I am not too sure about that.

From what I heard, the main issue is the valuation of the Pacific Plans assets (with their corresponding liabilities, of course) that were spun off to Lifetime.

In the first place, if there was any hanky-panky, we should file cases against officials of the Securities and Exchange Commission. The commission approved the whole thing.

As its official position, the SEC up to now insists that, on the contrary, they saw nothing wrong with the transfer.

SEC officials are saying that the commission approved the transfer, basically, to protect the majority of the customers of Pacific Plans. In short, no fraud!

* * *

BEFORE the Lifetime spin-off, you see, Pacific Plans had more than 400,000 plan holders, including the 34,000 or so "open-ended" education plan holders.

The others were holders of memorial plans, health plans, pension plans, and the "fixed value" education plans.

Back in 1992, Pacific Plan already saw the problem with "open-ended" education plans. Tuition and other school expenses were going up to another solar system.

In fact, Pacific Plans stopped selling such plans a full 10 years ahead of the SEC ban that came in 2002.

If the company would collapse due to the "open-ended" education plans, all those 400,000 others (pensioners, for instance) would not get their full benefits.

Pacific Plans thought that such an event would be unfair to the 400,000 holders, who came from the same public as the 34,000 "open-ended" education plan holders.

The SEC agreed.

And so now, is the noisy bunch of "open-ended" plan holders saying that, regardless, everybody should be on the same sinking boat? I thought that would be heartless.

* * *

PRECISELY, the SEC saw the fairness in the "segregation" of the assets of Pacific Plan, because it was based on the amount of contributions from the different pre-need plans.

The argument, saying all plan holders should get hit equally, was not the SEC position.

And so the argument now switches to something like, well, what was wrong was not the transfer, per se, but the "valuation" of the assets in the transfer.

Pacific Plans got P205 million for the assets, or only the "book value," and it could very well have gotten even P2.5 billion. Something like that!

But here's what I gathered: In the exchange between the SEC and Pacific Plans, it was actually agreed that the company was carrying an asset item of some P2.774 billion worth of "unrealized gross profit."

Again, that was "unrealized gross profit." It was not yet in the coffers of the company. It was just a potential profit.

Moreover, it was GROSS profit, meaning, all the expenses that the company would incur to make it into an actual profit, were not yet deducted.

I guess those are the important facts missing in all the noise in media.

* * *

YOU see, pre-need companies like Pacific Plans cannot ever hope to realize all of the "unrealized gross profit."

For one, they sell the plans on installment. Still, what they stand to earn from those installment plans, are already booked in the "unrealized gross profit."

Many times, the buyers of those same plans stop paying for them, particularly during hard times like what we have been having since the Asian crisis in 1998.

Also, by the time the pre-need companies realize the potential profit, it would have incurred a lot of expenses linked with the plans, such as the commission for the agents, the servicing of the plan, and other administrative expenses.

Finally, as the pre-need company collects on the installment plans, the SEC requires it to make a contribution to the trust fund. That is taken from the "unrealized gross profit."

As a matter of fact, by 2004, because of the SEC requirement for higher contribution to the trust fund, the book value of Lifetime has gone down to less than the selling price (i.e., "book value") of P205 million.

Does that mean to any of you that the new owner of Lifetime, GPL Holdings, made a killing from the asset "transfer"? Look. Lifetime's net worth even dropped.

* * *

BUT here is the main thing. According to SEC rules, in fairness to all the holders of different pre-need plans, Pacific Plans should have separate trust funds (i.e., assets) for each line of business.

And yet based on the noise going on, the company supposedly "spirited away" its assets, possibly referring to the Lifetime spin-off.

In the first place, based on SEC rules, the "open-ended" education plans had nothing to do with those assets.

From the beginning, the SEC precisely told Pacific Plans to set aside the assets that belonged to the trust fund of those 400,000 or so plan holders.

I thought the SEC did well. Of course the noisy guys would never say that. They would only insist on fraud as the typical Filipino big business strategy. Sad.
"

 
At Tuesday, May 24, 2005 8:28:00 AM, Anonymous Anonymous said...

Here's good news: Mabuhay ang SEC!!! I am not surprised why my kuya and mom reads the Philippine Star, and dont' read the Inquirer anymore.

"
SEC defends stand on Pacific Plans
By Zinnia B. Dela Peña
The Philippine Star 05/24/2005

The Securities and Exchange Commission (SEC) has defended its position with respect to Pacific Plans Inc.’s filing for rehabilitation with the court, pointing out that its findings were based on the pre-need firm’s submitted records.

"The statements we issued were based on files here in the office after double checking submissions made by the company. Everything came from them. We were just informing the public what we know based on the filings made by Pacific Plans,"commission secretary Gerard Lukban said yesterday.

Pacific Plans has alleged that the SEC was exercising a double standard in dealing with the problems of pre-need firms. Pacific Plans also described the SEC statements as irresponsible and reckless.

"What’s so irresponsible about that? Whatever we filed in court was the same thing disclosed to us by Pacific Plans. These things were disclosed to us and we were directed by the court to comment,"Lukban said.

He also decried Pacific Plans’ allegations that the SEC was giving preferential treatment to College Assurance Plans when the agency’s oversight committee proposed a swap of CAP’s traditional open-ended plans with fixed-value plans as part of measures to keep the company afloat.

He stressed that the swap was just a recommendation of the oversight committee and has yet to be approved by the commisson en banc.

Pacific Plans’ legal counsel Jeanette Tecson said the company’s move to file for rehabilitation was not meant to defeat planholders’ claims but was, in fact, to ensure the expeditious and orderly payment of claims.

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

The SEC had asked the Makati Regional Trial Court to dismiss Pacific Plan’s 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-December 2004, Pacific Plans even exceeded its trust fund liquidity reserve requirement by P3.77 billion, the SEC said.

According to the SEC, Pacific Plans had a total net worth of P657.84 million and P119.08 million as of end-December 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 now called Lifetime Plans Inc.

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 filed the petition without allowing the regulator to institute remedies to ensure the protection of both the corporation and its planholders.

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

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 Tuesday, May 24, 2005 9:28:00 AM, Anonymous Anonymous said...

I am so proud about the courage of SEC to stand up for the rights and protection of the plan holders. Congratulations to SEC for discerning in behalf of the plan holders.
As for the column of Banal, just take him with a grain of salt. He is just a pa-cute court jester. I wonder at what price....

 
At Tuesday, May 24, 2005 9:29:00 AM, Anonymous Anonymous said...

"New group backs Pacific Plans rehab"

Geez, we are much too smart not to figure out that this "new group" is an attempt of Helen Yuchengco Dee to weaken the PEP COALITION. I could imagine her team saying "we'll make it appear that among themselves hindi sila magkakasundo..."
What that PPI team wants Helen Yuchengco to believe is they are so UNITED!
Right, they are so united. These PPI Officers do not know THE APPLE DOES NOT FALL FAR FROM THE TREE!

 
At Tuesday, May 24, 2005 11:57:00 AM, Anonymous TLS said...

Last May 10, 2005, under the “On the Saturday Walk-out” Post on this Blog, I already correctly anticipated what PPI/Yuchengco’s strategy is. It’s fairly obvious anyway, the way “big business” is here in the Philippines. To quote relevant parts:

“We should be prepared for their other strategies. We know, that they will of course have their own group of Planholders, in all probability, legitimate, who will fight for PPI, defend its rehab plan, stand up in court and in front of the press and public scrutiny, and possibly even file counter-suits or at the very least, supporting documents to the rehab.”

This is, of course, that CARE group that was recently put up. Most likely, yes, these are genuine planholders as I said. And most likely, they may have even “recruited” other planholders who do not understand the repercussions of a rehab plan and have been fed distorted half-truths by PPI/Yuchengco. It is a “common-sense” PR ploy and counter-strategy and somewhere, somehow, some way, there will be a tie-up between them and PPI/Yuchengco. In any case, since our May 25 Hearing is tomorrow, they launched that CARE group just in time to cause enough media coverage prior to the Hearing, as expected.

In my May 10 post, I also said:

“As I said in my earliest posts, I believe this will go all the way. PPI/Yuchengco is not going to simply pay the benefits we are legally entitled to. And even if they did, they know that it's already too late. They know that bayaran man nila ang buong benpisyo ng lahat ng planholders, as per contract, eh sira na ang pangalan nila sa merkado at panghabang-buhay nang may bahid na masama ang negosyo nila. Honestly, who in his right mind would want to deal with them after this? So, what good would it do to pay the planholders?

That's why i said earlier on that this is not just a fight for legal and contractual benefits as planholders, it is a fight for big business, such as PPI/Yuchengco, never to be allowed to do business like this again.”

So, true to form, in the past few days, we’ve seen Tecson, Garcia, et.al., once again coming out of the woodwork to vehemently deny that they defrauded planholders and proclaim that they did not mismanage at all, despite all documents and even a Regulatory Body stating otherwise.

Yes, they believe that it of no use to try and regain lost ground because it is just a losing /weak position now. If they had immediately arrested the damage by admitting the wrongdoing, nullifying the transfer and instead working on repairing credibility, that would have been a strong / winning position. But they did not. And now it’s too late.

Their strategy now is to “bury” this in the legal/accounting paper-shuffling in the courts.

Well, let us not get caught up in all the legal gobbledy-gook and the fancy accounting or finance terms that will be thrown about henceforth.

First, stick to the basic crime: they reneged on a contract that clearly stated the benefits due to all planholders. The contract did not specifically state that tuition fees must be kept to a certain rate of increase or that benefit provision will not be applicable if tuition fees reach a certain level. They are estopped from citing the provision on force majeure and in any case, the spirit of this provision regarding government regulation is if, like natural disasters, the government regulation legally prevents the company from fulfilling the contract.

Whatever PR ploys and legal and financial justifications they give, at the end of the day, let’s not get lost in technical terms and convoluted arguments. More importantly, my assessment is, given that they will likely call on their Audit/Accounting and Legal and possibly even Trust/Banking advisors to back PPI/Yuchengco up on their business decisions, they are counting on the courts siding with the “expertise” of these “third parties” to answer all the allegations.

What then is the option?

1) Well, for one, bring it up now to a much larger “jury”. The “jury” of the global business community. We all have relatives, business colleagues and friends abroad. It is a simple matter to email, fax and send them the documents substantiating this fraud. Create global and international presssure on all local agencies / entities involved in this case not to condone fraud. Our OFWs can definitely disseminate the truth about this fraud.

2) There are international and global agencies, not the least of which are the IMF, OECD, WB, ADB, UNDP, etc. which are all involved and very much concerned about good corporate governance and fighting corporate crime now. We who have contacts can write and inform these institutions of the need to scrutinize the developments in this fraud case.

3) In the country, we are in the process of implementing the Sarbanes-Oxley (SOX) Act which is supposed to protect the public from corporate criminals. Support this act and all the repercussions on local big business. Study the Anti-Money Laundering Act (AMLA) which these pre-need companies are supposed to be following.

4) Research on all the global and international dealings of the Yuchengco group and put these all under fire. Cause their counter-parties to re-assess business dealings with this group.

5) Open all dealings of these Accounting/Audit, Banking/Trust and Legal experts assisting PPI/Yuchengco and subject these to scrutiny. This is how all the Enron, Worldcom, etc. frauds were revealed for what they were. For these Accounting/Audit, Banking/Trust and Legal entities, get in touch with their foreign counterparts or partners and inform them of the misdealings of their Philippine representatives here. Definitely, if the local or Philippine entities can continue doing crooked business, foreign entities, given the global and international scandals, can not afford to continue being represented by fraudulent Philippine firms.

More strategies to follow soon.

TLS

 
At Tuesday, May 24, 2005 1:08:00 PM, Anonymous Anonymous said...

Sometimes I really feel bad about this old man Yuchengco. He is one who tried to build a name. Now his name is mud. The line "na-yuchengco kami" equates the name, not with "integrity" as the old man had wished, but with fraud, with double dealing, with dishonesty. Whose fault? His as well as his children. Well I suppose that's the way it is.

 
At Tuesday, May 24, 2005 3:30:00 PM, Anonymous Anonymous said...

To quote a friend:

Imelda = Imeldific = grandeur, way fashionable, gross excess

Yuchengco = Yuchenked = defrauded

 
At Tuesday, May 24, 2005 11:06:00 PM, Anonymous Anonymous said...

Talagang mga in denial ang mga taga-PPI kasi magmumukha silang T---- kung aminin pa nila ngayon na may kasalanan sila! Buking na buking na sige pa rin ang deny! Ano kaya tinuro ng magulang nila sa kanila??? Pati na yung mga bayaran nilang tauhan na gumagawa ng kung anu-anong mga istorya, mahiya naman kayo sa mga ninuno niyo! Alam niyo namang mali, bakit niyo ginagawa??? Dahil sa pera??? Magkano ba kaluluwa niyo??! Gising na sa katotohanan!!!

 
At Wednesday, May 25, 2005 1:31:00 PM, Anonymous Anonymous said...

Gosh! I'm so sorry that i missed today's hearing (May 25). I would have wanted to join all the courageous parents who are taking up this cause. I, for one, deplore the misrepresentations being made by the Yuchengco's... Come on! no one is saying that servicing our open ended plans is cheap, or that the deregulation of the tuition fee increase ceilings did not have any effect on the assumptions and projections probably made by PPI back in the 1990s,.... but for heaven's sake, the Yuchengco's should at least be reasonable and honorable about all this.... Imagine, offering 7% interest when all the while they were saying that they expected a 10% ceiling on tuition increases? Logic would have dictated that they should have offered at least 10% (the max of the tuition fee increase that they claim they were ready for)... swapang talaga! but i bet they paid themselves handsome salaries, bonuses and commissions from OUR money....

 
At Wednesday, May 25, 2005 5:55:00 PM, Anonymous Maan said...

The effect of the PPI fiasco is death to the future of our country, because it is depriving the youth of a good education their parents have worked for them. If the leaders of our country truly have the youth in mind, they will not allow PPI to get away with it. I hope the government will do something noble and right this time. Stand up for what is right! Dismiss the PPI rehabilitation plan and order them to honor their contracts. We, the working class are so painfully paying the foreign debts that were acquired even if most of them were wrongly placed, why can't PPI who anyway benefited from the sale of this traditional plans comply. Have enough tragedies in the country....

 
At Wednesday, November 23, 2005 5:15:00 AM, Blogger blogdollar1 said...

hi, i am learning about blogs and like what you did in yours, I have a website about > Pre-Paid Legal Services, Inc.

 

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