Tuesday, May 10, 2005

Revisiting Reviewer 1

Being Makulit But YGC Wants to Keep Forgetting its Representations Posted by Hello


Although this topic has been over-discussed, it may jog the memories of YGC to actually show that we do retain copies of their sales kit.

31 Comments:

At Tuesday, May 10, 2005 11:03:00 PM, Anonymous pep_mom said...

To the genius who thought up the comic strips.....ANG GALING! We love it! Tells it like it is. Pictures are definitely worth a thousand words!

This group is really amazing in terms of talent, know-how and creativity!!! And all for NO PAY!!!! Just a strong sense of what is right and just. And what is good for our children.

I wouldnt be surprised if someone came up with a coalition coat of arms (logo) and battlecry....how about it, co-parents? Something to rally around? Ideas anyone?

 
At Tuesday, May 10, 2005 11:08:00 PM, Anonymous Anonymous said...

Please refer to May 10 issue of Business World, page S2-1. This is regarding the AY book/biography that was commissioned by the family.

From the Finanacial Executive Column by Joseph Gamboa

"Transcripts of (AY's) lengthy interviews with Nick Joaquin are presented verbatim, providing the full flavor of AY's views.....

AY is often quoted as saying 'a million, a hundred million, even a billion can be lost in a day but a good name is forever, so for me, a good name is much more important'.

(Comment by blogger -- say that again??)

"In their last dialogue, Nick Joaquin prodded him to share the secret of his business success and his reply 'I think education is the most important thing for our country and for people'. He always attributes the growth of his financial empire to a combination of hard work and luck. His wish sums it all up 'My dream is that my children will be able to preserve a good name'"

(Comment by blogger: Hey Helen, you should listen to your father.)

".....AY's daughter Yvonne says her father 'was like the founder of the pre-need industry' when he set up Pacific Plans in 1966"

(Comment by blogger: hey people, we should try to read that so-called biography. Lots of ideas there, and we could use a few laughs)

 
At Tuesday, May 10, 2005 11:08:00 PM, Anonymous Anonymous said...

Go BYG-time!

Boycott

Yuchengco

Group!

 
At Tuesday, May 10, 2005 11:15:00 PM, Anonymous Anonymous said...

The book referred to above is a 160-page volume entitled:

To Leave A Good Name: The Legacy of Alfonso T. Yuchengco

Launched last February during the opening of the Yuchengco Museum.

They even got Nick Joaquin and a Palanca awardee to write the book. The things people do to glorify themselves..... I wonder if they have ever heard of "walk the talk".

 
At Tuesday, May 10, 2005 11:20:00 PM, Anonymous Anonymous said...

All I know is...It only takes a few good men to DO NOTHING for evil (in this case-the Yuchengcos)to succeed. So all those who are fighting for their rights, please go to the 2nd General Assembly on May 14 at the St. Paul's Pasig Gym at 8am.

 
At Wednesday, May 11, 2005 12:55:00 AM, Anonymous peewee said...

I hope you could give everybody who has not been there (St. Pauls Pasig Gym) directions or landmarks to make it easier for everyone who wants to join the assembly on Saturday...

Thanks.

 
At Wednesday, May 11, 2005 2:19:00 AM, Anonymous Anonymous said...

SPAs can be submitted during the 2nd General Assembly at St. Paul College Pasig. There will be a designated table for the Notary Public. Please ensure you have the following on Saturday:

1. For availing plans, 5 photocopies of the Certificate of Full Payment (CFP)

2. For non-availing plans, 5 photocopies of the CFP and 5 photocopies of the Educationsl Plan Agreement

3. Residence Certificate or Tax Community Tax – Number, Date and Place

 
At Wednesday, May 11, 2005 2:47:00 AM, Anonymous Anonymous said...

Though SPAs can be notarized and submitted on Saturday, it is preferred that you submit the SPAs by today at the drop-off points posted in the no2pep2010 egroup. SPA and supports should be in 5 copies.

 
At Wednesday, May 11, 2005 9:32:00 AM, Anonymous Anonymous said...

I am for blocking the rehab plan but the SPA in the no2pep2010 is so general in the sense that it allows coalition to file any type of case against Pacific Plans,inc.

This means Coalition can file criminal case against Pacific Plans and planholders can now be countersued.

Is there a version of SPA specific only to the opposition to the rehab plan?

Please answer.

 
At Wednesday, May 11, 2005 10:49:00 AM, Anonymous Anonymous said...

PDI's Cocktales says University of San Francisco (USF) is honoring A.Yuchengco with a honorary degree but USF is getting mail/e-mail/protests on the appropriateness of this (well, USF is honoring A.Yuchengco because of his $ contributions primarily).

Anyway, anyone know who and where to write USF on this?

 
At Wednesday, May 11, 2005 11:04:00 AM, Anonymous Anonymous said...

To Anonymous who is concerned about SPA.

Come to the General Assembly of Parents at St. Paul's on Saturday. There are many lawyers who are filing cases against Pacific Education Plans. I am sure you will be able to find an SPA that is limited to the filing of opposition to the rehab plan only.

 
At Wednesday, May 11, 2005 11:29:00 AM, Anonymous Anonymous said...

in response to:
"
Come to the General Assembly of Parents at St. Paul's on Saturday. There are many lawyers who are filing cases against Pacific Education Plans. I am sure you will be able to find an SPA that is limited to the filing of opposition to the rehab plan only.
"

Thanks.

Another question, Does this imply that I am not a part of the Coalition, since I am not signing their SPA, but I will be part of another group who opposes only the rehab plan?

 
At Wednesday, May 11, 2005 11:37:00 AM, Anonymous Anonymous said...

These appeared in previous posts but here's a recap:

Email addresses of USF / Ateneo:

president@usfca.edu
williamsg@usfca.edu (this is the dean)
alumni@admu.edu.ph

Reminders:
Write sober, professional letters
DO NOT resort to name-calling
DO NOT accuse Yuchengco of anything like being a fraud, a liar, etc.
DO NOT be over emotional

What I did was I didn't ask them not to give the award, I asked them to postpone and review further, then gave factual data about the rehab plan, the transfer to lifetime, and the problems of the planholders now. I pointed out the irony of giving Yuchengco a free degree when thousands of planholders who trusted him with their hard-earned momeny may not be able to get their degrees.

Hope this helps.

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

Here's the concluding portion of the column cited above, "The Financial Executive" by Joseph Gamboa, that was published in the May 10 issue of Business World. It's about the coffeetable book commissioned by the Yuchengco family:

Now comes the Pacific Plans issue that has been raging in the broadcast, print and online media the past three weeks. In his biography, AY’s daughter Yvonne says her father “was like the founder of the pre-need industry” when he set up Pacific Plans in 1966. But this legacy is now being threatened by a series of events leading to Pacific Plans’ petition for suspension of payments and rehabilitation before the Makati Regional Trial Court. The court issued a stay order, in effect freezing the tuition payments of plan holders who were caught by surprise at the peak of enrollment season. Some34,000 plan holders are being asked to wait until 2010 before getting their money back under a fixed-value conversion scheme.

Efforts of some spin doctors to put their masters in a good light or to malign the coalition of plan holders have backfired. When the education of 34,000 children is at stake – in a country where education is considered the best legacy parents can leave their children – no amount of palliative measures can pacify the outraged victims. Not when they placed their trust and confidence in a good name to ensure the future of their children.

The only way out of this public relations disaster is to withdraw the rehab petition and honor the tuition commitments in full. Otherwise there may be no legacy to speak of when a good name turns into mud.

 
At Wednesday, May 11, 2005 2:04:00 PM, Anonymous Anonymous said...

In response to:
"There are many lawyers who are filing cases against Pacific Education Plans. I am sure you will be able to find an SPA that is limited to the filing of opposition to the rehab plan only."

Well then, please upload all the different SPAs into our yahoo group. There may not be time tomorrow as we still have to read them and think through the implications.

 
At Wednesday, May 11, 2005 2:09:00 PM, Anonymous Anonymous said...

Para po sa mga takot magbigay ng SPA:

Ano pa ba ang hinihintay niyong kunin sa inyo bago kayo kumilos.

Ninanakaw na ang kinabukasan ng inyong mga anak, pati ba prinsipio ninyo ipapatalo niyo.

Kaya nga malakas ang loob ng mga taga PPI na gumawa ng kalokohan dahil sa akala nila ay malamang sa hindi, wala tayong gagawin. Ang nagpalakas ng loob nila ay ang pagsawalang kibo ng mga planholders ng CAP.

Akala ng PPI at nila Yuchengco, tatahimik lang tayo. Kung papairalin natin ang takot, para na ring tinapon natin sa basurahan hindi lamang ang kinabukasan ng ating mga anak kundi pati na rin ang prinsipio natin. Ito ba ang ituturo natin sa ating mga anak?

Ano ang ikinakatakot ninyo? Nagbayad tayo ng buo. Walang kulang. Sila ang sumira sa usapan hindi tayo.

 
At Wednesday, May 11, 2005 2:18:00 PM, Anonymous Anonymous said...

St. Paul's College Pasig is near the Valle Verde area. You can get there through :

(a) Meralco Avenue;
(b) C-5.

From EDSA, head east towards Meralco Avenue, take the flyover and on the first traffic light after the flyover, make a left turn. St. Paul's College is approx. 400 meters from the corner of Meralco Ave.

I don't know the names of the streets leading from C-5 to St. Paul's. Anybody care to give directions?

 
At Wednesday, May 11, 2005 2:33:00 PM, Anonymous Anonymous said...

IN response to:
"
Para po sa mga takot magbigay ng SPA:

Ano pa ba ang hinihintay niyong kunin sa inyo bago kayo kumilos.

Ninanakaw na ang kinabukasan ng inyong mga anak, pati ba prinsipio ninyo ipapatalo niyo.
"

First, No pressuring, decision should be made on own free will.

Second, there is no need for a general SPA. Since, PPI filed for rehabilitation, PPI is protected from all suits until hearing is completed. The only thing needed now is to represent our stand on the rehab plan.

Third, if PPI is cleared of fraud, and the Coalition still sues, I don't want to be part of this lawsuit.

 
At Wednesday, May 11, 2005 2:58:00 PM, Anonymous Anonymous said...

Then you are just one of the many fence sitter who wanted to reap what other people sow. Masyado kang sigurista. Kung saan ka makakalamang dun ka ayaw mong lumaban gusto mo iba ang lalaban sa iyo tapos kung nanalo makikinabang ka rin.

 
At Wednesday, May 11, 2005 3:12:00 PM, Anonymous Anonymous said...

I have a better suggestion! Why don't you draw up your own SPA and bring it there?!? Sa ganun, makakasiguro ka na di ka madedemanda kapag na-clear ang PPI ng kasong fraud!

 
At Wednesday, May 11, 2005 3:23:00 PM, Anonymous Anonymous said...

With these type of statements:

"Then you are just one of the many fence sitter who wanted to reap what other people sow. Masyado kang sigurista. Kung saan ka makakalamang dun ka ayaw mong lumaban gusto mo iba ang lalaban sa iyo tapos kung nanalo makikinabang ka rin. "

"I have a better suggestion! Why don't you draw up your own SPA and bring it there?!? Sa ganun, makakasiguro ka na di ka madedemanda kapag na-clear ang PPI ng kasong fraud! "

I am out of here...Good Luck to you in whatever motives you have.

 
At Wednesday, May 11, 2005 3:26:00 PM, Anonymous Anonymous said...

The SPA is a manifestation of our trust in PEP Coalition. I have prepared the required docs (5 copies of Education Plan Agreement, my cedula). I will sign the SPA.

Everyone has his own concerns/interests. Subalit naniniwala ako na ang kolektibong pangunawa ng mas nakakarami at hindi lang ng sarili ko ay mas makabuluhan at mas karapat dapat. No to Rehab. Boycott the Yuchengcos. More power to PEP Coalition.

 
At Wednesday, May 11, 2005 3:35:00 PM, Anonymous Anonymous said...

Salamat po! At good luck din po sa inyo. Sana may mangyari sa inyong pagiging sigurista! GO PEP COALITION!!!

 
At Wednesday, May 11, 2005 3:48:00 PM, Anonymous Anonymous said...

In one of the news in the recent weeks, PEPSI was asked by the courts to pay the 349 winners. Yun nga walang contract and it was a simple promo, pinabayaran ng courts ng P5MM yun isang claimant and another one who claimed for P1MM ++. Tayo pa kaya. I think we all have a strong case against PPI.

 
At Wednesday, May 11, 2005 3:53:00 PM, Anonymous Anonymous said...

In Response to...

Third, if PPI is cleared of fraud, and the Coalition still sues, I don't want to be part of this lawsuit

It's like fighting in a boxing bout but you don't want to get hit . We don't need these kind of people who cannot stand up for what they believe in. If you don't have the guts to fight them at all cost then just sign up on their rehab plan, your problem is solve, but don't expect others to fight for you if you yourself cannot do it for the sake of your children!!!

 
At Wednesday, May 11, 2005 4:59:00 PM, Anonymous Anonymous said...

While the legal tussle is on, let us focus on the collective will, BOYCOTT of YGC. Many have shared their opinions, among which are:
1. Do not accept RCBC check or RCBC card as payment.
2. Tigilan ang anu mang transacksiyon with the YGC group.
3. Switch to low cost alternatives.. like huwag hayaan mag lapse ang binabayarang plans.

Maraming version mag 'lawful disobedience'. Let me hear more. We have to fight back.

 
At Wednesday, May 11, 2005 5:58:00 PM, Anonymous Anonymous said...

In response to:

"In one of the news in the recent weeks, PEPSI was asked by the courts to pay the 349 winners. Yun nga walang contract and it was a simple promo, pinabayaran ng courts ng P5MM yun isang claimant and another one who claimed for P1MM ++. Tayo pa kaya. I think we all have a strong case against PPI. "


After 13 years...

 
At Wednesday, May 11, 2005 6:53:00 PM, Anonymous Anonymous said...

I am unfortunately in the moderate position, against rehab and pushing for investigation of fraudulent transactions of PPI.

I also believe in what one of the posters said:

"Second, there is no need for a general SPA. Since, PPI filed for rehabilitation, PPI is protected from all suits until hearing is completed. The only thing needed now is to represent our stand on the rehab plan."

Since the Coalition has turned into a "sign general SPA or get out" approach, I respectfully have to leave this Coalition so you can pursue your own plans.

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

To the person concerned about the SPA and possible countersuits:

I inquired from a lawyer about the risk of a possible countersuit. I was told that the only possible countersuit that can be filed against those who file a criminal case is malicious mischief. The case will only prosper if the one who files the countersuit can prove that the criminal case filed against him is completely without basis. You may wish to check this with lawyers you know.

In the alternative, why not get your own lawyer and have him file an opposition to the rehab in your behalf. You can give him an SPA that is limited to filing of an opposition to the rehab only.

 
At Friday, May 13, 2005 11:14:00 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 Saturday, May 14, 2005 1:15:00 PM, Anonymous Anonymous said...

...GOT YOU AGAIN...And you really would have people believe that you can state this with a straight face in front of right thinking folks without getting quizzical looks??? That's funny!!! Thanks for the comic relief

This came from the other post where its COMMENT BOX WAS DISABLED.

Who's being comic here? I believe it's you. When the columns of Chanco and Agustin came out, all of a sudden all you can post are excerpts, showing the good points only, which you want your members to read and not the totality of the columns.

WHO'S COMIC? THE ANSWER IS RIGHT HERE IN THE BLOGSPOT. NAY, ITS THE BLOGSPOT ITSELF.

 

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