Tuesday, May 24, 2005

Vigilance is Critical at the Makati RTC




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DEMAND AND SUPPLY By Boo Chanco

The Philippine Star 05/23/2005

" Now, everything is coming home to roost. As I told Helen Yuchengco Dee, their big problem is that they allowed their lawyers to call the shots in this crisis of their lifetime. I told her that it was pretty sneaky of them of try that gambit of creating another company and subjecting the original Pacific Plans company to court-ordered rehabilitation.


I read the letter they sent to Pacific Plans subscribers and if that letter was addressed to me, I would naturally be enraged. One of my friends showed me the letter he got and the letter said that unless my friend responds in so many days, it would be assumed that he has agreed to be paid many years down the road and only at seven percent interest. That’s extremely sneaky legal ruthlessness, for which the Yuchengco family will end up paying dearly..."


"...If this is the way the Yuchengcos are going to handle this case, Helen should take the advice I gave her: Quickly sell their holdings at RCBC, Grepalife and Malayan while they still have value. They cannot continue being in the business of providing financial services with this big blotch on their reputation"


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The coalition has to brace for the worst. Over the week-end, we have been thoroughly appalled by the fact that rather than admit its serious lapse of judgement and offer of rescinding its rehabilitation plan, YGC has continued to be confrontational, indignant, and unrepentant.

This can only tell us that neither moral suasion, such as the one which Mr. Chanco is attempting, nor a highly critical SEC report will succeed in restoring YGC's sense of amor propio and delicadeza. We can only assume that they are highly confident of winning their appeal and having their way, together with their legal henchmen, with the Makati RTC and have chosen to put all their eggs into the basket.

Unless we witness an 11th hour spiritual conversion, it already appears that between reputation and love of money, love of money has triumphed. As we speak, YGC is now prepared to defend in court, the value it spirited away from PPI.

YGC and their legal cohorts would do well to re-read Dante Alighieri's "The Divine Comedy" and read closely those souls who descend to the eight ring of hell.


33 Comments:

At Monday, May 23, 2005 10:11:00 PM, Anonymous Anonymous said...

You can bet that moral suasion will not make the Yuchengcos change their mind. Mukha na nila ang nakataya. To give in now will be a loss of face to them.

 
At Monday, May 23, 2005 10:33:00 PM, Blogger SunTzu said...

Aw Shucks! Guess they want to do it the hard way. We gave them the chance and they really are very intransigent about the whole thing. They started it and now pride will not allow them to end it.

It is time for WAR and let us make sure it will cost them BIG TIME!!

 
At Tuesday, May 24, 2005 5:37:00 AM, Anonymous Anonymous said...

More evidence on the existence of Karma! Its really a pity that Helen dee's arrogance will cause this group to crumble. Old man AY is so dazed by old age & his recent bypass operation that even his 250M is not enough to buy back his name. Its a case where the only winner in this exercise will be the wolves of "DA FIRM". You sow what you reap & the yuchengcos especially the dragon lady is on her way to getting a dose of her own medicine. Her multitude of enemies are all lining up for their shot.Karma at its meanest!

 
At Tuesday, May 24, 2005 4:10:00 PM, Anonymous Anonymous said...

Feng Shui 4 Business Sins
1.GREED
2.FRAUD
3.LOSS OF TRUST
4.THICK FACE, BLACK HEART(with ill intention).
the yuchonggo group of conspiracy is seeing the end of its downfall. the more they shake the more they sink in the quicksand. such a pity to see an empire ravaged by greed in the end. they did not see the warning signs that had struck their families when helen dee's son commited suicide on new year's eve out of loneliness, al yuchenco's daugther on his second marriage commited suicide out of loneliness too! money is not all there is to live for and it can be a curse to those who worship it. money in good faith can give education. send our children back to school and untangle the curse of bad luck. happy feng shui to you and your family.

 
At Wednesday, May 25, 2005 2:11:00 PM, Anonymous Anonymous said...

What a great turnout this morning at St. Andrew's Church! Thanks to everyone who attended!

By the way, don't be surprised at how Big Al and Helen treat this issue. Just look at how Big Al treated his female siblings and adopted brothers in terms of sharing (or non-sharing in this case) his inheritance.

 
At Wednesday, May 25, 2005 2:20:00 PM, Anonymous TLS said...

"RESTORATION!!! NOT REHABILITATION NOR DEMOLITION"

That is the truth.

 
At Wednesday, May 25, 2005 2:23:00 PM, Anonymous TLS said...

If someone posts the PDI article today, May 25, on the CARE and other so-called convenor groups that support PPI Rehabilitation, I already posted a response in the previous topic and here too.

"RESTORATION!!! NOT REHABILITATION NOR DEMOLITION!!"

 
At Wednesday, May 25, 2005 2:51:00 PM, Anonymous TLS said...

To the PR Team of PPI/Yuchengco. Naunahan ko na kayo. Of course, your objective now is to "sanitize", "legitimize", "justify" your client's Petition for Rehab and so you are looking for an angle which will give you support. But sinong tatakbuhan nyo? You already know that the Senate and Congress have all proclaimed that something is remiss here with PPI and it must be investigated. You already know that the Pre-Need Industry Regulator, the SEC, has stood up for principles and what is right for all planholders in declaring PPI fraudulent. Sino na lang ang pwede?

So, you put together these groups which have sprung up from nowhere and at the opportune moment just on the day of the Hearing. They may even be legitimate groups, but again, their objective is distorted and skewed to favor PPI. They are trying to generate public support that a Rehab Plan is 1) needed and 2) good.

We all know that a Rehab Plan is 1) not needed because there was FRAUD in the first place which MANUFACTURED the need for Rehab and 2) bad for everyone because that means that FRAUD is being condoned, Big Business has once again won over Filipino individuals, and NO PLANHOLDER WILL GET ANYTHING BECAUSE A REHAB PLAN WILL TIE UP ALL ASSETS, RESULT IN RESCHEDULING AND RESTRUCTURING OF BENEFITS AND IS FOR THE BENEFIT OF PPI/YUCHENGCO.

Everyone knows, with all the truths that have come out, what you need is justice, what you need is a prosecution. Fraud has been committed and so criminals must be sent to jail. THAT will restore TRUST. THAT will strengthen the Industry. THAT will protect all the planholders. THAT will allow the children to go to school and get their education that is rightfully theirs.

So to the PR Team of PPI/Yuchengco, think again.

 
At Wednesday, May 25, 2005 3:13:00 PM, Anonymous Anonymous said...

please provide an account on what happened in church and at the RTC. Couldn't make it but was with the Coalition in spirit, praying for victory.

 
At Wednesday, May 25, 2005 3:39:00 PM, Anonymous Anonymous said...

The PR Team of Pacific, regardless of how wily and intelligent they are, will always end up crashing into a wall. Why? BECAUSE YOU CAN NEVER RIGHT A WRONG BY DOING ANOTHER WRONG. But the truth of the matter is...... TALAGA NAMAN PONG ABOT LANGIT ANG KABOBOHAN NIYO!!!!!! GOOD JOB!!! IBAON NIYO PA NANG HUSTO ANG PPI SA PUTIK!!!!!

 
At Wednesday, May 25, 2005 4:17:00 PM, Anonymous Anonymous said...

JUST HEARD THAT THE SEC HAS ALREADY REVOKED THE LICENSE OF LIFETIME PLANS!! YES!! JUSTICE MUST FIRST BE SERVED AND THESE CRIMINALS PUT IN JAIL. PPI/YUCHENGCO AND WHATEVER COMPANY THEY PUT UP CANNOT BE ALLOWED TO CONTINUE "SELLING" EMPTY PROMISES TO THE PUBLIC WHILE THEY STAND TRIAL FOR FRAUD.

 
At Wednesday, May 25, 2005 5:37:00 PM, Anonymous Anonymous said...

Great!!! To Helen, you ain’t seen nothing yet. Wait till the next few days and your empire will crumble and it will be too late to negotiate.

 
At Wednesday, May 25, 2005 6:14:00 PM, Anonymous Anonymous said...

What a glorious day...thanks to our Lord.

As early as 8 o'clock, St. Andrew's Church is already bustling with people. In white PEP Coalition t-shirts. Young and not so young, kids and dating kids. Mass started at 08:30 with Fr. Robert Reyes officiating. First reading is handled by a young boy, about 8, while responsorial psalm is done by a motley of scholars (to be or not to be...). The homily rendered focused on the heart..thunderous clapping interrupts what is already solemn enough. After communion, our president spoke. Philip reported on Helen Yuchengco Dee refusing any dialog with PEP Coalition and that SEC has decided to revoke the license of Lifetime. Congresswoman Etta Rosales graced the occasion. She brought support for our cause. Onwards to Makati RTC. From Reposo then JP Rizal and towards the back of City Hall. The marchers are about a kilometer long. Chants of 'Yuchngengo magnanakaw', 'Kontrata pasunurin, Rehab ibasura' reverberates. In the heat of the sun, there is singularity of purpose. There is goodwill and will to fight for the right. Our lawyers announced of ten day grace period given for PPI to respond. Hearing postponed until June 22. Sure am glad, I brought my wife and daughter. It's worth my half day leave from work.

 
At Wednesday, May 25, 2005 7:53:00 PM, Anonymous Anonymous said...

WHOAAAA!!!! Was watching the GMA news and, lo and behold!!! Who was the leader of the other group that is pro rehab? No one else but this Padilla lady who was also in the Debate show, but in the capacity of a PPI agent. IT'S SHOWTIME!!!! HAHAHAHAHAHAHAHA
What a BIG joke!!!!!
CALLING THE PPI PR TEAM!!! BUKING NANAMAN KAYO!!!!!!

 
At Wednesday, May 25, 2005 8:13:00 PM, Anonymous Anonymous said...

Read a PR release in the Philippine Star from one of the PPI spin masters in the guise of a letter to the editor.

It was praising Amb Alfonso Yuchengco for the 250M!

Whoever wrote that should know by now that it was merely a loan from Uncle Al (ni Gloria)

 
At Wednesday, May 25, 2005 8:18:00 PM, Anonymous Anonymous said...

To the blogger above:

About the "Padilla lady".....

Ano ba tawag sa babaeng bayaran?

Hint: It's a 4 letter word and it starts with the first letter of her family name and ends with the last letter of her family name. Fill in the 2 letters in between!

 
At Wednesday, May 25, 2005 8:21:00 PM, Anonymous Anonymous said...

Let's come up with pins : "na Yuchengco ako!".

Let's distribute for our kids to wear when classes open next month.

I feel that "yuchengcoed" parents will even be willing to buy these pins, which will later become collectors items!

 
At Wednesday, May 25, 2005 10:09:00 PM, Anonymous Anonymous said...

"Ano ba tawag sa babaeng bayaran?

Hint: It's a 4 letter word and it starts with the first letter of her family name and ends with the last letter of her family name. Fill in the 2 letters in between!"

Padilla lady said...

Hmmmmm...in tagalog? hmmm? Pusa?

 
At Wednesday, May 25, 2005 10:23:00 PM, Anonymous Anonymous said...

I saw that lady in a green shirt in the news this evening...

So...that woman is wid PPI?! Ano ba yan? Couldn't they come up with something more creative than that? hehehe! those people are so BUKING! hehehe! guess the PR peepz of PPI ain't that imaginative...ehehe!

 
At Wednesday, May 25, 2005 10:26:00 PM, Anonymous dbc said...

yung nasa group na Pro-rehab...are they insane? halatang bayaran cla. naatim nilang agawan ng future ang mga anak nila? tunay ba silang mga magulang?

mag-isip isip sana sila...

 
At Wednesday, May 25, 2005 10:57:00 PM, Anonymous Anonymous said...

to those pro-rehab plan - please come out in the open and submit your letter to ppi that you agreed to the arrangement that you will be paid in 2010 whatever happens, this way you will lessen the problem of ppi as they will deal only with those who knows how to fight not only for their rights but also know how to fight agsinst cheaters, also to those pro rehab please do not get your second checks and if you have gotten it please return the check since you have favor for the rehab and the additional support was never part of the rehab, magpakatotoo naman kayo, magpro-prorehab kayo but you want to benefit also from what the coaltion has work so hard to achieve. As to their new spokesman, ano akala mo hindi naman natandaan ppi agent ka sa debate show, ngayon planholder spokeswoman ka naman ng pro-rehab, wala na ba kayo ibang tao puede gamitin

 
At Thursday, May 26, 2005 12:48:00 AM, Anonymous Anonymous said...

the padilla lady....

baka .... PATA???

 
At Thursday, May 26, 2005 12:51:00 AM, Anonymous Anonymous said...

padilla lady....

lady ba yun???

mas bagay nga PATA kaysa pusa hehehe

 
At Thursday, May 26, 2005 1:32:00 AM, Anonymous Anonymous said...

Baka PUTIK?

Ay sorry, dapat 4-letter word pala!

 
At Thursday, May 26, 2005 1:34:00 AM, Anonymous Anonymous said...

Tingin ko...PERA!

Jema Padilla is a YGC mercenary.

 
At Thursday, May 26, 2005 1:54:00 AM, Blogger vaux said...

The Truth will set them FREE! Rectify what wrong decision has been made. Planholders are not up against longtime legal battles. We only want our children to have their educational benefits now. Not in 2010! At the rate the Yuchengco's are going, surely they wont last till 2010!!!!!

 
At Thursday, May 26, 2005 2:01:00 AM, Blogger vaux said...

The Truth will set you FREE! This is the only consolation we can give to Pacific. Rectify whatever wrong decisions you have made. We, Planholders are not up to fight long legal battles, we only want our children to have their educational benefits now and not on 2010. We doubt if the Yuchengco's could still last till that year.

 
At Thursday, May 26, 2005 2:20:00 AM, Blogger vaux said...

Padilla o pusa o pata o pera please lang mag-isip isip ka naman day, wag ka masyado sip sip ke Madam Helen

 
At Thursday, May 26, 2005 7:24:00 AM, Anonymous Anonymous said...

"About the "Padilla lady".....

Ano ba tawag sa babaeng bayaran?

Hint: It's a 4 letter word and it starts with the first letter of her family name and ends with the last letter of her family name. Fill in the 2 letters in between!"

Hey Blogmaster!

Let us refrain from using or insinuating words like the one above. We have to maintain the level of professionalism in our blog.

Thanks!

 
At Thursday, May 26, 2005 12:42:00 PM, Anonymous Anonymous said...

In Phil Star, May 26, 2005
"SEC cancels papers of Lifetime Plans
By Zinnia B. Dela Peña
The Philippine Star 05/26/2005

The Securities and Exchange Commission (SEC) cancelled yesterday the registration certificate of Lifetime Plans Inc., the spin-off unit of the troubled Yuchengco-owned pre-need firm Pacific Plans Inc., for failure to comply with certain registration requirements.

In its order, the SEC said it has withdrawn its approval of Lifetime Plans’ certificate of incorporation due to the firm’s failure to submit documents to support its capitalization.

Among these requirements include the submission of proof of collection of receivables worth over P40 million and transfer of ownership of transportation equipment worth around P6 million.

Benito Cataran, head of the SEC’s Company Registration and Monitoring Department, said Lifetime Plans failed to submit the required documents despite sufficient time given by the SEC. The company was given until September last year to comply with the remaining requirements.

In the same order, the SEC has directed Lifetime Plans’ trustee banks Rizal Commercial Banking Corp., ING Bank N.V., and China Banking Corp. to preserve the trust fund of the pre-need firm until further orders of the commission.

With the order, it is expected that the assets of Lifetime Plans shall revert to Pacific Plans.

Meanwhile, the Yuchengco Group has decried the SEC decision, saying this has put in jeopardy the interests of over 400,000 Lifetime Plans planholders.

"This move by the SEC, which ironically is supposed to safeguard the interests of pre-need planholders, has effectively put in limbo the payment of benefits to the more than 400,000 planholders of Lifetime Plans," the Yuchengco group said in a statement.

Lifetime Plans said it would not take this matter sitting down and will, in fact, appeal the SEC decision.

SEC Commission secretary Gerard Lukban said the ball is now in the hands of the court as the SEC has already done its part in safeguarding the interest of the investing public and ensuring that its rules are complied with. "It is now up to the court to decide on the issue. As far as the SEC is concerned, we’ve already done our job."

The Yuchengco Group, however, said the SEC decision may cast doubts on the rehabilitation of Pacific Plans. As a result of the order, Pacific Plans said it is withholding payment to its planholders until all issues brought about by the SEC order are cleared and resolved.

Prior to the SEC order, Pacific Plans had distributed P591 million in cash to planholders, P250 million of which came from the personal resources of Ambassador Alfonso Yuchengco, the patriarch of the Yuchengco Group of Companies.

Pacific Plans said that if the court approves its rehabilitation plan, it will also initially provide a liquidity window of another P300 million to its traditional planholders.

Pacific Plans legal counsel Jeannette Tecson pointed out that the pre-need firm’s move to file for rehabilitation was not meant to defeat planholders’ claims but to ensure the expeditious and orderly payment of planholders" claims.

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

The SEC has asked the Makati Regional Trial Court to dismiss Pacific Plans’ petition for rehabilitation for lack of merit. In its opposition, the SEC said" there is no necessity for Pacific Plans to undergo corporate rehabilitation and that the said petition was merely resorted to by the company to evade its contractual liability to planholders."

The SEC cited the financial statements submitted by Pacific Plans which showed that the pre-need firm is solvent and liquid. As of end-Dec. 2004, Pacific Plans even exceeded its trust fund liquidity reserve requirement by P3.77 billion.

According to the SEC, Pacific Plans had a total Net worth of P657.84 million and P119.08 million as of end-Dec. 2004 and March 31, 2005, respectively.

The SEC said it was because of Pacific Plans’ healthy financial condition that it agreed to the pre-need firm’s proposal for the spin-off of its pension, education and memorial businesses into a separate company called Lifetime Plans.

It also questioned Pacific Plans’ disbursement of P18.46 million in the last quarter of 2004 as management service fee to Lifetime. It also noted the pre-need firm’s allocation of commissions and bonuses to its agents and employees.

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

It also accused Pacific Plans of doctoring its books as it submitted a different set of figures in its audited financial statements as of May 31, 2004 to the Bureau of Internal Revenue.

Moreover, the SEC said the new fixed plan offered by Pacific Plans amounts to a novation of contract and therefore cannot be forced upon the planholders without their consent."

The Yuchenggo schmucks have sleepless nights last night. Lalo na pag nasa bilibid ...

 
At Thursday, May 26, 2005 1:19:00 PM, Anonymous Anonymous said...

Prohibit, Prohibitive, Prohibited, Prohibiting, Prohibit…

I bought my kid’s education plan from Yuchengco so NOTHING could PROHIBIT my children from studying. Not even inflation. Not even the rising cost of tuition. Not even my DEATH could PROHIBIT my children’s education. At the time I was paying for it, gapang, iginapang ko panghulog because I believe nothing should PROHIBIT my kids from having their education. I knew then time will come when the cost of tuition will be PROHIBITIVE. And when that time comes ayokong makuba sa pagpapaaral ng mga anak ko. Those were the same words of the agent who sold it to me.

Now, my kids are PROHIBITED to use their plans. I went to PICC yesterday morning complete with all the requirements which they said I must bring. Despite these, I was told they were PROHIBITED to release the checks.

And now I learned LifeTime has been PROHIBITED to operate. I also bought pension plans from Yuchengco the very same year my kids’ education plans were fully paid.

Where have all my investments gone- yung iginapang ko?

The PEP COALITION is my refuge in all these.

To Helen Yuchengco Dee, Liway Gener and Roy Padiernos and all the other officers of PPI-Lifetime- this time around, stop prohibiting me me nor the other planholders and the the COALITION from demanding from Yuchengco to honor his agreement with us, his constituents. He must. Even beyond his lifetime. Nothing should PROHIBIT him!

 
At Thursday, May 26, 2005 5:08:00 PM, Anonymous Na-Yuchengco tayo! said...

"Where have all my investments gone- yung iginapang ko?"

I feel for and with you bro. Ganyan din ako. I live in a 40 year old house na patche-patche. My car is 14 yrs old and is falling apart. Yet I felt proud and secure that I did the right thing for my children by securing their education.

Then I get a slap-in-the-face wake up call from PPI...sosoli na lang daw pera ko! in 2010 yet! and plus 7% interest lang!

And I was made to feel that I had no recourse but to bend over and get raped!

Bakeeettt!!!

Ano kasalanan ko? Kasalanan bang maniwala ako sa pangako nila na kahit anu mangyari sagot nila tuition ng anak ko?

Kasalanan bang umasa ako sa pangakong ito?

Kasalanan bang tumupad ako sa usapan at umasa na tutuparin din nila ang bahagi nila?

Buti na lang at me Coalition, naliwanagan ang aking isip at nagkaron uli ng pagasa.

No to Rehab! No to Fraud!

 
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