Thursday, May 19, 2005

REGAINING ONE'S HONOR

MEIYO - The Japanese Kanji Character for Honor



By virtue of his educated upbringing as well as being our nation's ambassador to Japan, Ambassador Alfonso Yuchengco is highly versed in the ways and behavior of the Japanese people. Like himself, the Japanese people pride themselves with their high sense of honor and integrity.

Given the judgment rendered by the Securities and Exchange Commission this week, a classic corporate Japanese reaction would be to bow deeply and apologize for the mistake, redress the wrongdoing (in this case, rescind the filing at the RTC and reverse the breakup of PPI), and have the head of PPI resign.

If that means his daughter accepting the consequences of the debacle, then so be it.

Ambassador Yuchengco is in the twilight of his years with a lifetime of stellar achievements. YGC officers (as admonished by Mr. Wilson Lee Flores in the Sunday Inquirer) do a disservice to the ambassador by allowing this "unneccessary problem to drag on".

The Japanese do not go to court to clean up their name and reputation. The same will be true for the Ambassador.

41 Comments:

At Thursday, May 19, 2005 7:34:00 PM, Anonymous Anonymous said...

Honor? HAHAHAHAHAHAHAHAHAHA What a joke! The YUCHENGCO name will go down in history synonymous with the word DECEPTION! Future generations when they are decieved or fooled would say, "Na YUCHENGCO tayo". How sad but thats the way it is with all the lies, deception, etc.

 
At Thursday, May 19, 2005 10:18:00 PM, Anonymous Anonymous said...

Talagang hahahaha. Eh paano naman i fo-follow ang Japanese honor ng maginoong Ambassador, eh di ba pati ang mga co-Chinese community niya ay kinahihiya na din siya sa lahat ng nangyari na ito. Sa totoo lang, nakakahinayang ang pinaghirapan niyang pangngalan na madaling madaling nasira dahil sa pagasam sa pera. Talaga naman "money is the root of all evil". Kaya po Mr. Ambassador, matakot na po kayo dahil on judgement day ay mahaba-habang pagpapaliwanag ito sa Makapangyarihan. Nakakatakot po talaga ang mga pinaggagawa ninyong pangloloko at pangaapi. May mga apo din po kayo, pati sali damay ang kaluluwa. Tama na po ang pagpapayaman niyo sa pera ng may pera.

 
At Thursday, May 19, 2005 10:29:00 PM, Anonymous Anonymous said...

If he was a Japanese, I would have expected Alfonso and Helen to commit hara kiri!

Instead they boasted the P250M support (loan lang pala) Puro kili-kili lang pala! PWEH!

 
At Thursday, May 19, 2005 11:17:00 PM, Anonymous Anonymous said...

there is typo in your post. Wilson Flores is with PhilStar, and the word should be "disservice"

I honestly doubt whether AY will take the honorable route. The way he was talking, he knew the plans in advance and he also said the 250M was his last bailout.

 
At Thursday, May 19, 2005 11:22:00 PM, Anonymous Anonymous said...

in deference to his age, and for not hitting a man when he's down, and because I'm sure he knows his palabra de honor is now down the drain, i wouldn't goad AY anymore.

Kawawa naman yong matanda.

 
At Thursday, May 19, 2005 11:57:00 PM, Anonymous Anonymous said...

And what about the future of our children? They have their whole lives in front of them. You should pity them more.

I do get your point but frankly, the family brought this upon themselves. They know how to stop this but they didn't take that step. They have no one else to blame but themselves. I totally have no sympathy for anyone of them.

 
At Friday, May 20, 2005 12:00:00 AM, Blogger mario said...

Everything is clear now with me. With all the positive developments unfolding, we in the PEP Coalition were right all along. GOD will always side with what is right. We have worked hard for the sake of our dear children. We will pray for AY to sleep in peace tonight, examine his conscience, and in the days to come, pronounce that together with Helen,and his managers, made a terrible mistake and perhaps give in to what is stated in our contract. This way, he can still, at least, redeem his tarnished image, partially. May the Amighty forgive him.

 
At Friday, May 20, 2005 12:01:00 AM, Anonymous Anonymous said...

"na yuchengco tayo" - wow, if imeldific is now in the dictionary, can yuchengco name be far from becoming a future noun or verb to stand for diverting revenue and liquid assets from a company before declaring bankruptcy ?

amb al would have achieve his dream of leaving his name to society, perpetually, in the dictionary. really sad tsk tsk

 
At Friday, May 20, 2005 12:11:00 AM, Blogger mario said...

Everything is clear now with me. With all the positive developments unfolding, we in the PEP Coalition were right all along. GOD will always side with what is right. We have worked hard for the sake of our dear children. We will pray for AY to sleep in peace tonight, examine his conscience, and in the days to come, pronounce that together with Helen,and his managers, made a terrible mistake and perhaps give in to what is stated in our contract. This way, he can still, at least, redeem his tarnished image, partially. May the Amighty forgive him.

 
At Friday, May 20, 2005 6:54:00 AM, Anonymous TLS said...

Let's work on our next actions given the points below.

On AY redeeming his honor:
1. Of course, there is always the chance that the whole PPI/Yuchengco group, board of directors and senior management and all, including legal counsel (V&A) and PR advisors, decide with AY that it's best that he just come out with an official statement that his PPI officers acted on their own volition and terribly mismanaged PPI and now will submit themselves to the regulatory authorities, to the justice system and to the general public whom they have failed. And then fully pay all their contractual obligations out of the funds/assets they transferred out of PPI as well as from past earnings they had paid out through dividends, etc. But I think it's kind of late in the game for that. Unless their legal counsel (V&A) and accounting/audit consultants can FIRST find a way to "ensure" or "document" that no one in the PPI/Yuchengco group will be found punishable and criminally liable prior to AY giving up and submitting himself and all the PPI cohorts to justice and the Filipino people, I think that chance of AY redeeming his "honor" or what's left of it, is very, very slim if existent at all.
2. Knowing the Filipino psyche that encourages us to side with the "underdog", his PR group will of course continue to play towards painting a picture of AY and PPI/Yuchengco as "underdog". They have not succeeded at all on this though, despite AY's statement that he is "broke", that he is giving out "personal funds" (when we know that it is a loan coming from planholders' money), that PPI is unfairly treated with a double standard, etc., etc. But we are all more intelligent, more discerning than they can ever think and such moves will always be transparently manipulative to us.
3. As I said in one of my earlier posts, the right PR move would have been for AY to chastise his PPI officers and submit them to the authorities and public WITH the paying up of contractual benefits to the planholders (even if in the guise of tuition support which, in truth, is actually planholders' money). That would have been very painful to them but if you are really serious about good corporate governance and integrity, you have to let the chips fall where they may. Look at the Tylenol case (which was not even their management's fault) or the Ford Explorer/Firestone recall in years back. Those caused millions of dollars and possibly jobs but they did what was honest, truthfull, fair and just. But it is too late for that now. I believe, as I also posted earlier, that they will go all the way with the legal battle. So the last point in my post deals with that.

On PPI:
1. The premise is that PPI was financially healthy until the transfer of assets occurred. All documents and reports, until prior to the transfer, point to its capability to FULLY serve ALL current and future availments. It was solvent and it was liquid.
2. We know that if they had not transferred assets, we would continue to avail of our full benefits today and until the future. BUT PPI would have had to sacrifice profit (not the trust fund) margins on its fixed-value plans to pay out ALL availments, whether traditional or fixed, exclusive or non-exclusive.
3. So to stop the drain in profits, they transferred the earning assets out of PPI. That, in itself, already prejudiced the interests of the traditional planholders. That, in itself, already constituted fraud.
4. They could have stopped with the transfer of assets but that would only lead to a greater impasse later on.
5. So to pre-empt any moves questioning the transfer of assets and the later impasse as the remaining trust fund of PPI is drawn down, they immediately secured legal protection through the petition for suspension of payments and petition for rehab. This is already documented as a move done WITHOUT prior knowledge and approval of the SEC, much less the planholders.
6. But the transfer of assets was fraudulent as can be supported by documents, legal jurisprudence and even just by the resulting collapse of PPI after the transfer. Fraud has already been declared by the SEC, as well, in its own opposition paper, excerpts of which have been printed in general circulation newspapers.
7. Because there was fraudulent transfer, both the suspension of payments and the rehab plan can be thrown out.
8. With these thrown out, the fraudulent asset transfer can be undone.
9. With PPI whole again, ALL availments should be fully serviced again.

Actions taken by PPI/Yuchengco after fraud was exposed:

1. A few days after showing off their court approved Suspension of Payments Order, because they correctly assumed that planholders’ would react and cause an uproar at its Kamagong office, PPI was able to immediately issue a palliative – tuition support. If you will note, they had the logistics of hundreds of checks already printed out and ready, whereas the day before, they had FIRMLY STATED that they had NO FUNDS to RELEASE. This, of course, is only a calculated “quieting down” measure. They had already consulted legal and accounting experts to be creative and call it “tuition support” because they need to stick to their liquidity and rehab story. Suddenly, they HAD been able to set aside the P340M support. Just a few days before, when protests were not yet heard, they FIRMLY STATED they had NO FUNDS to RELEASE.
2. In the meantime, they amassed all information they could, sat down and drafted their 10-point list extolling the virtues of PPI/Yuchengco and washing their hands off the disenfranchising done to planholders. Then they let their Sonny Garcia and Jeanette Tecson take on media. Of course, after a series of tri-media exposures, it only fuelled the anger of planholders and the general public. With their self-serving answers and general contempt in responses to planholders, they simply dug their own graves. It was really a poor PR and strategic decision. Siempre, ang hirap talaga maging righteous kung may tinatagong katiwalian at maling gawa.
3. Of course, nag set-up sila ng PPI planholders meeting at the PICC to “document” and “show to the general public” that there are planholders who are supporting PPI/Yuchengco moves. Of course, this backfired. They had to legitimately post notice of the meeting so that media could document it as an “authentic” meeting. But of course, they were banking on not having planholders who are fighting for the truth there.
4. PPI/Yuchengco also arranged for a supposed liquidity window as a “sweetener” to those who go for the rehab plan and those who want to “cash-out” their plans now. Of course, this is a simple buy-out which is still part of the calculated loss designed to still leave the Yuchengco’s ahead. Of course, if you cash-in your plan now, wala ka nang hahabulin sa PPI/Yuchengco and that costs much less to them in the long-run. In other words, if you were a shrewd businessman with a pending P2B reduction in profits (due to full servicing of all planholder benefits) and you had an option that would result in much less reduction of profits (transfer of assets, rehab plan, buy-out of planholders willing to accept one-time tuition and additional support plus sweetener) amounting to P600-P700-P800M or even P1B, what would you do?
5. After still being caught flatfooted by continued protest for FULL benefits as per contract, of course the board, management, legal/PR teams in all likelihood met with AYuchengco and advised that an additional P250M to cover the balance of tuition fees for this year, would be needed to further “quiet down” and quell protest. Of course, this with the simultaneous PR/Media blitz to focus on “tuition fee hike history” and testimonies from business and society heavyweights on the “integrity” of AYuchengco. At the end of the day, of course, it is all legal and PR “firefighting” and “cover your tracks” moves, designed to make everything appear above-board.

On the Rehab Plan:

The Rehab Plan, of course, has no basis given that the supposed “liquidity” and “benefit servicing” problems are all manufactured. But even assuming, for the sake of argument, that it has a basis, here is why it is even more illogical to support it:
1. Yesterday, the CHED already stated that tuition fee hikes will be regulated to go no higher than inflation. In any case, Congress and Senate will also be asked by constituents to legislate law to not only repeal tuition fee deregulation, BUT TO REGULATE AND POSSIBLY FREEZE IT FOR THE NEXT FEW YEARS. With this in place, it will definitely make financial sense to hold companies such as PPI to their legal contractual liabilities as they stand, rather than to go for a protracted rehab plan that will certainly reduce their obligations and reschedule these far into the future.
2. Under a rehab plan, there is no assurance that anyone will get anything, especially in the near-term. Insolvency, Rehabilitation and Bankruptcy proceedings in the country have already shown that creditors suffer most without getting anything in such cases for years on end and this is supported by empirical data and factual cases.
3. Supporting a rehab plan is supporting a rescheduling / restructuring of debt, in this case, the benefits to be availed. This means that for all, both availing and non-availing, the benefits will likely be rescheduled even further into the future and likely restructured to be much less than what is hoped for to cover future tuition fees. What is the point then of supporting a move that will NOT give you your benefits WHEN you need it and AT the amount you need it for? If your child is not even able to use the benefits having already stopped schooling or finished schooling, then you’d have lost all value of your plan/contract in the first place.
4. The Rehab plan PPI has been mouthing off is to get investor equity and to introduce new products. First, investor equity in such a mismanaged company as PPI and one that is embroiled in questions of good governance and fraud has zero likelihood. To those familiar with corporate finance and investment banking, due diligence into PPI would unearth all these and no investor in their right mind would even consider taking an equity position. Baka convertible equity, meaning a loan or some kind of equity derivative, pwede pa. But that would depend on the businessplan of PPI moving forward. And their businessplan involves introducing new products, most likely fixed value plans as well (WHICH WAS WHAT THEY REMOVED IN THE FIRST PLACE!). Second, who, after all this, would even want to buy products from PPI or from Yuchengco for that matter. The only reason why they are still generating sales in Lifetime or their other companies is because the fraud they committed has not yet been legally pronounced in court. But definitely, for products and services involving public trust? I seriously doubt the robustness of any businessplan they have for PPI can prosper. Remember, iba ang produkto na ito because it involves fiduciary obligations.
5. The Rehab plan is also anchored on Napocor bonds, which regardless of their ROP guarantee, are definitely a loser investment which the government itself will have to raise funds for. Napocor has maturing bonds not only in 2010 but also in other years, 2011 and 2014. With the move towards privatization and Power Sector Assets and Liabilities Management Corp issue, this looks to be a real lovely arrangement for planholders who go for the rehab plan.

In earlier issuances, such Napocor Bonds even had to be restructured as credit derivatives in order to get the right risk profile because no investors wanted to get them. What are credit derivatives? Simply put, the Napocor Bonds are credit assets which are supposed to give returns to their investors (yung bumibili ng bonds). But since walang gustong bumili ng Napocor Bonds dahil malamang hindi mabibigay nito ang expected returns sa investors dahil sa pagkalugi, kailangan gumawa ng credit derivative. Sa isang credit derivative, ilinilipat ang “risk” ng kulang o lower returns ng investor ng bond sa ibang entity o party pero hindi ang ownership nung bond. In other words, kung pumasok si A sa isang credit derivative with B ukol sa binili ni A na Napocor Bond, si B ang malulugi kung sakali man ang Napocor Bond ni A ay hindi nga makabayad ng sapat na return. Pero si B, may fee na matatanggap.

But more importantly, there already is a move in Senate to repeal all laws requiring government to guarantee debt incurred by GOCCs. Filed by Senate Finance Committe Chair Sen. Manny Villar in connection with the Fiscal Responsibility bill, Senate Bill 1968 will remove the so-called automatic government guarantee for GOCCs and GFIs. Most notable among these is NAPOCOR. Out of total public sector debt, 40% is accounted for by GOCCs and GFIs. And of that 40%, half or 50% is from NAPOCOR! From 2004 to 2014, NAPOCOR has over P600B (P611.7B to be exact) coming due for payment! I wouldn't be surprised if in the coming years, NAPOCOR will be undergoing significant restructuring and that government will find a market-based solution to this and not continued piling up of fiscal debt (that is, if the Senate Bill 1968 hasn't been passed already and implemented).

The SEC is supposed to promote all corporate and even GOCC securities issues. That is its job as even its name suggests. So of course, it must promote Napocor Bonds. But whether these Napocor Bonds should be in the trust fund os a pre-need company that needs liquidity and has limitations as to amounts and types of permissible investments, that is a different matter.

On the Court case:

Of course, what remains to be seen now is how the Villaraza law office will maneuver given all the recent developments, which I’m sure is not at all what they were expecting. Certainly they most likely expected an upheaval of sorts but as the days went by, I’m sure it has grown to be something bigger than they could have imagined. On hindsight, I’m sure PPI/Yuchengco and Villaraza are now saying to themselves that this whole thing should have been handled as a PR issue and that PPI/Yuchengco should have just taken the reduction in its profits. Given the CAP experience and their legal preparation, they probably surmised na “sandali lang magkakaroon ng ingay” and there would be no support from regulatory institutions, Congress and the Senate. In fact, that was the initial talk within business and industry circles – that PPI planholders had no determination, much less logistics and capability to fight.
1. Well, its simple. Lets look now into the Villaraza firm and get all the names of the lawyers involved in structuring this PPI fraud. Lets get all the documents filed on PPI’s behalf and find out just who these lawyers are because, definitely, they either get out now and come clean or find out very soon that their career and firm is already down the drain. We’re talking about values here and, while I know in law, there is a fine line that separates one side from the other on issues of morality and what is right, I’d like to think that in the end, the inherent “goodness” in people can still prevail.
2. Again, this disenfranchisement done by PPI/Yuchengco is not a simple business, financial and legal deal or event. It deals with the very core of being a human being – care and concern for others and trust. A legal firm or its lawyers who delight in coming up with legal maneuvers to defraud parents and rob children of their future doesn’t sound like the vision I’d like the youth of our country to have.
3. Let's work on getting those honest defenders of the Filipino people out of V&A to denounce the legal actions being done to support this fraud. All institutions and individuals involved here surely have their name and integrity to protect (of course, assuming that they still possess that).

TLS

 
At Friday, May 20, 2005 8:29:00 AM, Blogger SunTzu said...

Incredible, no doggies messing up this section with their indiscriminate comments today.
Then again its quite early.

Older successful gentlemen tend to become blind with their past successes and will never realize their mistakes till its all too late

 
At Friday, May 20, 2005 8:52:00 AM, Anonymous Anonymous said...

My friends are thinking of printing T-Shirts with the following text: Na YUCHENGO tayo (We were decieved)! superimposed with children and the PEP logo.Not a bad idea, huh? Let's not get mad, let's get EVEN.

 
At Friday, May 20, 2005 9:28:00 AM, Anonymous Anonymous said...

I agree with tls when he said...

"Lets look now into the Villaraza firm and get all the names of the lawyers involved in structuring this PPI fraud. Lets get all the documents filed on PPI’s behalf and find out just who these lawyers are because, definitely, they either get out now and come clean or find out very soon that their career and firm is already down the drain. We’re talking about values here and, while I know in law, there is a fine line that separates one side from the other on issues of morality and what is right, I’d like to think that in the end, the inherent “goodness” in people can still prevail."

There was a note in the no2pep2010 egroup that listed the names of the lawyers in "THE FIRM". I recognized a name and intend to send him a "wake-up call" note. I know that there is still some 'goodness' inside him.

 
At Friday, May 20, 2005 10:19:00 AM, Anonymous Anonymous said...

Can somebody please post the last part of Boo Chanco's latest column? He shared the comments of a reader (I think the first name was William) and he said the letter sender made very good points vs Pacific Plans.

 
At Friday, May 20, 2005 12:03:00 PM, Anonymous TLS said...

Let us now turn to one of the actors in this theatrical farce and charade of sorts that is, with apologies to Gabriel Garcia Marquez, entitled, “Chronicle of a Death Untold: the PPI Fraud”. And this is no Supporting Actor. Nay, I fear, this actor is just as much to blame for all that has befallen poor planholders like us and has one of the Leading Roles: “For if the cook helped to make the gluttony, they helped to make the diseases”. And all this in the name of money and greed. Who is this actor? Well, of course, the lawyers, the legal counsel that has all its shark-like junior and senior associates, partners and senior partners going into a feeding frenzy to concoct and hatch so devilish a scheme that even the demon himself would sell his soul for. Pardon my Shakesperean but, “So, so, thou common dog, didst thou disgorge thy glutton bosom? Methink’st thou art a general offence and every man should beat thee.”
Why? What are lawyer's ethical obligations?

I understand that the Integrated Bar of the Philippines (IBP), the premier lawyers’ group in the country, previously endeavored to codify all rules of professional conduct for attorneys. It had earlier drafted a carefully prepared Code of Professional Responsibility which was submitted to the Supreme Court. But, as it stated on its website, “while a well-prepared code of ethics for Philippine lawyers exists, its effective enforcement is a primary concern, thus the need for practicable program of sanctions though a Grievance Procedure. The Supreme Court has approved the Grievance Procedure proposed by the IBP. Known as Rule 139-B, this Grievance Procedure gives the IBP the right to police its own ranks by empowering it to initiate and prosecute proper charges against erring attorneys”.

At the end of the day, this is, as it said, a measure for those in the legal profession to police their own ranks. At the end of the day, I believe, it is still an individual responsibility and duty, over and above fraternal or institutional or, yes, even professional ethics concerns to uphold honesty, fairness and justice. And I am not talking about lawyers doing what is equitably right for the “greater good” or for a select group of planholders but for the “absolute good”, for all planholders. Because an injustice to one child, is an injustice to all children.

And that’s what hurts most here. We are not talking of a case where human beings are on both sides. We are talking of a case were there are human beings on one side, thousands of children at that, and one huge, cold, inhuman corporate machine on the other.

One question one might ask now is: Do these lawyers know exactly what comprises their individual responsibilities and duties to uphold honesty, fairness and justice in this case?

First, the lawyer must withdraw from any representation of the client that, directly or indirectly, would have the effect of assisting the client's continuing or intended future fraud. No attorney has any right knowingly to assist a client to commit a crime or fraud. There are a number of serious questions about exactly how an attorney should act in particular concrete situations, but the basic limitation should be clear. The boundary of zealous representation ends where knowingly assisting crime or fraud begins.

Second, the lawyer may withdraw from all representation of the client, and must withdraw from all representation if the fact of such representation is likely to be known to and relied upon by third persons to whom the continuing fraud is directed, and the representation is therefore likely to assist in the fraud.

Third, the lawyer must disavow any of his/her work product to prevent its use in the client's continuing or intended future fraud, even though this may have the collateral effect of disclosing inferentially client confidences obtained during the representation. In some circumstances, such a disavowal of work product may be necessary in order to effectuate the lawyer's withdrawal from representation of the client.

Fourth and finally, if the fraud is completed, and the lawyer does not know or reasonably believes that the client intends to continue the fraud or commit a future fraud by use of the lawyer's services or work product, the lawyer may withdraw from representation of the client but may not disavow any work product.

For those lawyers caught up in this travesty and mockery of the legal profession, a lawyer may use or disclose confidential client information when the lawyer reasonably believes that its use or disclosure is necessary to prevent a crime or fraud, and:
(a) the crime or fraud threatens substantial financial loss;
(b) the loss has not yet occurred;
(c) the lawyer’s client intends to commit the crime or fraud either personally or through a third person; and
(d) the client has employed or is employing the lawyer’s services in the matter in which the crime or fraud is committed.

And if a crime or fraud has already occurred, a lawyer may use or disclose confidential client information when the lawyer reasonably believes its use or disclosure is necessary to PREVENT, RECTIFY, or MITIGATE the LOSS.

The second question is, of course, "Do they care at all?"

I certainly hope that the lawyers, who possibly are tormented and suffering their own “personal inquisitions” day and night over being party to this massive fraud of PPI, will find their individual conviction to stand up and do what is right for the thousands of innocent children. It is not just because that is the right thing to do. It is also because, while a lawyer involved here is not likely to receive professional discipline for a failure to prevent or disclose a client’s crime or fraud, we all know that civil liability comes after professional discipline and is the principal means of enforcement of professional standards in the corporate context.

I believe, that there may still be lawyers who are not “very superficial, ignorant, unweighing fellows” who will let their master’s “bait of falsehood take the carp of truth”. Let’s hope that there are lawyers among them who will not be like the lady lawyer on tv whose “false face must hide what the false heart doth know”.

We are fighting for our dreams and the dreams of our children. Let not PPI/Yuchengco and their legal firm, these “villainous, abominable misleaders of youth”, destroy what is left of this country.

(And now a shift from theatre and Shakespeare) As Obi-Wan said in the Revenge of the Sith which I watched last night with my son who is a victim of this heinous crime of murdering dreams, “This ends now”. Ipagpatuloy ang laban para sa kinabukasan!

TLS

 
At Friday, May 20, 2005 12:46:00 PM, Anonymous Anonymous said...

FROM BOO CHANCO'S MAY 19 COLUMN.

A reader, Vicente P. Ortuoste, reacts to a column we wrote on Pacific Plans. He makes very good points.

First on the issue that they didn’t commit fraud. We think they did commit fraud if you look at what happened, their actions were all premeditated. The SEC, as you are now aware, agrees with us that Yuchengco’s Pacific Plan just wants to avoid meeting their obligation.

Second: You are right that the Napocor bond has a sovereign guarantee. But the issue here is liquidity. RCBC Trust invested 75 percent of its trust asset in the zero coupon Napocor bond that will mature in 2010. How will the trustee bank meet the yearly cash requirement for the tuition fees? The remaining 25 percent of the trust asset is mostly in long term securities. There are other dollar investment alternatives like the ROP bonds. ROP is actually a better option since it is openly traded in the market unlike the Napocor bond.

On top of this, RCBC Trust borrowed from the RCBC bank $78-million to buy more bonds. As a result the trust fund has $280-million (face value) Napocor bond of which 80 percent is securing the loan.

One wonders what makes the Napocor bond very attractive.

Another facet on RCBC Trust’s performance. The average yield that this trustee bank is giving to the trust fund in the span of six years is 9.9 percent. The average T-bills two-year yield in the same period is 11.50 percent. And remember in 1998 and 1999 banks were offering double your money in five years which translates to a nominal yield of 20 percent. And the trust fund is paying RCBC Trust 0.5 percent for this expertise.

Third: They cannot use the deregulation as the reason since they started selling the product in 1986 while the Education Act (deregulation act) was passed in 1982. But let’s look at what actually happened in 1992, the time they stopped selling the open ended product.

Management knew in 1992 that this product will be a problem since they stopped selling it. But the more important question is: Why did they allow the secondary market to flourish? The answer lies in the fact that conflict of interest came into the picture. The wives or families of senior management were actively involved in the secondary market. The board then might not have been aware of what was happening. But is it our fault?

Fourth: Maybe by now you have read that the P250 million that Yuchengco supposedly gave to help the plan holders is actually a LOAN to Pacific Plans. In other words, this will be paid probably in 2010 and at what interest? Are you aware that for a four month period in 2004, Pacific Plan paid P18 million to Lifetime Plans Inc. for management service fee? And in the March FS of Pacific, it paid Memnon P16 million again for management service. And who is Memnon? The incorporators include Garcia and Tecson of Pacific Plan.

Fifth: Their line that the transfer was made for the protection of the other plan holders is laughable. If they just want to protect the plan holders then why did they sell the interest of Pacific in Lifetime to GPL Holdings and eventually to Exemplar Holdings, a P100T company.

By the way the SEC approved the transfer of the fixed value products to Lifetime since Lifetime is a wholly owned subsidiary of Pacific. The BOD of Pacific didn’t get SEC approval on the subsequent sale of its interest in Lifetime to GPL Holdings and Exemplar.

More power to you

 
At Friday, May 20, 2005 6:02:00 PM, Anonymous Anonymous said...

1. RCBC CAPITAL underwrote these NAPOCOR bonds;

2. RCBC TRUST DEPT of RCBC bank sold these to Pacific Plans Trust Funds (a related entity);

3. Pacific Plans loaned from RCBC (a related entity) to buy ADDITIONAL Napocor Bonds to secure the Napocor Bonds initially bought.


The Bangko Sentral Ng Pilipinas, being the oversight body of BANKS in the Philippines, should look into the VIOLATIONS committed by these Yuchengco financial services companies. The violations include the breaking of the so-called "CHINESE WALL" (THIS IS AN INVESTMENT BANKING TERM, NOT A RASCIST, DEROGATORY REMARK), where RCBC Trust bought in behalf of the Pacific Plans Trust Fund these Napocor bonds. There should have been an "arms-length" evaluation of these transactions, and clearly, RCBC Trust took advantage of their FIDUCIARY POWERS, WHILE NEGLECTING/ABDICATING THEIR FIDUCIARY RESPONSIBILITIES.

If the Bangko Sentral will not tighten its oversight powers over these banks' trust department operations, then THE WHOLE TRUST BANKING INDUSTRY WILL COLLAPSE, DUE TO THE MISTRUST OF THE INDUSTRIAL COMPANIES (I.E. SAN MIGUEL CORP, PLDT AND OTHER TOP 1000 CORPORATIONS) TO LET THESE TRUST DEPARTMENTS HANDLE THE RETIREMENT/PENSION FUNDS OF THEIR EMPLOYEES.


We are talking about billions of pesos in retirement trust funds.

The TRUST OFFICERS ASSOCIATION OF THE PHILS. should police their ranks for erring trust officers who have been remiss in their fiducairy responsibilities.

NO TO REHAB! JAIL THE PERPETRATORS!!

 
At Friday, May 20, 2005 6:35:00 PM, Anonymous Anonymous said...

from page 12 of the Pacific Plans document submitted to the SEC:

"INVESTMENT IN BONDS"

"Investment in bonds comprised mainly of investments in US dollar denominated zero coupon government guaranteed bonds issued by National Power Corporation(NPC) with face value of P15,564,080,000 or US$280,000,000 in 2003 (2002 - P14,911,120,000 or US$280,000,000) and will mature in July 2010. In 2003, the amortized cost and market value of these bonds amounted to P9,134,260,007 and P11,673,060,000 respectively (2002 -P7,807,777,556 and P9,728,972,532). The difference between the amortized cost and market valueof P2,538,799,993 in 2003 (2002 -P1,921,194,976) is shown as Reserve for fluctuation in investments in bonds under Asset valuation reserve."


from page 13:

"LOANS FROM A RELATED BANK"

"The account included US dollar denominated LOAN of P4,246,794,537 or US$76,400,434 in 2003 (2002- P4,068,628,724) PROCEEDS OF WHICH WERE USED TO ACQUIRE NPC BONDS WITH FACE VALUE OF p7,786,846,193 (us$146,220,926) IN 2002. THIS LOAN BEARS AN ANNUAL INTEREST OF 3.9% AND WILL MATURE IN NOVEMBER 2007. NPC BONDS WITH FACE VALUE OF US$279,000,000 WERE ASSIGNED TO THE RELATED BANK AS SECURITY FOR THIS LOAN."

"The account in 2002 also included loans of P447,180,938 (US$8,397,133) which were used to acquire US dollar denominated government securities. These loans WHCIH BEAR ANNUAL INTEREST RANGING FROM 4.050% TO 4.883% and with maturity date of October 2006 were settled in October 2003 upon the sale of the related securities."

"INTEREST EXPENSE ON THE ABOVE LOANS AMOUNTED TO P194,042,408,IN 2003 (2002- P16,902,492)."


QUESTIONS THAT NEED TO BE ANSWERED:

1. Pacific Plans trust funds are cash-rich, prior to these anomalous transactions. Why did the officers buy Napocor bonds in 2002, and then apply for US-dollar denominated loans in 2003?

2. Why did they have to spend P210MILLION in interest expense (2002 and 2003) to buy these JUNK BONDS?

3. Why not just an outright purchase of these Napocor Bonds? Did RCBC use these INTEREST PROFITS TO jack up their own financial statements, at the EXPENSE AND BEHEST of Pacific Plans planholders?



3. Why such a high interest on those dollar-denominated loans?

4. Why prepay these loans 3 YEARS IN ADVANCE? DID PACIFIC PLANS RECEIVE A PRE-PAYMENT DISCOUNT FROM RCBC? OR DID THEY PAY THE PRINCIPAL WITHOUT ANY DISCOUNT, CONSIDERING THE TIME VALUE OF MONEY INVOLVED, AS WELL AS THE AMOUNT OF MONEY INVOLVED?

5. Will these investments pass the PRUDENCE RULE OF TRUST FUND INVESTING? PUTTING 80% OF YOUR TRUST FUNDS IN WORTHLESS JUNK BONDS, LOSING 3.3BILLION PESOS IN MARKET VALUE (OR 22.3% LOSS)IN JUST ONE YEAR?


the officers of RCBC and pacific plans should go to jail. If bangko sentral officials will not look into these, they should also looked into by the OMBUDSMAN and be put to JAIL!

NO TO REHAB! JAIL THE PERPETRATORS!

 
At Saturday, May 21, 2005 4:03:00 AM, Anonymous Anonymous said...

May I direct your attention to the back portion of the flap of jacket(or is it envelop) when the Educ Plan Agreement was delivered to us by PPI sales agents,

It said: "Important Reminder: For you to enjoy the full coverage and benefits of the plan, it is important that it remains in force by making your payment up-to-date. To do this, your installment should be paid regularly on or before due date or within the grace period of two (2) months..... etc"

We adhered to our part of the contract, and PPI/Yuchengco should also adhere to their contracted obligation.

Of course we are not being emotional about this FRAUD they are committing agains our family and children. Nor are we being unreasonable when we demand PPI/Yuchengco to pay full tuition fees as stated in their contract.

NG MASILAW SA SALAPI ang PPI/Yuchengco, they triggered the downfall of the YGC business (and personalities)and the downfall of the pre-need and insurance industries. It was self-inflicted.

Their slogan "Pacific Educational Plan assures more than just education. It molds the future" says it all. PPI/Yuchengco lang ang dapat sisihin for whatever negative effect it will have on them or on our economy.

 
At Saturday, May 21, 2005 1:56:00 PM, Anonymous Anonymous said...

DID YOU ALL NOTICE THAT EVERSINCE OUR BLOG MASTER PUT OUT THE CARTOON DEPICTING WHAT THE PR TEAM OF YGC IS DOING, AS IN PUTTING OUT 5 TO 10 COMMENTS IN OUR BLOG, THEY HAVE SUDDENLY STOPPED DOING SO? I WONDER WHAT IS COOKING IN THEIR CAMP NOW.....
BAKA NANDODOKTOR NA NG MGA DOKUMENTO.

B E W A R E

 
At Saturday, May 21, 2005 2:00:00 PM, Anonymous Anonymous said...

BAKA NANDODOKTOR NA NG MGA DOKUMENTO.

Ha? Baka kayo kasi wala naman kayong solid grounds to pursue the case except thru emotional appeal and grandstanding.

 
At Saturday, May 21, 2005 2:15:00 PM, Anonymous Anonymous said...

QHO IS DAVE DIWA? Is he with the coalition or another PPI guy?


Planholders call on govt to save pre-need industry


By JOHN ANTHONY A. CONCEPCION, abs-cbnNEWS.com

A group of planholders of Pacific Plans, Inc. (PPI) on Saturday called on the government to assist the ailing pre-need company in meeting its financial obligations to its beneficiaries this coming schoolyear.

During the weekly Kapihan sa Sulo Hotel news forum, Dave Diwa, chairman of the Coordinating Alliance for Reform and Empowerment in the Pre-Need Industry (CARE PRE-NEED), also appealed for sobriety in dealing with the current financial difficulties of PPI.

"We want to look at all angles of the situation, its implications in the current crisis. What we want is a constructive engagement of all the concerned parties for the sole purpose of saving the pre-need industry as a whole," Diwa said.

Early last month, Pacific Plans filed for rehabilitation owing to liquidity problems, citing the deregulation of school tuition as the biggest cause of the company's woes. Several of its planholders protested, specifically the ones belonging to Parents Enabling Parents (PEP) Coalition. A case had been filed before a Makati regional trial court.

Diwa's group, on the other hand, said it is more concerned on the immediate effect of Pacific Plan's inability to meet its obligations for the coming schoolyear, particularly to almost a million students who will be enrolling under the pre-need firm's educational plans.

Diwa said a "confrontational approach" to compel the PPI management to honor its obligations may only be a disservice to the ordinary planholders in both "the short and long term."

"We are calling on the government to come up with specific measures to aid Pacific Plans, and the pre-need industry as a whole," he said.

Diwa likened the situation of pre-need firms to so-called independent power producers (IPPs), whose earnings are guaranteed by the government. He also asked Congress to aid the pre-need industry, which he described as a P175-billion "government-regulated" sector.

Diwa said pre-need firms such as PPI and College Assurance Plan (CAP) hold state investment instruments such as MRT and National Power Corp. bonds, and partly the reason why these firms are in financial trouble.

He, however, said their call does not absolve any of those responsible for any criminal liability that led Pacific Plans to renege on its obligations to planholders.

"But the government should help in making sure the less than a million students can enrol this coming schoolyear," said Butch Peña, a member of Diwa's group.

At the same media forum, Senate Minority Leader Aquilino "Nene" Pimentel Jr. said he opposes the idea of a government bail-out of Pacific Plans. He said those responsible for the financial mess should go to jail.

CARE PRE-NEED is also working closely with other groups to come up with what they say is a viable alternative plan to rescue the pre-need industry from total collapse, which "would imperil the future of millions of beneficiaries."

 
At Saturday, May 21, 2005 11:23:00 PM, Anonymous Anonymous said...

This whole hullabaloo boils down to one thing. WORD OF HONOR. Pacific Plans promised one thing and now refuses to honor its promise. Whatever reasons the Yuchengcos claim prevents it from fulfilling its promise to its clients who scrupulously kept their end of the bargain, will not wash, for one's word is one's bond.

That ,my friend, is the foundation of this whole business of pre-need, insurance and banking, KEEPING ONE'S WORD.

Destroy that, and you destroy the whole business. Sadly, the Yuchengcos have chosen to destroy the whole business by showing that WORD OF HONOR is secondary to PROFIT.

That is the saddest cut of all.

After all is said and done, going back on WORD OF HONOR, PALABRA DE HONOR, will spell doom for the Yuchengcos, no matter what they or their spin doctors say or DO. The word is out, THE YUCHENGCO'S WORD IS NOT WORTH THE PAPER IT IS WRITTEN ON.

 
At Saturday, May 21, 2005 11:36:00 PM, Anonymous Anonymous said...

Kawawa ang matanda? E pano mga bata na nabitin ang pangarap?

Alfonso Yuchengco can feed up to his apo in the 5th generation in pure luxury! While most planholders had to scrimp and save to pay for the now "almost worthless" educational plan!

Sino kaya ang tunay na kawawa?

 
At Sunday, May 22, 2005 12:14:00 AM, Anonymous Anonymous said...

Postscript from Wilson Flores's latest Sunday column:

Thanks for the deluge of frank reactions to our Alfonso Yuchengco column. We promise to write a column airing the side of the Pacific Plan complainants.

 
At Sunday, May 22, 2005 12:48:00 AM, Anonymous Anonymous said...

I second the motion of Senator Pimentel that people responsible for the financial mess of PPI SHOULD GO TO JAIL!!!! It is about time that GMA show some political will, and not be beholdened to certain people.

 
At Sunday, May 22, 2005 8:57:00 AM, Anonymous Anonymous said...

2010 too late for Davao Pacific Plans customers

May 22, 2005
Updated 08:06am (Mla time)
Germelina A. Lacorte
Inquirer News Service

DAVAO CITY—Planholders of Pacific Plans Inc. (PPI) here have rejected the company's offer to return their money by 2010, saying that they could not wait that long.

The planholders instead executed a special power of attorney to allow the nationwide Parents Enabling Parents (PEP) Coalition to file a case against the Yuchengco-owned pre-need firm in their behalf.

"We want Pacific Plans to honor the policy," said Bong Valdoza, Davao chapter president of the coalition, after a meeting with 30 planholders here.

He said PPI's rehabilitation plan was disadvantageous to planholders because "we will have to wait years before we can get back the money."

But PPI spokesperson Jeanette C. Tecson said that rehabilitation was an option open to all companies in financial distress.

Tecson added that a rehabilitation plan must not in anyway be perceived as an attempt to evade obligations.

In fact, she said, stockholders of PPI have infused an additional P170 million into the pre-need company.

Joji Ilagan-Bian, former chair of the Mindanao Business Council (MBC), said the issue involving PPI was not only the concern of planholders.

"This is an issue which everybody should take up. A company cannot just sign a contract with us one day and then run away the next day," she said.

Valdoza said among the options being considered against PPI was a class action suit.

Bian said the company's rehabilitation plan was "very unjust and unfair" to its planholders, who had invested hard-earned money for their children's education for years.

The number of planholders joining the coalition is expected to swell in the coming days, as aggrieved planholders start to feel the impact of the company's failure to pay their children's tuition this school year.

Valdoza, whose son is a graduating student at the San Pedro College of Nursing here, said the company has only released P22,000 for his tuition for the coming semester, when it was supposed to pay P30,000.

"We've been looking for a brighter future for our children, but what do we get now? We bought the plan, with the assumption of trust," Bian said.

On the valuation of the selling price of PPI's stake in Lifetime Plans Inc. to GPL Holdings Inc., Tecson said, "as in any corporate acquisition, the buyer undertakes a review of the potential stream of revenues, after deducting noncollection from lapsed plans and the stream of expenses that are attached to the said revenues.

"In the case of Lifetime Plans, these expenses would include commissions and other marketing expenses for the agency force, insurance benefits of the planholders, plan servicing and administration expenses," she said.

Additional contributions to the trust fund would also have to be deducted from this potential stream of revenues, Tecson said.

PPI sold Lifetime at a net asset value of P205 million.

The sale covered assets, which were composed largely of trust funds, and liabilities for the fixed value education, pension and memorial plans.

 
At Sunday, May 22, 2005 9:08:00 AM, Anonymous Suspicious of DAVE DIWA said...

Who is Dave Diwa and what is the Coordinating Alliance for Reform and Empowerment in the Pre-Need Industry (CARE PRE-NEED)? And are they really working with the PEP coalition? Am I being overly suspicious when I think that CARE PRE-NEED was put up by Pacific Plans to get a government bailout? They will use OUR case and OUR righteous anger to pressure the government, threatening a collapse of the industry.
Now I understand why Pacific gutted itself ... it just didn't make sense, it was suicidal. If they wanted to stay in the insurance business, then surely what they did -- betraying people's trust -- would ruin their business? I thought (a) they are too arrogant to reaize or (b) they want to get out of the insurance business completely and put their earnings in another industry. NOW I see what they were up to all along. How DEVILISHLY clever and calculating they are!
The question for us is: do we go along with Dave Diwa and Co.? Should we be as amoral as these businessmen and just go with whatever plan will get us our money? Am I being self-righteous with this attitude?
HELP, someone from PEP coalition react to Dave Diwa!

 
At Sunday, May 22, 2005 9:32:00 AM, Anonymous Anonymous said...

Hey Mr. Wilson Flores,
thank you, too. I got your e-mail reply, and your reaction to my objection to proposed rehab of PPI/ Yuchengco.

We need all the help we ca get in fighting this multi billion giant who whats to snatch away our legitimate rights.

 
At Sunday, May 22, 2005 11:49:00 AM, Anonymous Bob said...

We are also organizing a rally against PPI here in Cebu. We have T-shirts with the sign: Na YUCHENGCO tayo! (We were fooled!) with a backdrop of people and placards and the names HONOR? INTEGRITY? on them. And the print at the back: WHERE IS JUSTICE?

 
At Sunday, May 22, 2005 7:50:00 PM, Anonymous TLS said...

As we go to court this week and face the PPI/Yuchengco group, HOPEFULLY BEFORE AN IMPARTIAL AND HONEST JUDICIARY, we should also get to know and focus all our attention on the other players on the PPI/Yuchengco team, namely the LAWYERS/LEGAL COUNSEL.

We all know that the PPI/Yuchengco lawyers/legal counsel has all its shark-like junior and senior associates, partners and senior partners going into a feeding frenzy to concoct and hatch so devilish a scheme that even the demon himself would sell his soul for it. WE MUST USE OUR POWERS OF MORAL SUASION on these lawyers.

Why? What are lawyer's ethical obligations?

I understand that the Integrated Bar of the Philippines (IBP), the premier lawyers’ group in the country, previously endeavored to codify all rules of professional conduct for attorneys. It had earlier drafted a carefully prepared Code of Professional Responsibility which was submitted to the Supreme Court. But, as it stated on its website, “while a well-prepared code of ethics for Philippine lawyers exists, its effective enforcement is a primary concern, thus the need for practicable program of sanctions though a Grievance Procedure. The Supreme Court has approved the Grievance Procedure proposed by the IBP. Known as Rule 139-B, this Grievance Procedure gives the IBP the right to police its own ranks by empowering it to initiate and prosecute proper charges against erring attorneys”.

At the end of the day, this is, as it said, a measure for those in the legal profession to police their own ranks. At the end of the day, I believe, it is still an individual responsibility and duty, over and above fraternal or institutional or, yes, even professional ethics concerns to uphold honesty, fairness and justice. And I am not talking about lawyers doing what is equitably right for the “greater good” or for a select group of planholders but for the “absolute good”, for all planholders. Because an injustice to one child, is an injustice to all children.

And that’s what hurts most here. We are not talking of a case where human beings are on both sides. We are talking of a case were there are human beings on one side, thousands of children at that, and one huge, cold, inhuman corporate machine on the other.

One question one might ask now is: Do these lawyers know exactly what comprises their individual responsibilities and duties to uphold honesty, fairness and justice in this case?

First, the lawyer must withdraw from any representation of the client that, directly or indirectly, would have the effect of assisting the client's continuing or intended future fraud. No attorney has any right knowingly to assist a client to commit a crime or fraud. There are a number of serious questions about exactly how an attorney should act in particular concrete situations, but the basic limitation should be clear. The boundary of zealous representation ends where knowingly assisting crime or fraud begins.

Second, the lawyer may withdraw from all representation of the client, and must withdraw from all representation if the fact of such representation is likely to be known to and relied upon by third persons to whom the continuing fraud is directed, and the representation is therefore likely to assist in the fraud.

Third, the lawyer must disavow any of his/her work product to prevent its use in the client's continuing or intended future fraud, even though this may have the collateral effect of disclosing inferentially client confidences obtained during the representation. In some circumstances, such a disavowal of work product may be necessary in order to effectuate the lawyer's withdrawal from representation of the client.

Fourth and finally, if the fraud is completed, and the lawyer does not know or reasonably believes that the client intends to continue the fraud or commit a future fraud by use of the lawyer's services or work product, the lawyer may withdraw from representation of the client but may not disavow any work product.

For those lawyers caught up in this travesty and mockery of the legal profession, a lawyer may use or disclose confidential client information when the lawyer reasonably believes that its use or disclosure is necessary to prevent a crime or fraud, and:
(a) the crime or fraud threatens substantial financial loss;
(b) the loss has not yet occurred;
(c) the lawyer’s client intends to commit the crime or fraud either personally or through a third person; and
(d) the client has employed or is employing the lawyer’s services in the matter in which the crime or fraud is committed.

And if a crime or fraud has already occurred, a lawyer may use or disclose confidential client information when the lawyer reasonably believes its use or disclosure is necessary to PREVENT, RECTIFY, or MITIGATE the LOSS.

The second question is, of course, "Do they care at all?"

I certainly hope that the lawyers, who possibly are tormented and suffering their own “personal inquisitions” day and night over being party to this massive fraud of PPI, will find their individual conviction to stand up and do what is right for the thousands of innocent children. It is not just because that is the right thing to do. It is also because, while a lawyer involved here is not likely to receive professional discipline for a failure to prevent or disclose a client’s crime or fraud, we all know that civil liability comes after professional discipline and is the principal means of enforcement of professional standards in the corporate context.

I believe, that there may still be lawyers who are not total sell-outs to Baal or money. Let’s hope that there are lawyers among them who will not be like the lady lawyer on tv whose false sense of righteousness is leading her deeper and deeper into destruction of her own future and possibly her own family. I certainly hope she does not have children who will have to suffer for the wrongdoings of their mother.

We are fighting for our dreams and the dreams of our children. Let not PPI/Yuchengco and their legal firm destroy what is left of this country.

TLS

 
At Monday, May 23, 2005 10:44:00 AM, Anonymous Anonymous said...

Diwa's Group (CARE PRE-NEED, to which we belong, came from the coalition but have since separated as we came to know of the real intentions of the ones leading the coalition. They show that they are fighting for our rights as PEP planholders but careful scrunity and investigation of their other activities, supposedly in suport of our fight,betray the real motive.

 
At Monday, May 23, 2005 11:47:00 AM, Anonymous Anonymous said...

"I do get your point but frankly, the family brought this upon themselves. They know how to stop this but they didn't take that step. They have no one else to blame but themselves. I totally have no sympathy for anyone of them. "
I say...
This sounds like Helen "U CHANGE CO" talking.

 
At Monday, May 23, 2005 11:58:00 AM, Anonymous Anonymous said...

please kindly correct, Wilson Lee Flores writes for the Philippine Star, not the Sunday Inquirer. He said in his May 22, 2005 column that he shall write the side of the planholders next time. The Sunday before, he allowed the camp of Ambassador Yuchengco and PPI to air their version of the controversy.

Slight correction lang doon sa newspaper, Phil Star, not Inquirer.

I always follow his columns in the Phil Star. I recall that a Monday before, he wrote a scathing column entitled "The Priceless Wealth of a Good Reputation", criticizing people who covet riches and power over integrity, honor and good reputation.

Thanks for your enlightening informations in this Blog. Keep sending more infos here!

Congrats!!!

 
At Monday, May 23, 2005 1:11:00 PM, Anonymous Suspicious of Dave said...

To anonymous, member of Diwa's group: WHAT, may I ask, are the "real" motives of the leaders of the PEP coalition? And WHAT activities have led you to this conclusion, after "careful scrutiny and investigation?"
Please make CLEAR accusations and present PROOF instead of vague, dumb statements.
Well, you have confirmed my suspicion that the CARE PRENEED group was set up by PPI. Say hi to Mr. Garcia, please, as I am sure you speak with him everyday.

 
At Monday, May 23, 2005 1:34:00 PM, Anonymous Anonymous said...

"Well, you have confirmed my suspicion that the CARE PRENEED group was set up by PPI."

Sorry to disappoint you but our group was not set up by PPI. We are legit PH like you and the other blogspot but our concerns are different from you two.

It's you who should say Hi to Mr. Garcia because it's your leaders who are communicating with Mr. Garcia independently and clandestinely.

 
At Monday, May 23, 2005 10:30:00 PM, Anonymous Anonymous said...

To the previous commenter who said "our concerns are different from you two":

I wasn't aware that there is a THIRD concern other than ours (which is to be paid now, per PPI's contract) and theirs (which is to push the rehab plan). Can you please enlighten me how your concerns are different from these two? Maybe something happened when I wasn't looking?

 
At Wednesday, May 25, 2005 12:10:00 AM, Anonymous Anonymous said...

To the person who wrote...

"Diwa's Group (CARE PRE-NEED, to which we belong, came from the coalition but have since separated as we came to know of the real intentions of the ones leading the coalition. They show that they are fighting for our rights as PEP planholders but careful scrunity and investigation of their other activities, supposedly in suport of our fight,betray the real motive."

Please specify what you know as the real intentions of the coalition leaders. Who's been meeting with Mr. Garcia? How can this be when he can't be found anywhere? In the radio program of Fr. Robert Reyes last Sunday, the coalition leader was honest enough to say that the Ambassador's grandson, Marco Santos, has been trying to communicate with him to try and come up with a win-win solution for all. And Marco himself, called the program and talked on air.

So how can you say that there's betrayal on the part of the coalition's leader? You just don't know the burden, hardships and sacrifices that the leaders have to undergo just to fight for the group.

To the CARE-something group, I heard that you had a presscon at a hotel. How sosyal naman! Claiming to come from the C-D group, you must have the financial backing of someone with so much resources. Buti pa kayo....

 
At Sunday, October 09, 2005 2:54:00 AM, Blogger jobs123 said...

Nice blog, keep up the good work!
I have a blog/site toogoldmedalmortgage.com refinance refinance refinancing
It's a free information site on on home equity loans and refinancing. It can help you save money if you are in the market for a loan.
You should check it out if you have the time :-)

 
At Wednesday, October 12, 2005 6:15:00 AM, Anonymous Anonymous said...

This site has a lot of information pertaining to my interests bad credit home loan mortgage . I will definitely bookmark this page and be back later. If you get a chance, please check out my bad credit home loan mortgage site. We so have something in common. Check ya later...

 
At Thursday, October 13, 2005 12:14:00 PM, Anonymous Anonymous said...

I was surfing through a few blogs and came across yours and wanted to say very nice job on the content, so I have bookmarked your site for future
reference.

Just in case you are interested I have a investing money msn
site. It pretty much covers investing money msn
related stuff.

Stop by Sometime :-)

 

Post a Comment

<< Home