Thursday, May 12, 2005

Reviewer 5.a - SEC Reply to Request for Spin-off

31 Mar 04 Reply by SEC Chmn Bautista Posted by Hello


Two days after the letter of PPI Chairman (see Reviewer 5), SEC Chairman Lilia Bautista was already able to tender a swift reply. It is clear from Chmn Bautista's letter that there is no misunderstanding of intent between PPI and the SEC.

One company to handle ALL of educational plan products, the other company to handle pension and memorial products.

From this, the readers can see why YGC would choose a name such as "Lifetime" to handle pension and memorial products as Lifetime.

Based on this crucial representation of PPI and this letter confirming the SEC's understanding, SEC gave its approval in PRINCIPLE. PPI cannot use this same "approval in principle" to justify the transfer of the fixed-value educational products to Lifetime.

We also hope that this document puts to rest the supposedly divisive issue between the trad and non-trad holders that we've seen in this blog.


51 Comments:

At Thursday, May 12, 2005 9:36:00 AM, Anonymous Anonymous said...

Hey Guys!

Helen Yuchengco Dee, the same person who screwed us in PPI, is being nominated to PLDT Board. If you are a voting stockholder of PLDT as a result of being a fixed line subscriber...please object to her nomination..Please pass...

 
At Thursday, May 12, 2005 10:42:00 AM, Anonymous Anonymous said...

Helen YD is already on the board of PLDT. Is this a re-nomination?

For those who would like to put a face to the name, check out the PLDT website and click Board of Directors to see pic.

Also, she is married to Peter Dee of ChinaBank which to my knowledge is the 1 of 2 banks that handles PPI funds. (THe other bank being RCBC) Now, is there a law against this? Does this fall under DOSRI?

 
At Thursday, May 12, 2005 11:28:00 AM, Anonymous Anonymous said...

ANOTHER WAY OF GETTING THE YUCHENGCOS ATTENTION IS TO BOYCOTT THEIR COMPANIES. STOP PATRONIZING THEIR PRODUCTS AND SERVICES!!!!

LISTED ARE THE YUCHENGCO GROUP OF COMPANIES:
A)MALAYAN INSURANCE COMPANY,INC
B) MALAYAN REINSURANCE CORP.
C) THE FIRST NATIONWIDE ASSURANCE CORP.
D) MALAYAN INSURANCE CO. (HK) LTD
E) MALAYAN INSURANCE CO.(UK) LTD
F) MALAYAN ZURICH INSURANCE CO.
G) TOKIO MARINE MALAYAN INSURANCE
H) GPL HOLDINGS, INC.
I) GREPALIFE
J) PACIFIC PLANS, INC.
K) LIFETIME PLANS
L) GREPALAND, INC
M) NIPPON LIFE OF THE PHILS
N) HOUSE OF INVESTMENTS, INC
O) EEI CORPORATION
P) PAN PACIFIC COMPUTER CENTER,INC
Q) NIPPON LIFE OF THE PHILS,
R) PHILROCK, INC.
S) LANDEV CORP.
T) HI-EISAI PHARMACEUTICAL INC.
U) HONDA CARS- FAIRVIEW
V) HONDA CARS- MANILA
W) HONDA CARS- MARIKINA
X) ISUZU MANILA, INC
Y) ISUZU COMMONWEALTH
Z) iPEOPLE, INC.

TEKA, NAUBUSAN NA AKO NG LETRA, NUMERO NA LANG

1) MAPUA INST. OF TECHNOLOGY
2) PEOPLE ESERVE]
3) FUNERARIA PAZ SUCAT
4) MANILA MEMORIAL PARK CEMETERY
5) FIRST MALAYAN LEASING AND FINANCE CORP.
6) ZAMBOANGA INDUSTRIAL FINANCE CORP.
7) RCBC UNIVERSAL BANK
8) BANKARD
9) RCBC SAVINGS BANK
10) RCBC SECURITIES, INC
11) RCBC TELEMONEY EUROPE
12) RCBC INDUSTRIAL FINANCE LTD.
13) RCBC CALIFORNIA INTERNATIONAL INC
14) RCBC CAPITOL CORP.

ANG YAMAN PALA TALAGA NILA. ONLY TOGETHER CAN WE MAKE A DIFFERENCE AGAINST THE YUCHENGCOS. STAND AGAINST FRAUD. STAND FOR OUR CHILDREN'S SAKE- THEIR EDUCATION AND FUTURE.

 
At Thursday, May 12, 2005 2:38:00 PM, Anonymous Anonymous said...

The Yuchengcos are forcing the employees of YGC who ar planholders to sign an affidavit that they agree to the rehab plan!!!

 
At Thursday, May 12, 2005 3:34:00 PM, Anonymous YGC Employee said...

I am a planholder and yes, I am a YGC employee. I, along with a lot of my officemates, signed the support for the rehab plan on my own volition. I was never forced to sign anything.

I guess its your propoganda again to say that we have been paid,planted, or coerced or whatever to descredit those in favor of the rehab plan. I believe those who signed are significant in number.

So, please, let our voices be heard and don't taint it.

 
At Thursday, May 12, 2005 3:59:00 PM, Anonymous Anonymous said...

Of course you are going to sign the rehab plan after all, you have lost nothing because i am sure that you along with other YGC are the ones who marketed the plans in the secondary market anyway. Kaya KITA ka pa rin di ba?

 
At Thursday, May 12, 2005 4:11:00 PM, Anonymous drs said...

e kung d ka ba naman tanga, employees are not allowed to sell unless associate din sila.

you have to distinguish between pure employees and those who sell also. by generalizing your comments, it shows how ignorant are you in the real situation and just let your emotions rule your thinking.

 
At Thursday, May 12, 2005 4:18:00 PM, Anonymous YGC Employee said...

I am not an agent, not even part of the insurance group. I truly believe that it is an industry problem and I have faith on the organization. I would not work here for over a decade if I felt otherwise.
As mentioned, dont disparage anyone just because one is for rehab.

 
At Thursday, May 12, 2005 4:19:00 PM, Anonymous Anonymous said...

Dapat lang kayong mga YGC employees sumuporta sa rehab plan ni Yuchengco.

Takot niyo lang paglabas ng findings ng SEC na FRAUD ang ginawa ng amo niyo. Tanga lang at mga tuta ni Yuchengco ang makikipagnegosyo sa inyo.

Kung ako sa inyo, uumpisahan ko ng i-update ang resume ko para makahanap ng ibang papasukan unless of course kakapalan ko na lang ang mukha ko sa pagdepensa sa amo ko.

 
At Thursday, May 12, 2005 4:28:00 PM, Anonymous Anonymous said...

To the YGC employee:

"I truly believe that it is an industry problem and I have faith on the organization"

Prudential Plans = 50,000 trad plans vs. PPI = 34,000 trad plans.

Prudential Plans = P400 Million net profit vs. PPI = rehab plan

What industry problem? Faith in the incompetence of your organization?

 
At Thursday, May 12, 2005 4:37:00 PM, Anonymous Anonymous said...

Society person

I am not a planholder. I am part of society group that hangs around different coffee shops in various hotels for the latest talk of the town and so far it’s been about Pacific for the past few weeks.

I would like to comment that the group is falling into the hands of Pacific in its legal battle. As we all know the way justice system works in the country. Lawyers will come up with one delaying tactic after another not counting the fact that once a decision is made this can be elevated to a higher court. By the time a final judgment is made most of you will be dead by then, although I’m not discouraging the group from pursuing this angle.

What you need is an immediate impact. Basing on my observation from others your call for boycott has some degree of success up to this point. However, it is somehow limited in scope. What you need is for a bigger populace to participate. At the moment, there may be 10-20 thousand of you who know of the facts, but what about the rest (80 million and counting). If you can increase your number to hundred of thousand or millions then you are talking of real numbers and the threat of a boycott is for real as far as the owner is concerned.

Corporate America spend billions to recall products that are deemed defective from automobiles, pharmaceutical, food, etc. to protect its image. In your case, it’s the other way around. If what you claim of fraud is supported by documents & not just hearsay, then why not come out with full page adds in major dailies both English and tagalog narrating the events that took place.

Remember, you are up against a heavyweight who can spend hundred of times more than what your coalition can spend. But if your facts are all documented and are on record in Govt. agencies, then no matter how many times they advertise their side no one will believe them since all the facts are documented.

Filipinos are well known for their penchant in favoring the underdog.

Good luck fellas

 
At Thursday, May 12, 2005 4:57:00 PM, Anonymous Anonymous said...

To the YGC employee :

After being employed for more than a decade, I am sure that with your sizeable salary you can afford to pay for your children's tuition even if you don't get anything from your trad plan in the next 5 years until 2010.

Can you give us any suggestion on how to support our children's schooling in the next 5 years?

 
At Thursday, May 12, 2005 5:09:00 PM, Anonymous ygc employee said...

First, I don't have to defend my decision because my decision is based on my own research and is independent of anyone else's.


Second, it is an industry problem caused by the uncontrollable costs of education.

"Worse, more pre-need firms are expected to follow PPI’s fate. As early as 2002, the Securities and Exchange Commission (SEC) admitted that more than 90,000 pre-need plan holders were left high and dry when 13 pre-need firms were either suspended or gone bankrupt."
(taken from the other website, but I verified it myself)

Also, just look at your kid's tuition fees the past few years? Isn't it obvious that it is increasing way out of hand.

Third, I am not a shareholder or part of management so my decision is in no way for YGC purposes.

This is my last post...

AS mentioned, I am not here to convince you people, but just to respect those who are for rehab. Is that so hard to ask? I respect your decision so please respect mine.

 
At Thursday, May 12, 2005 5:37:00 PM, Anonymous viewer lang said...

Anonymous said...
To the YGC employee:

"I truly believe that it is an industry problem and I have faith on the organization"

Prudential Plans = 50,000 trad plans vs. PPI = 34,000 trad plans.

Prudential Plans = P400 Million net profit vs. PPI = rehab plan

What industry problem? Faith in the incompetence of your organization?

Thursday, May 12, 2005 4:28:53 PM

Wait until pumutok ang sa prudential and you will eat your words. Sugarcoating lang sila.

 
At Thursday, May 12, 2005 5:44:00 PM, Anonymous non-ex said...

"Can you give us any suggestion on how to support our children's schooling in the next 5 years?

Thursday, May 12, 2005 4:57:43 PM "

Work. Look for other sources of income. Are you prepared for the long battle? Will it mean pag 10 years ang court hearing, 10 years din na hindi magaaral ang mga anak mo? Its your moral obligation to provide education to your child. If PPI cannot provide, will it mean the end of your children's dreams? Will you allow it? Think of the other people na wala namang education plan but are able to provide education to their children kahit wage earners din sila. Work. Don't sulk in one corner saying 'di na mag-aaral mga anak ko kasi pinabayaan ng Pacific'. Work! Work harder!

 
At Thursday, May 12, 2005 5:48:00 PM, Anonymous Anonymous said...

"Prudential Plans = P400 Million net profit vs. PPI = rehab plan"

Prudential net profit includes all plans (life, educ , pension, travel, etc). Kaya nga pinagsama sama lahat ng mga separate companies nila into one is to hide the increasingly huge educ trad availments. Di ba hiwahiwalay dating ang Prudentialife, Prudential Educ, Prudential Pension, Prudential Travel? Kaya pinagsamsama para matakpan ang malalaking gastos ng education at palitawing ok kahit grabe na ang availments nila.

 
At Thursday, May 12, 2005 6:18:00 PM, Anonymous Anonymous said...

Pacific claimed it's the "way out of hand cost of tution fee" that caused their problem... Let's see who caused problem of Mapua Institute of Technology:

After they acquired MIT, the school converted from semestral to quarterm. And it also converted from non-exclusive to exclusive category. Before YGC, tuition fee of MIT was P28,000+- payable twice a year. Now a student of MIT will have to pay more than P30,000 four (4) times a year.

We can also claim they renamed PPI to Lifetime Plans, and so it's not a wonder there are rumores Mapua will be renamed Malayan Institute.

Tsk, tsk, tsk.... masyadong katalinohan

Nagpapayaman talaga!

 
At Thursday, May 12, 2005 6:19:00 PM, Anonymous Anonymous said...

to the one who post this one:

Work. Look for other sources of income. Are you prepared for the long battle? Will it mean pag 10 years ang court hearing, 10 years din na hindi magaaral ang mga anak mo? Its your moral obligation to provide education to your child. If PPI cannot provide, will it mean the end of your children's dreams? Will you allow it? Think of the other people na wala namang education plan but are able to provide education to their children kahit wage earners din sila. Work. Don't sulk in one corner saying 'di na mag-aaral mga anak ko kasi pinabayaan ng Pacific'. Work! Work harder!

Thursday, May 12, 2005 5:44:55 PM

alam mo, we work our a.. off here in saudi arabia just to provide a good education to our kids. we took this plan in order for us to ensure that our kids will have a good education. Yes it is our moral obligation to send our kids to have an education thats why we took this educational plan from PP. now we are being cheated by PP and tell me if thats ok. it's not ok!,when you had sacrificed so much in order to honor your commitment to PP and paid your premium on time. now, your answer me...do you think you will just keep quiet and do nothing if you see that something wrong is going on? c'mon...get real! No matter what, it is better to fight for your principle than no principle at all. if you think you can accept whatever crap PP gives you, then go ahead....magsama-sama kayo!!!!

 
At Thursday, May 12, 2005 6:31:00 PM, Anonymous Anonymous said...

YOU ASKED FOR A SUGGESTION, I GAVE YOU ONE. BUTI KA NGA DINAR ANG SAHOD MO EH. PAANO UNG MGA PESO ANG TINATANGGAP DITO AT WALANG EDUC PLAN ANG MGA ANAK PERO PINAPAARAL PA RIN NILA?

YOU DON'T GET THE POINT! MY POINT IS IF THE CASE DRAGS ON, WILL YOUR CHILDREN STOP TOO? OR WILL YOU WORK MORE TO PROVIDE THEM EDUCATION EVEN THOUGH THE CASE IS STILL BEING HEARD IN THE COURTS? E DI PAG NANALO KAYO, DI OKAY. PERO HABANG WALA PANG KATUPARAN ANG LABAN NYO, MAGTRABAHO KA PA PARA MAKAPAGARAL PA MGA ANAK MO.

HEAT STROKE? MORE LIKE BRAIN-DEAD!

 
At Thursday, May 12, 2005 6:32:00 PM, Anonymous Anonymous said...

"After they acquired MIT, the school converted from semestral to quarterm. And it also converted from non-exclusive to exclusive category. Before YGC, tuition fee of MIT was P28,000+- payable twice a year. Now a student of MIT will have to pay more than P30,000 four (4) times a year.

We can also claim they renamed PPI to Lifetime Plans, and so it's not a wonder there are rumores Mapua will be renamed Malayan Institute.

Tsk, tsk, tsk.... masyadong katalinohan

Nagpapayaman talaga"

NAIVETE? MORE LIKE IGNORANCE TO ME!

 
At Thursday, May 12, 2005 6:40:00 PM, Anonymous Anonymous said...

me mga tao talagang walang prinsipyo sa katawan....tama yan! ituro mo na lang sa mga anak mo yan.

 
At Thursday, May 12, 2005 6:45:00 PM, Anonymous Anonymous said...

FYI the monetary system in saudi arabia is RIYAL and not DINAR. Just to correct your info kasi baka pag-nagtanong yung anak mo eh mali yung maituro mo.

 
At Thursday, May 12, 2005 7:05:00 PM, Anonymous Anonymous said...

To YGC Employee,

Mas TANGA ka, kunwari hindi daw pwede magbenta ng plan, sino ang lolokohin nyo kayong mga TANGA ang magbenta sa secondary market. At ngayon nagpapaka-TANGA na naman kayo sa pagsang-ayon sa rehab plan ng mga amo nyo. Palibhasa how can you bite the hands that feed you. Mahiya kayo sa sarili nyo. E kung pumapayag kayo sa rehab bat kayo nandito gusto rin ninyo maki-usyoso AMININ NA KASI o di ba pag-natalo si YGC sakay din kayo. MAHIYA NAMAN KAYO!!!!!!!!!!

 
At Thursday, May 12, 2005 7:11:00 PM, Anonymous Anonymous said...

TO YGC EMPLOYEE,

IF YOU ARE FOR THE REHAB THEN GO AHEAD, NO ONE IS STOPPING YOU BUT USING WORDS LIKE "TANGA" SHOWS HOW UNEDUCATED YOU ARE, IF THAT IS HOW YOU FIGHT FOR THE RIGHT OF YOUR CHILDREN THEN MAYBE YOUR CHILDREN WILL GET ONLY WHAT THEY DESERVE. BUT FOR US IN THE COALITION WE DID NOT BREAK THE CONTRACT THEY DID.

 
At Thursday, May 12, 2005 7:23:00 PM, Anonymous Anonymous said...

"First, I don't have to defend my decision because my decision is based on my own research and is independent of anyone else's"

E yun naman pala e why are you here. Ano you want to spy para may nai-report ka sa amo mo? SIPSIP!!! Remember during japanese time may mga sipsip na nag-hudas sa kapwa niyang pilipino anong nangyari sa kanya WALA RIN nun iniwan ng mga HAPONES its payback time.

 
At Thursday, May 12, 2005 9:19:00 PM, Anonymous Anonymous said...

I hope the SEC is felling the pressure realizing that "they have been had". If anyone out there knows Lilia Bautista, please ask her to view this site.

Whether right or wrong, they should be able to get enough info from this site to investigate and come to their own conclusions. That is the least they can do considering they are only govt body that is "regulating" this industry.

 
At Thursday, May 12, 2005 9:41:00 PM, Anonymous Anonymous said...

Helen Yuchengco - Dee misrepresented the setting up of Lifetime Plans. She disobeyed the SEC, or deceived them for that matter.

She mentioned that one company will handle Educational Plans, and another company will handle both Memorial and Pension Plans.

What Yuchengco did was to put all fixed-value plans into one company, and PEP traditional plans in another company. Therefore, Lifetime Plans should not have the PEPSTAR plans (fixed value educational plans) or even further sell fixed-value educational plans.

In the SEC's mind, fixed value plans and their corresponding trust fund should be with PPI.

I advise the lawyers to look closely at the SEC license of Lifetime Plans. They DO NOT HAVE the LICENSE to sell fixed value educational plans. But why is it that they are selling these products?

Where did they get the authority to sell fixed value educational plans after Lifetime Plans was created?

What is the legal status of these sold fixed-value educational contracts?

What is the SEC doing to protect the investing PUBLIC??

Did Lifetime plans commit the violation of UNAUTHORIZED SELLING OF THESE UNLICENSED SECURITIES?

Also, what "two new companies" is YUCHENGCO talking about?

Since they did not carry out the original intents and purposes, the SEC should undo the creation of Lifetime plans and REVERT all trust fund ASSETS back to Pacific Plans.

Also, they should PENALIZE the officers of LIFETIME PLANS for the UNAUTHORIZED SELLING of UNLICENSED SECURITIES!!

CANCEL THEIR LICENSE TO SELL ANY TYPE OF REGULATED SECURITIES FOR THAT MATTER!!

There REALLY is FRAUD!!

No to REHAB!!

JAIL THE ppi/lIFETIME OFFICERS!!

INVESTIGATE SEC!!

We planholders dare the OMBUDSMAN to investigate SEC for being NEGLIGENT in their DUTIES AND RESPONSIBILITIES!!

 
At Thursday, May 12, 2005 10:11:00 PM, Anonymous Anonymous said...

Last week, SEC came out with list companies who are authorized to sell educational plan and one of them is LIFETIME PLANS, don't know why SEC allows them to do so since they clearly deceived even the people in SEC. Will try to look for the write up to be posted here so our legal team can also look into this.

 
At Thursday, May 12, 2005 11:41:00 PM, Anonymous eye strain said...

I have spent half an hour reading your excellent Reviews but my eyes are terribly strained as a result. Please believe me, as a former typesetter and designer, that white text on a dark background is HARD TO READ and unduly strains the eyes. Please stick to black text on a white or beige background. The substance of your write-ups is difficult enough to follow without it being difficult to read.

 
At Thursday, May 12, 2005 11:44:00 PM, Anonymous Anonymous said...

Helen Yuchengco Dee is nominated purely on the strength of the shares being held by the Yuchengcos, nothing more, nothing less.

It's not talent nor managerial skills that was measured.

Remember the Yuchengcos is one of the biggest holders of PLDT stock-if not next to Metro-Pacific, which in turn owns Smart.
--------------------------
DOSRI accounts are usually loans issued by a bank to its -Directors, Owners, Stockholders, and related interest. Thats' what you call conflict of interest or even "undue pressure or sweetheart deals" when in comes to approving a loans and the collateral (if any).

That's why so many banks fail in the early 70's and 80's. Thus the Central Bank disallows that.

What we should look up is how RCBC was able to sell the NAPOCOR 0% bonds to PPI? Was it part of their scheme to lay all those "junk graded?" bonds to PPI to make it fit for "rehab"?
____________________________

As for Peter Dee and China Bank- it's true that Ms. Helen Dee is the wife of Peter Dee of China Bank. China Bank may have handled some of the PPI funds. But the majority stockholder of China Bank is Mr. Henry Sy of Shoe Mart.

____________________________

Incompetence of the Yuchengcos?

EXCUSE ME! They're too smart for that! They chose to cut PPI and move the profitable portfolios in Lifetime- that's SMART!

They pulled the rug under our feet by securing a TRO with the RTC of Makati. In effect they chose their own battle field where the chances of winning a rehab is great and announce it too late for planholders to react- that's SMART!

Believe me guys and gals, it's all planned! They knew how to act and what pieces of the chess to move.

But one things is for sure-BOYCOTT is very effective! Perhaps right now- YGC is prepared for any contingencies for RCBC by getting Central Bank to ready for an emergency window- (loan) to cover any eventuality of a bank run.

NOW THAT'S SMART!

But we can be SMARTER- BOYCOTT YUCHENGCO GROUP! I mean ALL their business that was listed here!

 
At Thursday, May 12, 2005 11:52:00 PM, Anonymous Anonymous said...

Yes, Henry Sy is now the majority owner, but not during the time PPI appointed CBC as one of the fund handlers.

 
At Thursday, May 12, 2005 11:56:00 PM, Anonymous Anonymous said...

Yes, Helen Dee is on the board of PLDT on the strength of the family shares. But any stockholder can still take the floor and QUESTION THE CREDIBILITY OF ANY BOARD DIRECTOR.

EVEN IF PPI HAS NOTHING TO DO WITH PLDT, THE INTEGRITY AND CREDIBILITY OF ANY BOARD DIRECTOR CAN BE QUESTIONED, EVEN IF HE/SHE IS MAJORITY OWNER SO LONG AS THE COMPANY IS PUBLICLY TRADED.

Look at what happened to Conrad Black of Hollinger, Greenberg of AIG, etc. Kicked out of their own company. It may be a long shot here in Manila but I want the whole world to know what scumbags they truly are.

 
At Friday, May 13, 2005 12:01:00 AM, Anonymous Anonymous said...

A rejoinder.....

The Dee's have diluted their stock holdings at China Bank for so long. They depend much on the support of the rest of the stockholders to keep them on board.

Anyway, back to YGC- Boycott ang sagot! Similar to what Cory asked during EDSA 1 and was very effective with San Miguel and other crony corporations, it will be as effective with YGC. If RCBC will have massive withdrawals- even Central Bank won't be able to save it!

 
At Friday, May 13, 2005 1:00:00 AM, Anonymous Anonymous said...

TO YGC EMPLOYEE,

"I am a planholder and yes, I am a YGC employee. I, along with a lot of my officemates, signed the support for the rehab plan on my own volition. I was never forced to sign anything."

FIRST STEP: KINUHA ANG NAME NG YGC EMPLOYEE NA MERON TRADITIONAL PLAN SA PPI
2ND STEP: BINIGAY NG AFFIDAVIT NA MERON 3 CONDITION NA PABOR A REHAB
3RD STEP: PINAPIRMAHAN SA LAHAT NG YCG EMPLOYEE YUN AFFIDAVIT AGAINST THEIR WILL, TAKOT KASI MAWALANG NG WORK.
NAG REQUEST ANG IBANG EMPLOYEE NA DAGDAGAN YUN CONDITION NA PABOR SA KANILA NA IN CASE NA IREJECT NG COURT YUN REQUEST NG PPI NA REHAB MADISREGARD YUN AFFIDAVIT O WAIVER NA PINIRMAHAN NILA PERO DI PUWAYAG YUN MGA BOSS NG YGC. TALAGANG SAPILITAN LAHAT PARA MAGPIRMA. ANO SAY MO? WAG MO NA KAMING BOLAHIN, TAKOT KA LANG OR ISA KANG OFFICIAL NG YCG OR TAGA PACIFIC PLANS KA OR INSIDER KA.
.
.
ANO YUN AFFIDAFIT NA PINAPIRMAHANG SA INYO PABOR SA REHAB NG PPI?

TANGA KA, WALA LANG KAYONG MAGAWA DAHIL TAKOT KANG MAWALANG TRABAHO. ALAM KO NA KINAUSAP KAYO NG MGA HRD HEAD O MATAAS NA OFFICIAL NG INYONG KOMPANYA PARA PUMIRMA SA AFFIVADIT NA PABOR KAYO SA REHAB NG PPI PARA GAMITIN EBIDENSYA SA KORTE.

SA HIRAP NG BUHAY NGAYON, TAKOT KAYONG MAWALANG NG TRABAHO. BAKA NAMAN MAYAMAN KA KAYA MO MAGPAARAL SA EXCLUSIVE SCHOOL. PAANO NAMAN KAMI NA MAHIHIRAP NA PLAN HOLDER?
PINAGHIRAPAN NAMIN YUN PAMBAYAD SA PREMIUM TAPOS WALA RIN MANGYAYARI SAN AMIN PINAGHIRAPAN. PAGDELAY KAMI SA PAGBAYAG NG PREMIUM MAY PENALTY AND INTEREST KA AGAD O KAY CANCEL NA YUN PLAN. DAPAT KAYONG IKULONG SA MUNTI SA PANLOLOKO NINYO.

GISING YCG EMPLOYEE WITH TRADITIONAL EDUCATONAL PLAN WITH PPI....

 
At Friday, May 13, 2005 1:02:00 AM, Anonymous Anonymous said...

In response to:

"If RCBC will have massive withdrawals- even Central Bank won't be able to save it! "

Can you please explain to everyone the logic here? So if RCBC loses money and goes down, then yuchengcos will have money to pay us?

 
At Friday, May 13, 2005 1:05:00 AM, Anonymous Anonymous said...

TO AMBASSADOR YUCHENGCO,

PLEASE HAVE MERCY ON YOUR PLAN HOLDERS. IF YOU INSIST ON YOUR REHAB. PLAN, JUST MAKE ALL BENEFICIARY OF THE TRADIONAL EDUC. PLAN A SCHOLAR OF MAPUA INSTITUTE OF TECHNOLOGY (MALAYAN COLLEGE IN YEAR 2010) WITH NO FURTHER REQUIREMENTS, JUST EXCHANGE OUR POLICY TO A MAPUA SCHOLAR CERTIFICATE STATING THAT OUR CHILDREN IS A BONAFIDE SCHOLAR OF THE SAID SCHOOL. THANKS

 
At Friday, May 13, 2005 1:47:00 AM, Anonymous Anonymous said...

it is very interesting that the sec approved in principle the request of helen without even trying to know what company will be incharge for the plans that will be transferred by ppi, they were able to approved the principle within 2 days upon receipt of the request but up to now they cannot even lift a finger even if they stated themselves they were mislead by helen, did they ever write helen and asked her to explain, if this is not outright corruption, they should all resign due to outright ineptness and are not fit to protect the public, ang kapal naman na mga mukha nila,

 
At Friday, May 13, 2005 7:48:00 AM, Anonymous Anonymous said...

A rejoinder.. . .. .........

"Can you please explain to everyone the logic here? So if RCBC loses money and goes down, then yuchengcos will have money to pay us? "

Boycott is a pressure point to make YGC settle with us in a fair way.

Believe me when I tell you, the Yuchengcos will still live in luxury even if all the YGC companies fold now. They have been enjoying and saving the profits all these years that it would be enough to feed the 5th generation.

If you pressure the other companies, at least they will re-think their position of screwing us royally with PPI!

What is your logic? Wait for the courts to decide ala Pepsi? Guess you know how long it took to resolve the case and only 2 won out of so many!

Remember, it is they who chose their battle field- Makati RTC. Therefore they have the advantage. However, a boycott is beyond their control!

 
At Friday, May 13, 2005 9:01:00 AM, Anonymous Anonymous said...

Hey, has anybody in the group, esp. our legal friends, considering filing economic sabotage charges against PPI and YGC officials?

Considering the amount involved and the treacherous way those PPI and YGC people are trying to get what they want, maybe we can look at this option? Is this crime non-bailable?

Just asking...

 
At Friday, May 13, 2005 9:13:00 AM, Anonymous Anonymous said...

I do not wish for my children to study in MAPUA. (And before any smart aleck tries a rejoinder, let me say it is none of your business what my school preferences are).

Forcing and limiting the choice of school is NOT acceptable.

 
At Friday, May 13, 2005 9:15:00 AM, Anonymous Anonymous said...

Pls reconsider the boycott option. There will be more victims if this is pursued. I am against those PPI/YGC assholes (I guess this is the appropriate term for those people because anything that goes out of them, stinks), but I dont want to create another problem for the others. Huwag naman sana magkaroon ng collateral damage. Ipakulong nyo na lang yung mga buwaya at ahas na PPI/YGC officials, masaya na ako.

Let us also pray for our legal friends that they may be guided by wisdom in pursuing our interest. Mabuhay kayo at sana's gabayan kayo ng Maykapal.

I just heard Helen Dee will be present at the PICC meeting, is that tomorrow? If you want to bash the person, this is the time. It's about time they realize the pain we all are having at this time.

 
At Friday, May 13, 2005 9:32:00 AM, Anonymous Anonymous said...

What PICC meeting?

 
At Friday, May 13, 2005 9:32:00 AM, Anonymous Anonymous said...

To the YGC employee,

Of course you will sign the affidavit for the rehab plan... you would have been fired if you didn't!!!

I guess we can borrow money from you guys... cuz its ok for us not to pay you back after. Ang babait pala ninyo diyan.

Please check the assets of your company from 1990 until today and see if they have only grown 10% per year. So please stop using the asean crisis and the lifting of tuition fee increase cap in 1992 as an excuse. Kontrata yan... tuparin ninyo!!! That is how you conduct business and that is how you build trust. At this point, your boss has no credebility!!! Tapos nominated pa siya sa PLDT board?!?!

By the way, you did mention that you will not anymore make posts here... but can you make one exception? I hope you can give me your direct line cuz I do intend to borrow money from you.

 
At Friday, May 13, 2005 9:54:00 AM, Anonymous Anonymous said...

What time is PICC meeting called by PPI tomorrow? Itatapat ba nila uli sa meeting time ng coalition? Where is the good faith in that? If they are sincere about planholders hearing them out, they should let us go ahead with the coalition meeting (nauna namang mag-set ang coalition) and then schedule theirs for another time or day para we can also hear their side. Fair is fair, di ba?

What they are doing is clearly making people choose to which venue to go. DIVIDE AND CONQUER!

 
At Friday, May 13, 2005 10:07:00 AM, Anonymous Anonymous said...

What PICC meeting?

I just read Victor Agustin's Cocktales in the Inquirer.

"
Helen's Pacific defense
Posted: 0:20 AM | May 13, 2005

Victor Agustin
Inquirer News Service

printable version email a story write the editor feedback




THE REINA Emperatriz of the Yuchengco empire, Helen Y. Dee herself, will personally meet and answer any and all questions from the Pacific Plans holders in a no-holds-barred open forum -- this we gathered from the pro-Yuchengco grapevine.

There is but one fine print: The lawyers from the firm of Villaraza and Angangco have advised her to wait, so as not to jeopardize the rehabilitation petition now pending with the Makati Regional Trial Court....

...
In any case, there is another meeting scheduled by Pacific Plans for this Saturday, also at the PICC, and another, bigger assembly, also at the PICC, next Saturday. If the opposers behave themselves, they just might generate more light than heat.

"

Am not sure though if she will follow her lawyers' advice.

Cheers!

 
At Friday, May 13, 2005 10:49:00 AM, Anonymous Anonymous said...

Anonymous said...
FYI the monetary system in saudi arabia is RIYAL and not DINAR. Just to correct your info kasi baka pag-nagtanong yung anak mo eh mali yung maituro mo.

Point taken, Thanks!

 
At Friday, May 13, 2005 10:59:00 AM, Anonymous Anonymous said...

HAVE YOU READ BOO CHANGCO'S COLUMN TODAY (MAY 13, 2005)?

WILL IT MEAN PLACING HIM IN YOUR DISHONORABLE MENTION ROLL?

 
At Friday, May 13, 2005 11:01:00 AM, Anonymous Anonymous said...

Anonymous said...
What PICC meeting?

I just read Victor Agustin's Cocktales in the Inquirer.

"
Helen's Pacific defense
Posted: 0:20 AM | May 13, 2005

Victor Agustin
Inquirer News Service

printable version email a story write the editor feedback




THE REINA Emperatriz of the Yuchengco empire, Helen Y. Dee herself, will personally meet and answer any and all questions from the Pacific Plans holders in a no-holds-barred open forum -- this we gathered from the pro-Yuchengco grapevine.

There is but one fine print: The lawyers from the firm of Villaraza and Angangco have advised her to wait, so as not to jeopardize the rehabilitation petition now pending with the Makati Regional Trial Court....

...
In any case, there is another meeting scheduled by Pacific Plans for this Saturday, also at the PICC, and another, bigger assembly, also at the PICC, next Saturday. If the opposers behave themselves, they just might generate more light than heat.

"

Am not sure though if she will follow her lawyers' advice.

Cheers!

Friday, May 13, 2005 10:07:16 AM

TO THE POSTER ABOVE;

Why didn't you post the entiriety of the column? Is it because the antics of the coalition was exposed?

Will it mean placing Vic Agustin in your Dishonor Roll?

 
At Friday, May 13, 2005 11:11:00 AM, Anonymous Anonymous said...

Everybody who has anything to do with the Pacific Plans "rehab" should be investigated and prosecuted.


Victor Agustin
Inquirer News Service

"FORMER Securities and Exchange Commission chairperson Lilia Bautista's promised appointment as ambassador to Brussels has been derailed by her approval of the now-controversial Pacific Plans restructuring program."

 
At Friday, May 13, 2005 11:12:00 AM, Anonymous Anonymous said...

The Yuchengcos will defend their name

DEMAND AND SUPPLY By Boo Chanco
The Philippine Star 05/13/2005

The good news is, after this column urged the Yuchengcos to defend their name and live up to their commitment to Pacific planholders, they released a story that the taipan Al Yuchengco will contribute P250 million of his personal funds to help planholders enroll their children this June. The amount, though substantial, is not nearly enough to cover potential liabilities to holders of the traditional or open-ended plans. But it is a start.

It is also encouraging that recent press releases from Pacific Plans have become less legalistic and more appreciative of the concerns of planholders. Even as they also appeal for more understanding of their own predicament, officials of Pacific Plans are now talking of doing what they can to rehabilitate the enterprise. They earlier gave the impression they did all they could to isolate Pacific Plans and let it and the planholders wither in the legal vine.

Shortly after my column was published, Helen, the daughter of the taipan who is carrying the day-to-day burden of running the taipan’s enterprises, also sent word through mutual friends to reassure me that the Yuchengco family understands everything I wrote and "would do what is humanly possible to help all affected planholders."

I subsequently sat down with her and she reiterated the family’s general commitment in principle, even as she couldn’t be more specific about how far they could go by way of support to Pacific Plans. I guess this is because no one can really estimate at this point, the amount of money needed to rescue Pacific Plans completely. Given our extremely volatile economic (and political) situation, any number is at best, a moving target. Even the schools have refused attempts of Pacific Plans to tie them down to a number. Everything depends on how well or how badly our economy fares.

But Helen emphasized that contrary to what many people may think, they did not mismanage Pacific Plans. She didn’t compare what is happening to Pacific Plans with the other pre-need plan companies in trouble today. But she didn’t have to. A week or two ago, the bank managing the trust fund of that other pre-need plan came out with the revelation that they lost over a billion pesos by investing in a related real estate company. In contrast, Helen assured me that their investment portfolio at Pacific Plans can be defended at Plaza Miranda.

Helen explained that they would not be in trouble if two major events didn’t happen: Deregulation of tuition fees and the Asian financial crisis. The deregulation of tuition fees rendered their assumption of an annual 10-percent increase in tuition fees inoperative. And we all know the returns on investments – T-bills, real estate, business – were pitifully low following the outbreak of the Asian financial crisis, considerably reducing their earnings projections. The fine print in the pre-need contracts they wrote gives them a way out. But, she pointed out, they have so far lived up to the promise as best as they can.

To prove to me that their investment decisions for Pacific Plans are defensible, Helen showed me sample plans, comparing what they have paid out, how much the plan was sold to the plan holder and what could have been earned by the purchase plan under various investment options. In fairness, she did have a point.

For example, a plan for a four-year college course in an exclusive school bought in 1987 for P29,200 due for availment on school years 2002-2005, paid out total benefits of P368,603 for an internal rate of return of 19.60 percent and a return on investment of 1,262.34 percent. A very wise investment, indeed!

When they sold that plan, they assumed they would pay out benefits amounting to P128,027 compared to the P368,603 they actually paid out. Their trust fund investments earned P105,484, or an IRR of 10.59 percent and a ROI of 438.45 percent, which is not that far from their assumption even if they actually earned less. If the money were invested in T-bills, it would have earned P124,666 with an IRR of 10.50 percent and a ROI of 426.94 percent. If the money was merely parked in a time deposit, it would have made P91,521 or an IRR of 8.18 percent and a ROI of 313.43 percent.

There were other examples presented to me, all clearly showing that their trust fund investment earnings were within the ballpark of what alternative investments could have earned during the period in question. In other words, the numbers seem to indicate that they did not mismanage the funds, but were just a victim of unforeseen events.

Even the investment in Napocor bonds cannot be looked at as evidence of a bad investment decision, as some critics point out. Napocor may stink, but its bonds are totally guaranteed by the government. It is as good as a government Treasury bill, even better, because the Napocor bonds Pacific Plans invested in are dollar denominated, giving the trust fund an extra measure of protection.

But, I pointed out to Helen, if you had nothing to hide, why did you resort to such a sneaky tactic as establishing another company and transferring the good assets to it, leaving the open-ended ones in Pacific Plans? Helen insists they had the best of intentions of safeguarding the interests of the buyers of fixed benefit plans, while they figured out how to save the open ended plans left at Pacific Plans. Their mistake, Helen now realizes, is they allowed the lawyers to do the talking. When the legal Rottweilers take over, of course people get threatened and offended.

Still, I insisted to Helen, the numbers and your best intentions notwithstanding, the family must still live up to the public’s high expectations, to preserve the value of the name built up by her father. Any default now would also have serious social consequences, and threaten their other businesses that are all dependent on the public’s unwavering trust.

She looked up at me with a tired and worried look and nodded agreement, as if to say how dare you pontificate the obvious. Of course she realizes all that. She didn’t get to where she is by being dense. The reputably tough lady that she is, she just feels helpless at the impossibility of pinning down a number that keeps on changing.

Actually, if you think hard about it, any holder of an open-ended plan from any company should have reason to worry. Looking at the numbers, it does seem impossible for even the best managed trust funds to make the kind of return on investment needed to service those open-ended plans. Perhaps Pacific Plans was just honest enough to admit early on that they have a problem. In hindsight, the pre-need industry made a colossal miscalculation in selling those open-ended plans. I am not sure there is a viable way out of this bloody mess now.

Unfortunately for Helen, the Yuchengcos have a name and reputation to protect. Unlike the Sobrepeñas whose problems with their real estate business have been legendary long before they experienced any problem with CAP, the Yuchengcos have managed their businesses well. I would be very surprised if they decided to turn their backs on a legacy that Helen’s 82-year-old father, now recuperating from quintuple heart bypass surgery, built over his lifetime.

Still, it is a good idea for Pacific Plan holders to keep the pressure on the Yuchengcos. But as a CAP planholder, I would trade places with them in an instant. They are lucky they are dealing with the Yuchengcos.

I do not expect the Sobrepeñas to lose sleep over the amount I am entitled to collect from the last year of my youngest daughter’s CAP plan, given their string of payables: Over a billion pesos to BCDA for Camp John Hay and the billions of pesos owed to hundreds or thousands of buyers of Fil-Estate projects. I have a nephew who bought a lot in Forest Hills, a Fil-Estate subdivision. He completed his payments of over a million pesos years ago, but is unable to get his title up to now. Isn’t that against the law? But, duh… what else is new?

I know it is small comfort to affected Pacific Plan buyers but they are still luckier than I am. Even if the future may not be that clear now, at least, they have more reason to hope

 
At Friday, May 13, 2005 11:48:00 AM, Anonymous Anonymous said...

To Helen Yuchengco or her staff:

At this time, the only way to show your sincerity and to save your father's name is to do the following:

1. Pull-out the rehab plan you submitted to the Makati RTC.

2. Send a letter to all affected planholders notifying them of a scheduled general meeting with an OPEN FORUM. Please personally attend the meeting. Aside from the letter, publish the scheduled meeting in newspapers just like what you did regarding the temporary transfer of PPI's office to Roxas Blvd.

3. Be open to an investigation and arbitration by a third party acceptable to PPI and the affected planholders. The aim of this is to come out with the real facts / situation of PPI and the formulation of a WIN-WIN solution for all partiies concerned.

4. If in the end of our constructive discussion we find out that a rehab is still needed, then let's formulate the rehab plan together - again for a WIN-WIN effect.

It's not too late. We can work on PPI's problem together. Please pull-out your rehab plan first. Your lawyers will only destroy your father's name. They are just after your money - don't depend on them. They already cost you a lot of money in paid ads and promotion of your RCBC and RCBC Savings banks. They will also cost your children's humiliation.

 

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