Thursday, May 26, 2005

Whom the Gods Wish to Destroy They First Make Mad

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In its order, the SEC said it has withdrawn its approval of Lifetime Plans’ certificate of incorporation due to the firm’s failure to submit documents to support its capitalization.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

************************************************************************************

Child psychologists will tell us that under stress, we all become what we were when we were three years old.

The SEC report has already confirmed what this weblog has been asserting... that there is enough money to go around within the old PPI. With the revocation, SEC has restored us to that state of affairs.

The three year old in us will insist on the logic that it was perfectly feasible for the much crippled PPI to be making tuition support payments but at the same time, find it impossible now that it has been re-endowed with its original resources.

The three year old in us will throw a tantrum and say that it's the fault of the SEC and not ours and that is the reason why we cannot make the payments we were happily doing last week.

And the three year old in us will call the SEC a liar when the SEC shows us the same documents we submitted and were caught cheating.

Clearly, YGC seniors have triggered another potentially destructive spiral by suspending payments (they're being cute when they use the word withhold). They have chosen to ignore the warning that ACCRA gave in their opinion should they choose to pursue this course of action. With revocation, PPI is once again a healthy, solvent, and liquid company and their misguided decision to suspend payments raises issues of opening themselves to creditor challenges not to mention gross negligence or willful misconduct.

Which leads us to think that the reason that YGC was so obsessive about this spin-off was that it wanted to stuff the trad plan holders with the consequences of their collective decision to put money into bad investments. It could also be the reason why they could not come up with the necessary explanations in time to meet the compliance requirements of the SEC.

Would anyone at PPI or RCBC care to step forward and comment on this hypothesis?

200 Comments:

At Thursday, May 26, 2005 4:12:00 PM, Anonymous Anonymous said...

This is a great victory for the Coalition. Feeling Darth Yuchengco's Empire versus the Pep Rebels.

I think we should pause and offer an olive branch to YGC. He has suffered a very humiliating loss and I do not think we need to pursue till the end. His companies are experiencing sales declines and loss of deposits - and his name is smeared all over the papers.

If we went to him and asked him to sit down and offer a better solution to what he originally offered us, I think he will finally come around. Let us have each side's lieutenants talk to each other quietly and make recommendations that will be acceptable to the majority of the Coalition. This way he is given a graceful exit and saves face and that is what he has to do being Chinese.

True some of us would like to see him pay for what he has done - anxiety he has caused, ill will, hurt feelings - but that will not translate to Pesos for our kids education.

Let us sit and talk and give him a timeframe to come to mutually acceptable terms (1 week should be enough). If he still remains belligerent, then we continue the fight and escalate.

 
At Thursday, May 26, 2005 4:39:00 PM, Anonymous Anonymous said...

At the beginning of this crusade, all I wanted was to have PPI honor its 3 contracts with us. Later, I became more willing to consider a compromise. But as the YGC's dastardly acts begin to unfold before our eyes, all I want is nothing less than seeing all those bastards go to jail! I am really mad!

 
At Thursday, May 26, 2005 4:39:00 PM, Anonymous Anonymous said...

The scenario painted by the previous commenter would indeed be welcome. But from what we have learned so far, it is Helen Y. Dee who had been calling the shots in this drama. As Obi-wan Philip reported yesterday during the mass, she has refused all entreaties to come to the negotiating table. Perhaps the dark side of the force has too strong a grip on her.

 
At Thursday, May 26, 2005 4:47:00 PM, Anonymous Anonymous said...

The only acceptable response is that they fully pay all contractual obligations of all planholders. That is the only "graceful exit" available. That is NOT NEGOTIABLE. And I believe that even if we sit down with AY, THAT will not be acceptable to him. Again, let us not view this as being a battle being fought by AY as an individual. HE IS NOT ALONE. He is, after all the Chairman of a Billion Dollar conglomerate. And that is the true enemy here: an inhuman corporate machine run by more than a handful of strong, scheming, unprincipled, selfish people who will STOP AT NOTHING TO DEFEND THEIR FRAUDULENT ACTIONS AND HURT PLANHOLDERS AND DESTROY THE FUTURE OF INNOCENT CHILDREN.

Justice has not yet been served. Read the Topic posted. As early as now, PPI/Yuchengco are already using other "reasons" to renege. Their supposed "tuition support" and personal assistance "loan" from AY has been scrapped just because they've received a mortal blow NOT by the SEC, but BY THEIR OWN HAND. They rushed their fraudulent transfer when actually they did not yet have the approval to do so from the SEC. So, as the topic says, parang bata sila ngayon na umaangal sa parusa sa kanila na sila rin naman ang may kagagawan. And because of that they punish the planholders and point to the SEC.

Sit down and talk to people like that? Give them a week to come up with new strategies to fight the coalition? No, no, no.

 
At Thursday, May 26, 2005 5:06:00 PM, Anonymous Anonymous said...

The Yuchengcos, especially Helen, will never negotiate in good faith. That is how low they have sunk in public opinion.

 
At Thursday, May 26, 2005 5:16:00 PM, Anonymous Anonymous said...

Let's remain focused and continue to keep up the political and media pressure on the YGC-Pacific group.

This is a positive step for the coalition. Let us see how Darth Yuchenco's liars...... sorry I meant lawyers will react.

With trust in God we shall venture beyond our limits....... especially for our children.

 
At Thursday, May 26, 2005 5:40:00 PM, Anonymous Anonymous said...

saving face the Chinese way? excuse me, didn't AY in his biography (or is it fiction) went out of his way to disassociate himself from the Chinese community?

 
At Thursday, May 26, 2005 5:46:00 PM, Anonymous Anonymous said...

If all the assets were reverted back to PPI, and PPI withhold payments of tuition fees, isn't that another breach of contract!

 
At Thursday, May 26, 2005 6:48:00 PM, Anonymous Anonymous said...

so what else is new? the Yuchengcos are so used to this "breach of contract" thing... it is habit forming...and they think they can just walk away with this? am so mad with them. All these tuition supports that they are givng us (which are rightly due us)are being given in trickles and they are giving us a hard time claiming them as we have to go to their designated venues several times. Imagine wasting so much time and being late for our office work! It is such a hazzle...
The mass and the march to the city hall was a success... glad to be a part of it! Taking a leave from work was worth it! Kudos to the coalition!

 
At Thursday, May 26, 2005 6:52:00 PM, Anonymous kidd said...

Please fellow coalition members, do not underestimate the power of the dark force. Expect the council of the dark force to use all their resources, connections and powers for them to try to find a way to get out of the deep hole they are in. Let us continue the fight. NO to negotiations for now. Let us continue the offensive tactics. Let us not rest a bit nor be complacent.

 
At Thursday, May 26, 2005 7:43:00 PM, Anonymous Anonymous said...

As mentioned in the Phil. Star article ---

"...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."

Please note that the SEC order of preserving the trust fund (or perhaps even the assets) pertain to LPI and NOT PPI. So how come, PPI stopped releasing the checks to planholders. This is a sign of retaliation by the Yuchengcos. It only shows that they are still calling the "shots" for PPI.

Can someone who is good in writing please come up with a write-up on these recent developments and send a copy to USF. As mentioned by one of the posters earlier, with all that has been happening, USF should remove Yuchengco from its board. Hopefully, when they learn about this new developements, USF will have more reasons to do so.

 
At Thursday, May 26, 2005 8:46:00 PM, Anonymous Anonymous said...

". . . it is Helen Y. Dee who had been calling the shots in this drama."

". . . Darth Yuchengco's Empire . . ."

I'm confused. Sino ba talaga sa kanila ang SITH?

 
At Thursday, May 26, 2005 8:46:00 PM, Anonymous Anonymous said...

correct me if i am wrong, hindi pa nilipat na nila ang mga assets mula sa ppi to lifetime to gpl to exemplar, in effect wala na sa exemplar ang hinahabol natin, what the sec revoke was the incorporation paper of lifetime, no where in the order did it state that all the transaction of lifetime during its exitence was null and void,(the sec could have indicated this easily in their order considering they know that a lot of things transpired ) Not included also in the order was the status of gpl and exemplar, we should be wary of these technicalities, it may be true that the sec freeze the assets left at exemplar, (1) how much was left after the series of transfer ? (2) what happens now to those that were transfer to other corporations?, unless these things are clearly straighten out, ygc may be luaghing their way to the banks. There is such a thing as "hilaw na decision" wherein entities were able to get free or "allowed to get free". Considering the clout of ygc, we should not underestimate these things

 
At Thursday, May 26, 2005 9:46:00 PM, Anonymous Anonymous said...

This was posted in another thread. I wonder who the poster is.

SINCE THE SEC HAS DECIDED THE REVOCATION OF THE LICENSE OF LIFETIME PLANS, WE WOULD LIKE TO CALL THE ATTENTION OF THE:

1. BANGKO SENTRAL NG PILIPINAS - TRUST DEPARTMENT IRREGULARITIES AT RCBC;

2. BIR - TAX EVASION OF BOTH PACIFIC PLANS AND LIFETIME PLANS IN THESE IRREGULAR TRANSACTIONS; ALSO, PREVIOUS YEARS' INCOME TAX DECLARATIONS OF ALL OFFICERS AND SALES ASSOCIATES AT PACIFIC PLANS, INC. (ESPECIALLY VAT-ABLE AGENTS. A LOT OF THE AGENTS ARE IN CONFLICTS OF INTERESTS, ESPECIALLY THE WIVES OF SOME ppi OFFICERS WHO ARE ALSO SALES MANAGERS/ASSOCIATES AT THE SAME TIME);

3. SEC - ANOMALOUS PLANHOLDER DATABASE AT PACIFIC PLANS, USED TO BLOAT/UNDERSTATE ACTUARIAL LIABILITY RESERVES; ALSO, THE LEGAL STATUS OF ALL PLANS SOLD BY LIFETIME PLANS;

4. NBI/OMBUDSMAN/AMLACC - MONEY-LAUNDERING ACTIVITIES OF CERTAIN POLITICIANS, USING PPI/LIFETIME PENSION PLANS.

SINCE WE WILL LOSE OUR JOBS ANYWAY, WE MIGHT AS WELL EXPOSE THE TRUTH ABOUT PACIFIC AND LIFETIME PLANS!!

MABUHAY ANG SEC AT ANG PEP COALITION!!

SHAME ON YOU ENVELOPMENTAL JOURNALISTS!!

NO TO REHAB!! JAIL THE CRIMINALS INVOLVED!!

 
At Thursday, May 26, 2005 10:21:00 PM, Anonymous Anonymous said...

From another thread:

STAR WARS (YGC Version)
Emperor Palpatine = Evil Helen
Darth Vader/Anakin = Uncle Al
Luke Skywalker = Marco S.
Darth Sidious = Ernesto Garcia
Darth Maul = Jeanette Tecson
Jar Jar Binks = Conrad Banal
The Jedi = PEP Coalition
The Clones = CarePreneed/Alliance

 
At Thursday, May 26, 2005 10:34:00 PM, Anonymous Anonymous said...

Hahahaha! I love that thing about Jar Jar Binks, hahahahaha! yes, indeed, indeed, indeed...

 
At Thursday, May 26, 2005 11:18:00 PM, Anonymous Anonymous said...

the ygc are indeed very creative, with ppi, they say that because of the stay order, they will not be paying the tuition fee of the planholders and now becuase of the sec order, they wll not be able to service the 400,000 planholders, as we all know that most of the assets have been transferred to gpl and exemplar and due to the fact that the incorporation papers of lifetime is revoked, they will now say they are not in a position to pay the planholders of lifetime, ano say nyo ygc, is that what your planning all along?

 
At Friday, May 27, 2005 12:21:00 AM, Anonymous Anonymous said...

The pre spinoff trust fund of PPI has a single trust fund for both traditional and fixed value educational plans. The stay order by SEC on the trust fund will affect therefore the traditional planholders(32,000) + fixed value planholders(400,000)

 
At Friday, May 27, 2005 12:27:00 AM, Anonymous Anonymous said...

since the size of the trust funds is uncertain, expect planholders to preterminate their contracts, a condition similar to a fire in a dark, crowded movie theater.

those ultimately left holding the empty bag will be those expecting to be served by ppi/lifetime, but there will be insufficient trust fund to speak of.

 
At Friday, May 27, 2005 2:28:00 AM, Anonymous Anonymous said...

I am confused! Today, I received a letter from Lifetime Plans, Inc. in regards to my pension plan.. the letter is dated April 13, 2005, the letter envelop showed it was mailed May 25, 2005 and our local post office stamped to have received it today, May 26.

I cannot interpret it correctly, so maybe our Coalition can shed light on my confusion.

Will write down this letter verbatim:

ENDORSEMENT

ATTACHED TO AND FORMING PART OF THE PRE-NEED AGREEMENT INDICATED BELOW:

It is hereby declared and agreed that as a result of the transfer of all rights and obligations of Pacific Plans, INc. (PPI) to Lifetimer Plans, Inc. (LPI), including the delivery of all benefits and services, provided in this Pre-need Agreement as approved by the Securities and Exchange Commission effective September 16, 204, LPI guarantees to provide all the benefits and privileges to which the Planholder is entitled under the terms and conditions of the said Pre-Need Agreement. It is understood and agreed that any and all rights, benefits and causes of action arising from this plan shall be exclusively and fully claimed against LPI only and not against any other third party, including PPI. Unless, we receive written objections from you within ten days from your receipt thereof, any such rights of recourse are hereby deemed expressly waived and revoked.

All other terms and provisions of this Pre-Need Agreement remain unaltered.

Makati City, April 14, 2005.

(Sgd) Liwayway F. Gener
Executive Vice President
Operations and Administrations

Name and Signature of countersigning officer

ELILY RAYMUNDO
Manager
Centralized Plan Processing Department


i've become so suspicious of PPI, and do not know if this has implication with our Cause. Besides, up to now, i do not know what to do with my pension plan with LPI... to continue premium payment and run the risk OR cut short my losses now.

 
At Friday, May 27, 2005 8:06:00 AM, Anonymous Anonymous said...

Lifetime Plans to ask SEC to reconsider dissolution
Posted: 1:12 AM | May 27, 2005

Inquirer News Service


LIFETIME Plans Inc., a subsidiary of Pacific Plans Inc., will ask the Securities and Exchange Commission to reconsider a decision to shut it down, company spokesperson Samuel Torres said in a statement Thursday.

Lifetime Plans, which sells fixed-value pre-need plans, has more than 400,000 plan holders, Torres said.

Inquirer sources said the SEC's decision to revoke the company's certificate of incorporation meant the liabilities of Lifetime Plans would have to be transferred back to Pacific Plans, which is hard pressed in addressing the concerns of its plan holders.

Pacific Plans has filed a petition with the Makati Regional Trial Court for rehabilitation and a suspension of payments.

SEC officials said Wednesday the commission had revoked the certificate of incorporation of Lifetime Plans, effectively dissolving it as a company. A source close to Lifetime Plans said the SEC's decision "was the harshest made so far in corporate history."

Pacific Plans on Wednesday said it would temporarily cut off funding tuition support for plan holders until issues on the SEC order were cleared.

Commission secretary Gerard Lukban said that as of Thursday evening the commission had received no motion from Lifetime Plans seeking reconsideration.

"There is nothing in the rules to prevent them from filing [a motion for reconsideration]," Lukban said.

Torres said the SEC's order was issued without the benefit of a necessary notice and hearing on the revocation.

He also said "it is not true that it [Lifetime Plans] failed to comply with the SEC requirements."

"Contrary to the SEC's order, it had been complying with the SEC's directives to present proofs of transfer to Lifetime of the assets conveyed by virtue of the spin-off" of certain Pacific Plans assets to Lifetime Plans, he said.

The SEC said earlier it had found Lifetime's submissions "insufficient." It gave no explanation.

Lifetime Plans said the SEC decision effectively put in limbo the payment of benefits to more than 400,000 plan holders and the employment of the company's 14,400 employees and agents.

Fifty-three sales agents signed Thursday a manifesto lamenting the SEC decision. More than half of them met with the media to express indignation.

Their spokesperson, Ronald Arciaga, said the revocation of Lifetime Plans' certificate of incorporation was made hastily and without notice or warning to the company.

Ben Fernandez, another sales agent, said their group was appealing to the SEC to help rebuild the pre-need industry and to clarify its order to the public.

The sales agents said in their manifesto: "The SEC has, in effect, deprived the plan holders the right to enjoy the payment of benefits from their investments." Elizabeth L. Sanchez, with INQ7.net

 
At Friday, May 27, 2005 9:24:00 AM, Anonymous Anonymous said...

The sales agents said in their manifesto: "The SEC has, in effect, deprived the plan holders the right to enjoy the payment of benefits from their investments." Elizabeth L. Sanchez, with INQ7.net

what about the pep trad planholders & scholars??? who deprived them? di ba ppi? besides there are a lot of ppi planholders who are also lfi planholders!!! di ba ppi naman ung lfi.

Their spokesperson, Ronald Arciaga, said the revocation of Lifetime Plans' certificate of incorporation was made hastily and without notice or warning to the company.

What about what they did to us? were we informed beforehand? were we given notice or warning that they're going to stop payment? di ba agad agad basta na lang nila hinihinto ang mga benefits ayun sa kagustuhan nila?

NOW PPI AND LFI ARE JUST REPEATING OUR SENTIMENTS!

 
At Friday, May 27, 2005 10:27:00 AM, Anonymous Anonymous said...

I know a lot of former officers of Pacific Plans are visiting this blogspot.
Please tell us, why did some EIGHTEEN (18) or so of you resign in 1999?

I recall there was a change of management. Did you leave because of this? A loss of confidence? It was Yvonne Yuchengco who took over. The next guy was Alfredo C. Antonio. Who was the president when the ACCRA law office replied to (letter dated March 9, 2000) on PPI’s query on the legal implications should it decide not to honor the transfer of plan ownership?

Then years later Helen Yuchengco Dee came in the picture together with her equally vicious assistant Liway Gener. They teamed up with the most cunning marketing head Roy Padiernos. These trio made it hard for us to continue selling the products.
I remember a period when we get charged for encashing our PPI commission checks thru our PPI cashiers. Kala namin that was the worst. Then this terrible thing happened.

The pro Yuchengco readers ( na nagpopost din dito para manggulo)will react “eh kung di ka na pala masaya sa PPI bakit di ka umalis nuon pa?” That’s easier said than done. I am still around not solely for the income. I’m here because I’m committed to serve all my plan holders. Planholders na nabentahan ko since 1984 up to the present. I have integrity. I wish I could say the same for the trio and Alfonso Yuchengco. I valued my affiliation with the Yuchengcos. Malungkot kasi hindi symbiotic ang partnership. I’m still here in PPI. I won’t turn my back on my plan holders.

I go back to my question. Why did some EIGHTEEN (18) or so of you resign in 1999?
Did you see all of these coming?

 
At Friday, May 27, 2005 10:33:00 AM, Anonymous Anonymous said...

"[Lifetime spoksperson Samuel] Torres said the SEC's order was issued without the benefit of a necessary notice and hearing on the revocation...[Lifetime sales agents'] spokesperson, Ronald Arciaga, said the revocation of Lifetime Plans' certificate of incorporation was made hastily and without notice or warning to the company."

As I understand the SEC's revocation order on Lifetime's registration, the SEC repeatedly reminded Lifetime of shortcomings and missing documents pertaining to the latter's application for registration. In light of this, the revocation order doesn't strike me as being hastily made.

Also, similar to the previous poster's comment, up to now I--unlike other planholders--have received no formal notice from PPI re its rehab plans. All information I've gotten is from media and these two blog sites. Therefore, I haven't been given proper and due notice from PPI or Lifetime re their plans on my six PPI policies.

In short, although neither PPI nor Lifetime has the moral authority of "clean hands" with which to cry "Unfair!" to SEC, both of them do have the nerve.

I say: Manigas kayo.

 
At Friday, May 27, 2005 10:49:00 AM, Anonymous Anonymous said...

To the PPI agent who posted the question about the 18 PPI officers who resigned in 1999:

I appreciate your concern for your planholders. I hope you make contact with the leaders of the coalition and tell them what you know about the current issue, how things work over there, or anything you want to share. Every little detail might help restore justice for planholders and their children.

 
At Friday, May 27, 2005 10:53:00 AM, Anonymous Anonymous said...

"Inquirer sources said the SEC's decision to revoke the company's certificate of incorporation meant the liabilities of Lifetime Plans would have to be transferred back to Pacific Plans, which is hard pressed in addressing the concerns of its plan holders. "

This is how they twist the truth, by simple omission. What about the assets? Don't these get transferred along with the liabilities?

The scary thing is, many people will gloss over this omission and take PPI's words at face value. Even my husband failed to see this and just remarked, so what happens now if PPI's liabilities increase?

 
At Friday, May 27, 2005 11:10:00 AM, Anonymous Anonymous said...

One company, PPI, will just have to serve the needs of all planholders (trad and non-trad) or none at all; and it will have to take the credit for serving all or the consequences for serving none. But it will simply not do to divide and serve one group at the expense of the other. That's one of the strong signals sent by the SEC's revocation of Lifetime's registration.

 
At Friday, May 27, 2005 11:27:00 AM, Anonymous Anonymous said...

To the one who wrote:

"I am confused! Today, I received a letter from Lifetime Plans, Inc. in regards to my pension plan.. the letter is dated April 13, 2005, the letter envelop showed it was mailed May 25, 2005 and our local post office stamped to have received it today, May 26."

(From a non-lawyer, but with experience in insurance and similar contracts)

First, the endorsement they have sent you is called a novation of your contract, which needs your consent to be with effect. Please note that they are giving you ten days from receipt to send in your objection to this endorsement. If you do not reply within those ten days, your silence will be taken to mean consent. So, if you do not agree to this novation, you have to write them that you do not agree and you have to make sure they receive your objection within those ten days allowed you.

Second, your last paragraph implies you are still paying your instalments for your pension. I have not seen the wordings of their pension plan but if it is anything like our education plan, there should be a section there covering what happens if the planholder fails to continue paying the instalments as they come due. Read this section very carefully and understand what the implications are for you and your plan. In our education plan, we are given a two-month grace period to remit any instalment due. If no payment is received by them by the end of that grace period, the plan is considered "lapsed", i.e "of no further force and effect". You then have two years from date of default within which you can reinstate your plan. The process of reinstatement is laid out in a subsequent section.

If you do not reinstate your plan within the two years allowed, what happens to all your paid instalments? More bad news for you! Our education plan has this sentence in the section on "Grace Period": "...this Agreement shall be considered automatically cancelled and all payments made shall be forfeited in favor of PACIFIC as liquidated damages." If your pension plan has this sentence or similar wording, then you are cooked as much as we are.

Third, if you want to pre-terminate your plan, you can do so but at a very steep price. Check if your pension plan has a section entitled "Plan Termination Value", which we have in our education plan. This section lays out what you can expect to get back, depending on how much you have already paid. The maximum in our education plan is 50% of the plan payments, assuming the plan is already fully paid.

Hope this clears up some of your confusion. If not, please post again.

 
At Friday, May 27, 2005 11:53:00 AM, Anonymous Pandy said...

Now that Lifetime is being dissolved as a corporation, I'm very concerned about a letter I received some time ago by Lifetime. It said:

"It is understood and agreed that any and all rights, benefits, and causes of action arising from this plan shall be exclusively and fully claimed against LPI only and not against any other third party including PPI. Unless we receive written objections from you within ten days from your receipt thereof, any such right of recourse are hereby deemed expressly waived and revoked."

I did nothing about this letter since I didn't know whether it was in my interest to object ... I just didn't get what they were up to! Were they anticipating that the SEC would revoke their incorporation? Now what will happen to the non-traditional college plan that I have with Lifetime? (I have 2 trad plans and 1 non-trad.)

 
At Friday, May 27, 2005 12:19:00 PM, Anonymous Anonymous said...

Pandy's concern is a genuine cause of concern. Can the lawyers in our group help interpret this? We need to reach out to Lifetime planholders as well to make sure they're not defrauded by they Yuchengcos too?

Could this be why they're not submitting the required documents? They deliberately did not comply with SEC requirements, knowing SEC will revoke the incorporation, then blame SEC for what happens to Lifetime planholders?

 
At Friday, May 27, 2005 1:21:00 PM, Anonymous marc said...

"Could this be why they're not submitting the required documents? They deliberately did not comply with SEC requirements, knowing SEC will revoke the incorporation, then blame SEC for what happens to Lifetime planholders? "

It's not a far-fetched scenario as one might imagine. After all, if to save money, they are just happy to renege their obligations to us, and to renege on their PR stunt of tuition support for us, how unimaginable is it really to think that they'd like to renege on their obligations to Lifetime Planholders too?

As I have said before, the bulk of their liabilities are with the Lifetime Planholders, at around 8 Billion pesos in ARLs. I've just found out recently that their discount rate in 2003 was at 12% + 3% for some curious adjustment. That means that they might be discounting at 15% when all the other pre-need companies are discounting at 12% or 10%.

At 10 Billion ARL, with a duration say of 5 years average time to maturity of liabilities, and at a 5% delta interest (from 15% to 10%), that's a whopping 2.5 Billion peso understatement in liabilities to all planholders, especially to Lifetime Planholders who compose the bulk of the 10 Billion ARL.

Or maybe they are trying to force Lifetime Planholders to surrender their plans so that the YGC can earn the surrender profits?

When you deal with liars and cheats, it's really hard to give them the benefit of the doubt. YGC cannot be trusted at all...

It's time for the majority of the Lifetime Planholders to join forces with the Coalition and force the YGC to come clean, once and for all!

 
At Friday, May 27, 2005 1:45:00 PM, Anonymous Anonymous said...

Since Lifetime incorporation is denied, letters they sent out to plan holders (pension, memorial, etc) are of no value, as in void?

Pandy - my understanding is PPI is and only the entity that is obligated by ALL your plans.

 
At Friday, May 27, 2005 1:48:00 PM, Anonymous curious too said...

posted by cookie from coalition egroup:



"is it possible that the following scenario was planned and played out
from the very start ? :

stage 1 : ppi manufactures additional but 'unregistered' trad plan
contracts, release to the market thru their trusted agents as
"originally" bought way back in 1982, with cost indicated in these
plans showing 50k-150k depending on what type of plan

stage 2 : agent sells this contract to parent in secondary market at
200K - 400K depending on what type of plan. ppi pockets this unbooked
income. at the same time, during this period new 'happy' owner of
plan not allowed to use the plan for the next 4/5 years (unlike way
back you can use it immediately upon transfer) and ppi doesnot allow
or delays change of owner names in the plan

stage 3 : rehab plan released and boom ! all planholders will get
only original cost of plan, plus measly 7% interest, in 2010

meantime, ppi uses your money (200k-400k) from 1992 to 2010

IS THIS POSSIBLE ? IS THIS TRUE ????

is this is what ygc is hiding from us behind the rehab program ?"

these are very interesting questions...comments or inside info anyone?

 
At Friday, May 27, 2005 2:04:00 PM, Anonymous Anonymous said...

Since we're into conspiracy theories now, here's another one.

Is it possible that the rumors about Yuchengco family wanting to divide their holdings is true and they're liquidating their businesses one by one, at the expense of creditors? First, Pacific, then Lifetime.

RCBC is now offering loans with no collateral (according to previous posts). Can this be a way to increase their assets / accounts receivables, increase their interest profits, then when the loaners default, they'll pass it on to depositors by going for rehab, seeking court protection, or whatever legal mechanisms are at their disposal?

This would be a very scary scenario indeed!

 
At Friday, May 27, 2005 2:10:00 PM, Anonymous Anonymous said...

I have never known these people to have integrity. I was employed by them and then they accused me of fraud when it became convenient for them to do so. Kapal ng mukha nila. They just stole my daughter's future. My consolation is that I know they will never get away with it. Matakasan man nila yan dito, there will still be a final judgement where they cannot use money and connections.

 
At Friday, May 27, 2005 2:18:00 PM, Anonymous Anonymous said...

Calling all insiders!

Now is the time to come clean with what you know of the machinations of the yuchengcos!

The ship is sinking and the coalition is your lifeboat. There is a bigger picture here and it's looking very sinister. The mothership RCBC is not as solid as it seems. What happened? It seems PPI is just the tip of the iceberg.

Please, for everyones sake, tell us what you know!

 
At Friday, May 27, 2005 2:21:00 PM, Anonymous Anonymous said...

sometime back, there was a bid to buy RCBC. but the buyers were able to take a look at the books of RCBC and backed off. what did they see?

 
At Friday, May 27, 2005 2:48:00 PM, Anonymous Anonymous said...

madaming tama na ang rcbc. bankard was one of the recent ones. may declared na tama sila dun (P3B i think?) but I expect na masmalaki ang totoo. tinamaan din yan nung fin'l crisis. tinamaan din yan nung rcbc plaza na kay mahal mahal tapos walang nag upa masyado. dun sa bancap, may tama din yan na di nila inamin. naku, dami pang ibang internal na tama yan. you reap what you sow. yung peace bonds, ewan ko kung ano ang naging effect

 
At Friday, May 27, 2005 3:02:00 PM, Anonymous Anonymous said...

Did you know : rcbc is in such sad shape that right now, pangbili lang ng spare parts (like busina) ng service car ng branch head, i-aaprove pa ng SVP/division Head.

 
At Friday, May 27, 2005 4:39:00 PM, Anonymous Anonymous said...

Please, for everyones sake, tell us what you know!

Hay naku! Kawawa nman kayo. Short in numbers and bereft of ideas but full of machinations.

Kaya kayo nakikiusap sa mga CAP planholders to join you kasi iilan lang kayo.

 
At Friday, May 27, 2005 4:47:00 PM, Anonymous Anonymous said...

The YGC hack is back!

I believe CAP planholders approached us bec of our numbers and not the other way around.

The rest of the post need not be dignified with an answer.

 
At Friday, May 27, 2005 4:57:00 PM, Anonymous Anonymous said...

In reply to:

"We need to reach out to Lifetime planholders as well to make sure they're not defrauded by they Yuchengcos too?"

How can they be defrauded when their funds are safe but because of the revocation order by SEC, apektado sila sa kalokohan nyo.

 
At Friday, May 27, 2005 4:58:00 PM, Anonymous Anonymous said...

these are very interesting questions...comments or inside info anyone?

TELL COOKIE TO APPLY AS SCRIPTWRITER SA TELENOVELA. MAS MAGANDA KUNG DUN NYA ILAGAY WILD IDEAS NYA.

 
At Friday, May 27, 2005 4:59:00 PM, Anonymous Anonymous said...

"I believe CAP planholders approached us bec of our numbers and not the other way around."

Your numbers? Eh wala pa kayong 600 eh. Nagpapadami lang mga anak, katulong, alalay, usisero atbp.

 
At Friday, May 27, 2005 5:00:00 PM, Anonymous Anonymous said...

Kawawa naman kami?
I tell you, ikaw ang kawawa.
If your HYD can turn her back on the thousands of planholders from whom she raked millions in the past years, what insurance do you have she won't do it to you, to Roy Padiernos, to Jena Padilla and to all those who lick her...

Tell me, in your heart of hearts, may peace of mind kayo na ang amo niyo has no heart? hanggat pinakikinabangan lang kayo...
You bet!

 
At Friday, May 27, 2005 5:04:00 PM, Anonymous Anonymous said...

"Kaya kayo nakikiusap sa mga CAP planholders to join you kasi iilan lang kayo."

Poor you,its the other way around. I know for a fact Roy Padiernos called a former officer of PPI asking him to "join your side"- pinatawag siya ni HYD.
Tell me, sino nangangailangan ng tulong?
And who did HYD meet sometime in February? I bet di mo din alam yan. She met with a former officer of PPI also. Asking to come back.

 
At Friday, May 27, 2005 5:11:00 PM, Anonymous mjc said...

Hahaha! Talk about ignorance. The talk was on the hiring because of a vacancy.

tulong? E wala pang problema nun eh.

 
At Friday, May 27, 2005 5:14:00 PM, Anonymous Anonymous said...

"Your numbers? Eh wala pa kayong 600 eh. Nagpapadami lang mga anak, katulong, alalay, usisero atbp."
To whoever posted this. Do yourself a favor. This blog spot has been put up to have an intellectual discourse. Obviously you don't fit in here. Pang freindster ka lang. Though we just put "anonymous" each time we post, among ourselves in the coalition, we know who we are. If you have nothing productive to post, please just read na lang. thanks.

 
At Friday, May 27, 2005 5:16:00 PM, Anonymous Anonymous said...

Pakisabi kay Philip wag nagsusuot ng itim kasi lalong lumalabas ang pagkademonyo nya. Sabagay tamang tama naman pala.

Kulang na lang kapa, sungay, buntot at malaking tinidor. Yung malaking tinidor, pang kain nya at pang laklak.

Hey Philip! How's your Ninang Meldy and mga kinakapatid na Vers nowadays? Magkano na ang tinanggap mo sa ill-gotten wealth ng mga amo mo? Hingi ka pa pera sa krusada mong palpak!

PEP = ANG BAGONG PMP

ERAP KAMI! ERAP KAMI!

 
At Friday, May 27, 2005 5:17:00 PM, Anonymous Anonymous said...

"intellectual discourse"

Hahaha! You make me laugh. Eh lahat ng mga pinopost nyo galing sa mga reference materials lang.

Intellectual? Plagiarists pwede pa!

 
At Friday, May 27, 2005 5:17:00 PM, Anonymous Anonymous said...

"tulong? E wala pang problema nun eh."

who is ignorant? Feb? walang problema pa nun? you are telling me your highness only knew of the problem PPI has after Feb? So tell me, what does the March 9,2000 ACCRA letter reveal? Ikaw ang ignorante!

 
At Friday, May 27, 2005 5:29:00 PM, Anonymous Anonymous said...

Watch ANC "Business Nightly" 10:30-11pm tonite. Planholders with both traditional plans from Pacific Plans and fixed value plans from Lifetime Plans will be featured.

 
At Friday, May 27, 2005 6:19:00 PM, Anonymous Anonymous said...

we must've touched a sore point with the discussion of RCBC's problems. The "paid hack" is back with his/her inane comments to draw the discussion away. Siguro dapat masilip din yung ibang YGC member companies, parang endemic sa kanila ang fraud and mismanagement eh. This is an itch that needs more scratching.

No to YGC! No to fraud!

 
At Friday, May 27, 2005 6:31:00 PM, Anonymous Anonymous said...

Yup, RCBC is bleeding big time... everybody is watching it. This latest news about the revocation of Lifetime Plans is another big blow to the credibility of YGC, and we are still trying to observe what the effect will be to the banking arm of the Yuchengcos.

For sure, the paid hack will intervene from hereon.

 
At Friday, May 27, 2005 6:35:00 PM, Anonymous Anonymous said...

To the YGC hack,

Hindi ka ba natatakot na kahit anong banat mo dito for your queen HYD, you might end up with no separation pay, no company pension plan, etc when they turn on you guys and laugh all the way to their bank in San Francisco?

 
At Friday, May 27, 2005 6:40:00 PM, Anonymous Anonymous said...

it might interesting to ponder why the sec decided only to revoke the incorporation papers of lifetime without making actions on all the transactions that transpired, since they approved the transfer of the assets from ppi to lifetime, they are in a position to order the disapproval or consider these null and void but why are they silent on these things (do we see the hand of ygc ), also why did the sec says now it is in the hand of the judge? For one, the case in makati refers only to the rehab of ppi which is different from lifetime, technically the judge may not not touch anything as regards to lifetime, the judge will only approve or disapprove the rehab, nothing more nothing less. Based on the comments submitted by sec to the court, they the sec has already determined a lot of anomalies with regards to the burning down of ppi, yet they the sec did not include in their order to lifetime to revert all these pretensions, i hope that that the sec is not trying to play two sides, that is trying seemingly to accomodate the coalition but in effect trying also to accomodate the ygc despite knowing the evil plans they the ygc are brewing

 
At Friday, May 27, 2005 7:05:00 PM, Anonymous Anonymous said...

kahit sino pa man tayo, kawawa tayong lahat, especially ang mga bata!!!

what do they mean by rehab? it seems that if the rehab were approved, ppi won't exist anymore; so anong rehabilitation ang sinasabi nila? does this mean that if we were to avail by 2010, pwede na full availment kasi narehab na ang ppi?

pro-rehab people pls. explain. pinagmamalaki nyo yun eh! o baka hindi nyo rin naintindihan!!! ha?

 
At Friday, May 27, 2005 7:15:00 PM, Anonymous Anonymous said...

"Your numbers? Eh wala pa kayong 600 eh. Nagpapadami lang mga anak, katulong, alalay, usisero atbp."

To whoever posted this and the other irritatingly negative and shallow messages: Please stay out and shut up if you have nothing constructive to contribute to the discussions. What do our numbers have to do with anything? There may be 6, 60, 600, 6,000 or 34,000 in the Coalition - it shouldn't matter. We are here because we have cause to be distressed, reason to feel aggrieved and hurt ... all of which are the doing of YGC/HYD. I do not know the other people who post on this blogspot - - I do not know the people behind the Coalition - - but i am thankful for their taking up our cause, for speaking up and taking action. So again, please, stay out and shut up if you have nothing good to say....

 
At Friday, May 27, 2005 7:18:00 PM, Anonymous Anonymous said...

kung totoong kawawa kami, meaning naawa kayo sa amin --- shouldn't you be on our side because you understood our cause?

 
At Friday, May 27, 2005 7:39:00 PM, Anonymous Anonymous said...

Good evening Pacific spin doctors, I miss you so much. Why were you so quiet the past few days. Got scolded by Helen? Oh, Im sorry I didn’t mean to embarrass you. Got your bearing back after a good scolding? Sleep well because you need it for your days are numbered. Where will you get the money to survive when you are finally laid off. Tip – work in a cyber-sex den!!!!!!!!HAHAHA SWEET DREAMS WHILE YOU STILL CAN. PLEASE DON’T STOP POSTING WE NEED SOME ENTERTAINMENT TOO.

 
At Friday, May 27, 2005 8:08:00 PM, Anonymous Anonymous said...

"lahat ng pinopost galing sa reference material lang" try this :
In 1994, a lone and lowly clerk of the buendia branch of rcbc (the one in the grepa bldg.) managed to run away w/an undisclosed amount of money. the count stopped at circa P70M when the auditors were told to shut up. this was accomplished by a single person, not even an officer of the bank. the bank only discovered the anomaly when said person suddenly left mid-day never to be seen again.

 
At Friday, May 27, 2005 9:02:00 PM, Anonymous Anonymous said...

Though this was posted by another poster, it has got to be posted again.

Below are positions held by the Yuchengcos:

Alfonso T. Yuchengco (81),
Honorary Chairman - RCBC (May 27, 2002 to June 24, 2004),
Director - RCBC (June 30, 2003 to Present); Honorary Chairman –
MICO Group; Chairman & CEO – Pan Malayan Management &
Investment Corporation; Chairman – AY Foundation, Inc. and
Yuchengco Center Inc.; Chairman, Advisory Board – Corporate
Governance Institute of the Philippines; Chairman & Member
of the Board of Governors & Chairman Emeritus – Philippine
Ambassadors Foundation; Honorary Chairman – Philippine
Ballet Theatre; Chairman, Board of Trustees – Bayanihan
Foundation; Chairman, Advisory Board – Confederation of
Asia-Pacific Chamber of Commerce & Industries (CACCI);
Chairman – Asian Bankers Association; Vice Chairman, Board
of Judges – Mother Teresa Awards; Vice Chairman – Bantayog
ng mga Bayani (Pillars of Heroes Foundation); Member,
International Advisory Board – Waseda Institute for Asia
Pacific Studies; Member, Advisory Board – Ritsumeikan Asia
Pacific University; Member, Honors Committee & former
Chairman – International Insurance Society (IIS); Member,
Advisory Board – Philippines-Japan Economic Cooperation
Committee; Director, Board of Directors & Adviser –
Philippine-Japan Society, Inc.; Member, International Board
of Trustees – McLaren School of Business, University of San
Francisco, USA; Member, Board of Overseers – Columbia
University Business School New york, USA; Member, Board of
Governors – Pacific Forum; Member, Board of Trustees –
University of St. La Salle Affiliate College, Roxas City;
Chairman – MBA-Juris Doctor (JD) dual degree program of De
La Salle University Professional Schools, Inc. Graduate
School of Business and Far Eastern University Institute of
Law; Director – Enrique T. Yuchencgo, Inc.; Director – Great
Pacific Life Assurance Corporation; Chairman & Director –
GPL Holdings, Inc.; Chairman & Director – Honda Cars
Kalookan, Inc.; Chairman – Mapua Institute of Technology;
Director – MICO Equities, Inc.; Chairman & Director &
President – MEY Foundation, Inc.; Chairman & Director –
Nippon Life of the Philippines, Inc.; Chairman & Director –
RCBC Land Inc.; Chairman & Director – YGC Corporate Services
Inc.; Trustee – Teresa G. Yuchengco Center Foundation, Inc.;
Presidential Adviser on Foreign Affairs – Office of the
President of the Republic of the Philippines


Alfonso S. Yuchengco, Jr. (52) – Director (October 29, 2001
to Present), Member – Audit Committee (June 24, 2002 to
Present), Member – Personnel & Evaluation Review Committee
(June 24,2002 to Present), Alternate Member – Excom (June
24, 2002 to Present); Vice President – House of Investments
Inc.; President & Chairman – Water Dragon Inc.; Vice
President – Hi-Am Inc.; Director – Pan Malayan Travel &
Tours Inc.; Trustee – Mapua Institute of Technology; Trustee
– Friends of Pinikpikan, Inc.; President – Pan Malayan
Management & Investment Corporation; Director – First
Malayan Leasing & Finance Corporation; Director – Seafront
Resources Corporation; Director – Philippine Integrated
Advertising Agency; Trustee – Yuchengco Museum Inc.


Helen Y. Dee Chairman/President Hydee Management Resources, Inc.
Chairman & CEO Tameena Resources, Inc.
Chairman Landev Corp.
Chairman Manila Memorial Park Cemetery, Inc.
Chairman HI-Eisai Pharmaceutical, Inc.
Chairman Mapua Information Technology Center, Inc.
Chairman Lifetime Plans, Inc.
Chairman Asean Insurance Council
Chairman Universal Malayan Reinsurance Corp.
Vice Chairman Zurich Insurance (Taipei) Ltd.
Chairman/President Grepalife Fixed Income Fund Corp.
Chairman/President Grepalife Asset Management Corp.
Director Phil. Long Distance Tel. Co.
Director Pan Malayan Management & Investment Corp.
Director EEI Corp.
Director PetroEnergy Resources Corp.
Director & ExCom Member Nippon Life Insurance Company of the Phils., Inc.
Director South Western Cement Corp.
Director Seafront Resources Corp.
Director Manila Peninsula Hotel, Inc.
Director Malayan Insurance Co., Inc.
Director MICO Equities, Inc.
Director La Funeraria Paz (Sucat), Inc.
Director/Vice President Nth Millenium Foundation of the Philippines
Trustee Mapua Institute of Technology
Trustee Philippine Philharmonic Society, Inc.
President Moira Management, Inc.
President Equitas Insurance Brokers, Inc.
President YGC Corporate Services, Inc.
Director Hermoza Ecozone Development Corp.

These are all published in Philippine Stock Exchange.

 
At Friday, May 27, 2005 10:37:00 PM, Anonymous pikachu said...

The revocation of Lifetime Plans license is will go down in Philippine history. It's even better that the EDSA 1, 2 & 3 uprisings. If Edsa 1 overthrew a dictator and the latest a plunderer, the Return of Jedi (Coalition)made Darth Vader come face to face with its dark side and is now at a point of no return...the beginning of its end....Blockbuster ito....abangan ang susunod na kabanata.....
Calling George Lucas, maybe you can come up with another series of box office hits....make sure the rights go to the coalition so the children can go to school as Darth Vader Yuchengco may not live up to the contract. BTW, i am so amused by the YGC hacker. Nagpapatawa naman siya. maybe we otta request GMA 7 to get him/her for their bulilit bubble gang show kasi mawawalan na sya ng trabaho, magaling naman syang comedian. The coalition and all its supporters must thank the hacker and the pro yuchengcos for putting some amusement into this otherwise sickening drama they have concocted.

 
At Friday, May 27, 2005 11:46:00 PM, Anonymous Anonymous said...

"I'm confused. Sino ba talaga sa kanila ang SITH?"

There is no need to specify who is the "Sith". What they did was dastardly and cowardly!

Now that the SEC has seen how they manipulated the PPI-LPI and has cancelled the vehicle that they used to siphon the assets of PPI

-"SITH HAPPENS!'

 
At Saturday, May 28, 2005 12:47:00 AM, Anonymous Anonymous said...

the sore point that touched the nerve of YGC hack is not the discussion on RCBC, but the plea for insiders to come forward. REMEMBER THAT YOU ARE FIGHTING A LOSING BATTLE IF KEY PEOPLE IN YOUR ORGANIZATION ARE AGAINST YOU. you don't even know who you can trust.

Can you imagine what a nightmare this is for Helen? Fighting an external battle against planholders. and an internal battle against inside spies. She must be so paranoid by now.

CALLING ALL INSIDERS WHO WANT TO COME CLEAN, EMAIL pacificnoplan@yahoo.com
ANONYMITY GUARANTEED

 
At Saturday, May 28, 2005 1:25:00 AM, Anonymous Anonymous said...

I haven't gotten an endorsement letter from LPI for my plans yet...but it does sound pretty scary and it's making me worry about my other p[lans with lifetime ...nakalagay :

"LPI guarantees to provide all the benefits and privileges to which the Planholder is entitled under the terms and conditions of the said Pre-Need Agreement. It is understood and agreed that any and all rights, benefits and causes of action arising from this plan shall be exclusively and fully claimed against LPI only AND NOT AGAINST ANY OTHER THIRD PARTY, INCLUDING PPI."

e wala nang lifetime...ibig sabihin balik na lahat sa PPI...

pandy and the other poster, I suggest you keep the envelope with the date of posting...or if you have yet to receive your copies of the letter like me, better put the date of receipt when the mailman asks you to sign pag irereceive yung letter ...baka palabasin pa nila na APRIL pa yung letter so all letters of objection to be submitted now will be useless...

haaaaaayyyyyy!!!! nakakainit ng ulo!!!! dumadagdag pa sa init ng ulo ko yung hacker dito....

 
At Saturday, May 28, 2005 2:23:00 AM, Anonymous Anonymous said...

Haaaaay... nakakasakit ng ulo... dagdag pa yung hacker dito...

Kasalanan nyo-COALITION, kasi wala ng Lifetime
Plans, saan pa namin kukunin pension namin? Walang sinabi sa REVOKE order na balik lahat assets at trust funds.
Hindi nilinaw ng SEC ang mangyayari sa Lifetime, Sabi nila,thru Gerard Lukban, SEC Secretary-non entity na raw LifetimePlan... Hindi naman siya
ang SEC (pag nagkasisihan or mainvestigate ang SEC, kasi may mga Planholders din empleyado ang SEC, not to mentioned their immediate family,relatives&friends- pwede sacrifice si G.Lukban)... Dapat mag labas ang SEC ng official statement by Chairman Fe Barin, para maliwanagan itong REVOKE
order nila. Baka may empleyado ang SEC na official or member din ng kumakalaban sa PPI rehab or may kaibigan/kamag-anak sa coalition.
Pwede ba, huwag kayo ganyan, naiipit ang pensyon namin... Or baka naman may taga SEC na nagnenegosyo ng Plan sa secondary market? Naipit ba stock
mo, hindi mo naibenta on time? Hindi alam ng immediate boss mo na may vested interest ka?( Hatian mo siya) Maawa kayong taga SEC sa amin na naiipit ang pensyon. Interpretasyon nyo at ni G.Lukban yung balik PPI ang assets at Trust Funds, maniniwala kami pag official statement ni Chairman Fe Barin ang lumabas sa press... Sa ERB- Energy Regulatory Boerd, si Chairman Fe Barin ang nag-iisyu na statements, bakit dito sa SEC ay hindi siya...
Sino-sino ba ang mga Commissioners ng SEC? Wala ba tinatago yan? Paki Lifestyle check please?...

 
At Saturday, May 28, 2005 6:08:00 AM, Anonymous Anonymous said...

you bloggers are soooo naive!! you think you can pressure empress helen? you're dreaming. We're talking about an entity (I dont think it's human) who drove her ONLY son to suicide then refused to sign the adoption papers of her half sister-- driving HER to suicide. So if she can live with the blood of her son & half sister dripping from her hands Planholder rage is something she will have for breakfast without breaking a sweat. if you think you can send YGC crumbling she'll just flee to her mansion in Vancouver & SFO. Leaving thousands of jobless, hapless employees who didn't know what hit them.

 
At Saturday, May 28, 2005 8:35:00 AM, Anonymous Anonymous said...

let's post more intelligent discourse and strategy formulation. not shallow and non-essential intrigue-sowing. of course the paid YGC/PPI/Yuchengco posters are just doing their job, we can't prevent their postings. But we can ignore them and just continue with more important discussions. Alam naman natin that by now, anyone who disagrees with the most basic principles na ipinapaglaban natin is not an authentic planholder. It's too late for that. At tsaka, logic will tell you na kung meron man dapat linawin, hindi ito gagawin sa paraang "nanlalaban" kundi sa pagsasalita at pagsusulat na "tumutulong".

Sayang kasi ang oras at effort. Ignore these paid PPI/YGC/Yuchengco posters. Move forward. Iwanan na yan mga walang silbi.

 
At Saturday, May 28, 2005 9:13:00 AM, Anonymous Anonymous said...

Helen Dee will not give a sh____ about the situation, its true, having even sacrificed her own siblings, etc. But i DON'T think she will DESTROY the reputation of HER own Father and the Yuchengco name all together. Family matters are family matters and the public has NO business siding with anyone. But this situation now is different, it involves the PERSONAL lives of others- the planholders who were promised the INTEGRITY of the plans because of the YUCHENGCO name. Its about time we come out with the T-Shirts or stickers with: "NA YUCHENGCO KAMI." That is not libelous but it sort of questions the name.

 
At Saturday, May 28, 2005 10:19:00 AM, Anonymous Anonymous said...

"they are in a position to order the disapproval or consider these null and void"

It is because ginawa lang ng SEC un para mang-asar. Eventually, ibabalik din ang status pero damage done na. Nagtampo kasi sila nung dumerecho ang PPI sa korte.

 
At Saturday, May 28, 2005 10:21:00 AM, Anonymous Anonymous said...

"PLEASE DON’T STOP POSTING WE NEED SOME ENTERTAINMENT TOO."

YOU MEAN, KINUKULANG PA KAYO KAY PHILIP PICCIO?

 
At Saturday, May 28, 2005 10:25:00 AM, Anonymous Anonymous said...

"AND NOT AGAINST ANY OTHER THIRD PARTY, INCLUDING PPI."

That was because of the Deed of Assignment between LPI and PPI, DULY APPROVED BY SEC, all fixed value plans including Memorial Traditional and their subsequent availment of benefits/services shall be made under LPI already. This is because PPI will be administering to the PEP-Trad availments only.

 
At Saturday, May 28, 2005 10:40:00 AM, Anonymous Anonymous said...

STAND UP AND BE COUNTED Get you PEP Coalition Membership Form

* PPI Planholders can drop by at RM 6-A Sayoc Bldg 100
93 Sen. Gil Puyat Ave., Makati City, Metro Manila
Tel. No. 843-9415
* Contact the following for membership forms or questions:
Chit - (0917) 8340954
Gilbert - (0917) 8384691
* Membership Fee Php 200 and minimum voluntary contribution Php 100 per plan
Bank Account: c/o PEP Coalition, Inc.BPI (Broadway Branch) C/A 0401-0084-03
Kindly fax deposit slip to 824-8144 or text the above numbers for monitoring
* Log on and register to no2pep2010@yahoo.com.egroup.

REMINDER: For members who have not yet submitted their SPA and Affidavit, kindly bring to the above office address or mail to: PEP Coalition,Inc. MCCPO Box 2376
Makati City
Metro Manila 1263

 
At Saturday, May 28, 2005 10:48:00 AM, Anonymous bmw said...

Will the knight kill the damsel?
Posted 00:13am (Mla time) May 28, 2005
By Solita Collas-Monsod
Inquirer News Service


ON THE FACE of it, the recent decision of the Securities and Exchange Commission to revoke the certificate of incorporation of Lifetime Plans Inc. (LPI) -- the corporation spun off last year from Pacific Plans Inc. (PPI), a move that put the Yuchengco family in the eye of a raging controversy -- may look like a victory of the "good guys" (the traditional/open ended plan holders) over the "bad guys" (the Yuchengcos). Or using another metaphor, a case of a knight in shining armor (the SEC) saving, in the nick of time, the damsel in distress (the plan holders) from the dragon (the Yuchengcos). But a closer examination of the consequences of the order reveals that the victory, if any, will be pyrrhic.

First, any damage to the Yuchengcos will more likely be to their pride (Al Yuchengco sets great store by his name) rather than to their pocket. Why? Because while the SEC decision serves as a death knell to both PPI and LPI, any financial exposure of the Yuchengcos, even including the ambassador's voluntary P250-million capital contribution, may have been more than covered by past dividends from PPI. Any spillover of the financial problems of the PPI/LPI to the rest of the Yuchengco companies will probably be temporary.

Second, the 34,000 remaining holders of traditional plans (where they are guaranteed tuition and other school fees regardless of cost at the time of availment) are not only not going to get any relief as a result of the SEC move, but any chances of the new PPI management turning the company around have just been shot down.

Worse, the SEC decision drags the 400,000 plan holders of LPI (the spin-off was designed to protect them) -- those who have fixed-value education, memorial or pension plans -- into a quagmire from which the possibility of escape may be almost nil.

How so? Let us count the ways:

The revocation of LPI's corporate personality means that its assets and liabilities are now folded back into PPI. But PPI is under a court "stay order" which gives it relief from paying its liabilities. Which in turn means that what is due to the 400,000 plan holders of LPI also cannot be paid, leaving them in limbo. The effect? You now have another 400,000 plan holders who, because of the SEC order, cannot get any availment. Those who are still paying for their plans will have no incentive to continue their payments. What is more, nobody will want to buy any more plans, which in turn puts in jeopardy the livelihood of around 20,000 agents.

The irony of it is that even if PPI were not under a court stay order, the SEC has made sure (albeit unwittingly) that what is due to the LPI plan holders will not be paid. Why? Because at the same time that it issued its decision to revoke LPI's incorporation, it also sent a directive to Rizal Commercial Banking Corp., the Yuchengco bank that manages the trust funds, to "preserve the trust fund of Lifetime Plans Inc., until further orders of the Commission." Sounds like a good order, until you realize that the reason a trust fund is constituted is precisely to assure payments to plan holders, so that "preserving" the trust fund means non-payment of benefits!

Is there a possibility, however remote, that by putting back together the fixed-value plans with the open-ended plans (PPI), and rescinding the court order, as well as the SEC's order to RCBC -- in other words, moving back to the pre-controversy situation-there will be excess profits from the fixed-value operations to pay the open-ended plan holders?

To answer that question, we first have to get a handle on the amount required to ensure that the remaining 34,464 open-ended plan holders (some 40,340 students have already been sent to school; PPI discontinued the plan in 1992, when tuition fees were deregulated) can finish their schooling. Some very rough calculations (no official estimate is available): Last year, PPI paid out P800 million to finance the tuition and other school fees of the 16,000 who were already using their plan. Assuming that those 16,000 will need another three years of schooling; assuming that 18,500 other plan holders will come in this year, that their financial needs are identical to that of the previous 16,000 and that they will be taking four-year courses; and assuming that there will be no increases in tuition fees over that period, then total required outlay will be about P5.6 billion. However, the funds in reserve are valued at P3.2 billion, leaving a gap of P2.4 billion.

Can the company's prospective net income cover that amount? The SEC moves certainly reduce market enthusiasm. Even setting that aside, a look at the audited corporate income of PPI over the period 1992-2004 gives the answer: No way. The largest recorded corporate income for any year was P139 million, with losses of up to P1.4 billion being recorded in the last five years. Including the combined trust fund incomes (which are not fungible), the net income of the corporation averaged something like P100 million a year.

The bottom line: As a result of the SEC order, the "good guys" may have "won," but will get killed in the process, while the "bad guys" (and there is at least some doubt as to their villainy) have been wounded, but are not likely to die. The knight in shining armor shows a dangerous ineptitude, slaying the damsel in distress while trying to save her. Actually, he is turning out to be the more likely villain of the piece.

 
At Saturday, May 28, 2005 10:53:00 AM, Anonymous Anonymous said...

re: "na-yuchengco kami" can you please explain what it means? kasi di ba yuchengco is parang synoymous to integrity? that's why katakataka na wala pala silang palabre de honor sila!!!

baka mamisinterpret...

 
At Saturday, May 28, 2005 11:02:00 AM, Anonymous Anonymous said...

"re: "na-yuchengco kami" can you please explain what it means? kasi di ba yuchengco is parang synoymous to integrity? that's why katakataka na wala pala silang palabre de honor sila!!!"

why not, "NA PHILIP FREAK-SHOW KAMI!"

 
At Saturday, May 28, 2005 11:05:00 AM, Anonymous Anonymous said...

yuchengco for DECEPTION. na yuchengco kami means: we were fooled!

 
At Saturday, May 28, 2005 11:13:00 AM, Blogger SunTzu said...

Mr. YGC Hack
Thank you for coming back!
You make this blogspot snap!
Hope you had your doggie bag filled up for the week coz the Coalition's going to kick your
Master's little putz butt......

Planholders - I hope you dont just sit and type comments feeling mad about some little bowwow crashing our party. GET EVEN - Organize your friends and fellow planholders into a school chapter.

School is just starting - lets show bowwow how we can party!

 
At Saturday, May 28, 2005 11:26:00 AM, Anonymous Anonymous said...

"Organize your friends and fellow planholders"

Patulong kayo kay Ronald Lumbao ng PMP kasi kasama naman ni Philip un eh.

PEP = ANG BAGONG PMP

 
At Saturday, May 28, 2005 11:35:00 AM, Anonymous Anonymous said...

"who is ignorant? Feb? walang problema pa nun? you are telling me your highness only knew of the problem PPI has after Feb? So tell me, what does the March 9,2000 ACCRA letter reveal? Ikaw ang ignorante!"

You try to hide your ignorance by connecting things na hindi nman related. Dumb!

Ang main crux of the discussion is the former PPI officer who is being offered a position, which in not in anyway connected sa 'problem' na sinasabi mo.

 
At Saturday, May 28, 2005 11:36:00 AM, Anonymous Anonymous said...

2. BIR - TAX EVASION OF BOTH PACIFIC PLANS AND LIFETIME PLANS IN THESE IRREGULAR TRANSACTIONS; ALSO, PREVIOUS YEARS' INCOME TAX DECLARATIONS OF ALL OFFICERS AND SALES ASSOCIATES AT PACIFIC PLANS, INC. (ESPECIALLY VAT-ABLE AGENTS. A LOT OF THE AGENTS ARE IN CONFLICTS OF INTERESTS, ESPECIALLY THE WIVES OF SOME ppi OFFICERS WHO ARE ALSO SALES MANAGERS/ASSOCIATES AT THE SAME TIME);

isama nyo na rin ung mga taga SEC na merong at least 20 trad plans each.

 
At Saturday, May 28, 2005 11:46:00 AM, Anonymous Anonymous said...

Wow, the paid hacks are really working double-time today.

So what do your masters at YGC and PPI command you to do today? Making up for lost time here, no doubt.

To the moderators:
If we are compelled to delete ad hominem posts against Amb. Yuchengco and Helen Dee, I think we should also delete ad hominem posts against members of the Coalition, especially our very own Philip Piccio.

After all, that's all what the paid hacks do in here, insult and put down the people who are working very hard to see that truth and justice prevail. The least we can do is respect these Coalition people and delete posts that are out of line... this is OUR BLOG after all, and the paid hacks can insult Philip all they want in their own blog, BUT DEFINITELY NOT HERE!

Thank you, and more power to the Coalition!

 
At Saturday, May 28, 2005 11:51:00 AM, Anonymous Anonymous said...

Palagay ko with the latest analysis ni Solita Monson sa column nya today sa Inquirer, tatanggalin na sya sa Honor Roll.

Way to go Mare!

 
At Saturday, May 28, 2005 12:39:00 PM, Anonymous reader rabbit said...

re monsod's article, she says:

"Second, the 34,000 remaining holders of traditional plans (where they are guaranteed tuition and other school fees regardless of cost at the time of availment) are not only not going to get any relief as a result of the SEC move, but any chances of the new PPI management turning the company around have just been shot down."

okay, firstly...it is a fiction that PPI needs relief because before their moro-moro they were a profitable company. so it is not a company that needs to be turned around...it is Helen who needs to turn around from her path of self-destruction.

monsod further says:

"The revocation of LPI's corporate personality means that its assets and liabilities are now folded back into PPI. But PPI is under a court "stay order" which gives it relief from paying its liabilities. Which in turn means that what is due to the 400,000 plan holders of LPI also cannot be paid, leaving them in limbo. The effect? You now have another 400,000 plan holders who, because of the SEC order, cannot get any availment. Those who are still paying for their plans will have no incentive to continue their payments. What is more, nobody will want to buy any more plans, which in turn puts in jeopardy the livelihood of around 20,000 agents."

SEC negated PPI's grounds for rehab before they revoked Lifetimes existence. so the stay order is a temporary inconvenience because Barza now has no choice but to trash the rehab petition. this will revert PPI to pre-rehab petition status...in the words of SEC "liquid and solvent". they then have no reason to refuse to honor their obligations to planholders, trad or non-trad.

then monsod says:

"Some very rough calculations (no official estimate is available): Last year, PPI paid out P800 million to finance the tuition and other school fees of the 16,000 who were already using their plan. Assuming that those 16,000 will need another three years of schooling; assuming that 18,500 other plan holders will come in this year, that their financial needs are identical to that of the previous 16,000 and that they will be taking four-year courses; and assuming that there will be no increases in tuition fees over that period, then total required outlay will be about P5.6 billion. However, the funds in reserve are valued at P3.2 billion, leaving a gap of P2.4 billion.
Can the company's prospective net income cover that amount? "

well who mismanaged the company anyway? solita, let me just remind you of your own reaction on tv as seen by millions of viewers when you learned that PPI invested in Napocor bonds!

PPI screwed up and they should face the consequences and not pass it off to the planholders who entrusted them with their hard-earned money based on PPI's own words as stated in their own contract!

the planholders did not break the contract, PPI did!

so please naman solita, i know how hard it is to come up with something to write everyday, but putting out a "potboiler" like this is beneath you. "knights and damsels in distress" belong in fiction writing, not respectable editorials.

 
At Saturday, May 28, 2005 12:44:00 PM, Anonymous Anonymous said...

so please naman solita, i know how hard it is to come up with something to write everyday, but putting out a "potboiler" like this is beneath you. "knights and damsels in distress" belong in fiction writing, not respectable editorials.


How convenient for them to display Solita Monsod's name in their Honor Roll when she was on 'on their side' but when she was enlightened, AYUN LUMABAS NA RIN ANG TOTOONG KULAY NILA. Gusto nilang idamay lahat ng planholders sa perwisyong ginawaga nila.

 
At Saturday, May 28, 2005 12:47:00 PM, Anonymous Anonymous said...

"PPI screwed up and they should face the consequences and not pass it off to the planholders who entrusted them with their hard-earned money based on PPI's own words as stated in their own contract!"

Screwed up? Why don't you look around and realize that all companies which offered the open-ended plans are having exactly the same problems. Talk to planholders from PET, Platinum, Prudential and CAP. Don't talk to their officers kasi hindi magsasabi ng totoo ang mga yun.

 
At Saturday, May 28, 2005 12:49:00 PM, Anonymous Anonymous said...

"okay, firstly...it is a fiction that PPI needs relief because before their moro-moro they were a profitable company. so it is not a company that needs to be turned around...it is Helen who needs to turn around from her path of self-destruction"

Hay naku! Without any valid arguments to back you up, here you go again directing tirades against Helen.

 
At Saturday, May 28, 2005 1:00:00 PM, Anonymous Anonymous said...

"SEC negated PPI's grounds for rehab before they revoked Lifetimes existence. so the stay order is a temporary inconvenience because Barza now has no choice but to trash the rehab petition. this will revert PPI to pre-rehab petition status...in the words of SEC "liquid and solvent". they then have no reason to refuse to honor their obligations to planholders, trad or non-trad"

SEC has no other recourse but to do this to save face because it is through their ineptitude that the crisis came out, starting from CAP, followed by PPI and others soon to follow.

SEC has no power to adjudicate kaya sa korte talaga ang petition for rehab. Nagtampo pero walang maisagot sa petition na maayos kaya Lifetime ang pinagdiskitahan. Tignan mo nman ang timing ng paglabas ng decision to revoke, sa mismong hearing pa na di naman dapat.

Pikon talaga yang si Barin kahit noong nasa ERC pa yan. Saka si Lukban, aba'y wala ng ginawang matino ang 'unanong' yan ah. Why don't he ask for a recording of the Debate program kung saan sya guest at palagi nyang panoorin yung statement nyang kaya inaprub ng SEC ang creation ng Lifetime kasi ok nman mga papeles.

The decision of Barza will be based on the merits of the case not through the 'pre-emptive but full of harassment' decision of SEC.

 
At Saturday, May 28, 2005 1:02:00 PM, Anonymous Anonymous said...

hey anonymous paid hack, your database needs updating. he-he... can't you do better than recycle old arguments that have already been discredited before? please come to the table naman with new and well-thought out arguments...di ka na enjoy ka-discuss e. naivete can only seem cute for so long...then it's just, well, BORING!

 
At Saturday, May 28, 2005 1:03:00 PM, Anonymous Anonymous said...

"the planholders did not break the contract, PPI did!"

Well, a contract has many provisions. Don't just cite provisions which are of benefit to you. How about the provisions under Section XV and Plan Termination Values?

A contract should be viewed on its totality not on specific provisions.

 
At Saturday, May 28, 2005 1:07:00 PM, Anonymous Anonymous said...

"hey anonymous paid hack, your database needs updating. he-he... can't you do better than recycle old arguments that have already been discredited before? please come to the table naman with new and well-thought out arguments...di ka na enjoy ka-discuss e. naivete can only seem cute for so long...then it's just, well, BORING! "

Discredited? Eh syempre ganun un sa inyo but this has still to be proven in court.

 
At Saturday, May 28, 2005 1:11:00 PM, Anonymous Anonymous said...

To the poster who said: "How convenient for them to display Solita Monsod's name in their Honor Roll when she was on 'on their side' but when she was enlightened, AYUN LUMABAS NA RIN ANG TOTOONG KULAY NILA"

Excuse me but Monsod's name is still on our honor roll. We appreciate constructive and INTELLIGENT comments given by 3rd parties. Or have you forgotten the case of Boo Chanco who even on his 2nd article siding with Helen, was left in the honor roll by the coalition. Well, see what he finally concluded out of the whole thing.

 
At Saturday, May 28, 2005 1:12:00 PM, Anonymous Anonymous said...

"STAND UP AND BE COUNTED Get you PEP Coalition Membership Form"

Hey, Gilbert Macabio, padalhan mo na lang ako ng membership form. Ako ung isa sa mga nabentahan mo nung mga investments mo.

 
At Saturday, May 28, 2005 1:14:00 PM, Anonymous Anonymous said...

"Excuse me but Monsod's name is still on our honor roll. We appreciate constructive and INTELLIGENT comments given by 3rd parties. Or have you forgotten the case of Boo Chanco who even on his 2nd article siding with Helen, was left in the honor roll by the coalition. Well, see what he finally concluded out of the whole thing. "

Of course kasi kelangang paninidigan ninyo yan kaya d nyo na tinanggal. Pero deep inside, masama ang loob nyo!

 
At Saturday, May 28, 2005 1:21:00 PM, Anonymous unpaid anonymous said...

you can argue with friends and still stay friends...you can argue with enemies and who knows, maybe turn them into friends too.

but doggoneit...there's just no point in arguing with idiots!

sorry anonymous YGC paid hack...i just won't argue with you anymore

 
At Saturday, May 28, 2005 1:24:00 PM, Anonymous Anonymous said...

but doggoneit...there's just no point in arguing with idiots!

Kaya pala pointless lahat ng arguments nyo kasi idiots mga kasama mo jan.

 
At Saturday, May 28, 2005 1:26:00 PM, Anonymous Anonymous said...

sino ang di sasama ng loob pag linoko, lininlang at yinuchengco?

back to rcbc : since this all started, management has been monitoring closely all withdrawals even of their own officers. officers making large withdrawals are being questioned.

 
At Saturday, May 28, 2005 1:28:00 PM, Anonymous Anonymous said...

back to rcbc : since this all started, management has been monitoring closely all withdrawals even of their own officers. officers making large withdrawals are being questioned.

Hay naku! Natural reaction yan eh. Syempre pag may malaki ang withdrawals, tatanungin syempre yan. Kahit saang banko, normal process yan.

 
At Saturday, May 28, 2005 1:37:00 PM, Anonymous Anonymous said...

When RCBC acquired bankard, they aggressively gave out cards to bank clients. Little did they know that this would lead to billions in losses. Various clients received billing statements for cards they never received and purchases they never made.

 
At Saturday, May 28, 2005 1:47:00 PM, Anonymous Anonymous said...

When RCBC acquired bankard, they aggressively gave out cards to bank clients.

All banks practice this.

 
At Saturday, May 28, 2005 1:48:00 PM, Anonymous Anonymous said...

To the person who wrote...

"Screwed up? Why don't you look around and realize that all companies which offered the open-ended plans are having exactly the same problems. Talk to planholders from PET, Platinum, Prudential and CAP. Don't talk to their officers kasi hindi magsasabi ng totoo ang mga yun."

Bakit? Mga officers ba ng PPI at YGC ay nagsasabi ng totoo? Mga sinungaling and manloloko din sila. Do you know about the MEMNON company? PPI paid this company P20M for some management or consulting fee. Anong services ba ang ginawa nitong kompanyang ito para sa PPI? And guess what? The incorporators of this MEMNON company include your friends Garcia and Tecson. Hindi ba ito bawal? Mataas ang position nila sa PPI tapos nagbabayad ang PPI sa kompanyang meron silang pag-aari?

Talagang sagad sa kasamaan at kalokohan itong mga kaibaigan mo!

 
At Saturday, May 28, 2005 1:52:00 PM, Anonymous Anonymous said...

Anonymous said...
Let's get more data on Judge Barza. To begin with, everyone knows he was original partner of Villaraza Law Office, now known as the Firm. A quick defense is that it is the Ocampo Law Office that is hired to represent PPI and the Yuchengcos in court. But Ocampo Law office is a sattelite of the Firm. Hence the connection. Barza's fairness remains under question.

 
At Saturday, May 28, 2005 1:58:00 PM, Anonymous Anonymous said...

Various clients received billing statements for cards they never received and purchases they never made.

- I guess this too is a normal banking practice.

 
At Saturday, May 28, 2005 2:05:00 PM, Anonymous Anonymous said...

Bakit? Mga officers ba ng PPI at YGC ay nagsasabi ng totoo? Mga sinungaling and manloloko din sila.

Kaya nga sa mga planholders ng mga kumpanyang sinabi ko ka magtanong para MALAMAN MO ANG TOTOO MA HINDI LANG PACIFIC ANG MAY GANITONG PROBLEMA .

 
At Saturday, May 28, 2005 2:13:00 PM, Anonymous Anonymous said...

The hack is trying to divert the issue. The issue is not whether it is only pacific that has this problem due to the open ended plans.

It is how pacific/yuchengco is trying to escape contractual obligations by defrauding planholders.

 
At Saturday, May 28, 2005 2:47:00 PM, Anonymous Anonymous said...

just want to leave some questions in your mind people... do you sleep soundly and are happy now that the families of these sales agents are being deprived of their livelihood because of what you called fighting for your principles?

With the PPI rehab, all of us would still be getting our investments more than doubled or even tripled. I always believe that in every event there is a purpose.

PPI is only a sacrificial lamb and the rehab is a wake up call not only to all of us but also for the government and schools.

Don't you think we, parents would choose sending our children to the most expensive school if we don't have the open-ended plans being paid by the pre-need companies?

Now the schools are not raising tuition fees because they know that most parents who were left with problematic open ended plans would opt for a not so expensive one but still have a good standard of education. Because now the tuition expenses will be coming from their own pockets.

Let us all be positive here. This PPI rehab issue will soon give us redeeming factors and positive results.

God is good all the time. there is a purpose in here. He will provide us all our needs.

Let us all take the lessons here. i just hope and pray that we will not be happy seeing others as miserable.

Godbless...

 
At Saturday, May 28, 2005 2:48:00 PM, Anonymous Anonymous said...

Wow, paid hack is working really hard today! Maybe it's true they're afraid an insider would release info here, so they're guarding this site 24/7 and would probably check everyone's PC there at the office when they see such a post.

I understand that this could be a problem, not just for PPI but for other companies. But so far, only PPI went out of its way to hide their money and try to defraud their planholders. If you are seriously in trouble, why don't you dialogue with the planholders? Why not negotiate with us or offer something instead of ramming a one-sided deal down our throats?

For starters, why don't you ask the pro-rehab group to sign a document saying they will accept the cost +7% by 2010, so that will reduce the number of planholders you have to negotiate further with? Next, you might want to offer to buy back plans at secondary market rates? There might be some takers e.g. those with multiple plans for investment, those who plan to go abroad, etc. This would further reduce the number of outstanding plans. Then, you might want to offer to swap the open-ended plans into fixed plans at prevailing value which they can use immediately? Say, 4 a 4-yr plan where the planholder has 1st avail at P50,000, you can offer to swap his plan with a 3-yr fixed plan at P50,000. This minimizes your exposure to future tuition increases.

Bottom line is, there are lots of options available for PPI to dialogue and negotiate with open-ended planholders. Instead, you preferred to do it the sneaky way. And you expect everyone to fall for it and not get mad?

 
At Saturday, May 28, 2005 3:16:00 PM, Anonymous Anonymous said...

to the blogmaster, can u please remove the comments of the paid hack? it feels so irritating to see the paid hack in our blog. with comments just aiming to increase our already high blood pressure. this blog is for those who are anti rehab and to have a paid hack trying to put arguments for the other side is so frustrating coz we cant mura him or her here!
to the coalition, please keep up your good work. tls we miss ur comments ah.
philip dont mind those paid hacks, they are trying to put u down coz u are doing a good job. to all the people fighting for justice, please Keep it up. May God bless you!

 
At Saturday, May 28, 2005 4:35:00 PM, Anonymous Anonymous said...

To the blogmaster, o please print everything the hacks are posting.

I think it's a great sign that this blog is now being bombarded by negative anti-coalition statements from the YGC paid hack and possibly one other pro-rehabster. It appears that the coalition, the SEC and the palpable mood of the public and media have touched the raw nerve of the heretofore complacent/"comfortable" YGC/pro-rehabsters. Now the air around them's been disturbed, and they're reacting rabidly. Without letting our guard down, I think anti-rehab coalition members should continue sticking to issues and safely ignore the trolls...as in, not even acknowledging them. Let's just talk about the rehab issue-related events.

If anything, recent gains should give all coalition members the confidence of tolerating idiots and hacks. Besides, nothing infuriates trolls more than not being acknowledged. :)

 
At Saturday, May 28, 2005 5:25:00 PM, Anonymous Anonymous said...

"philip dont mind those paid hacks, they are trying to put u down coz u are doing a good job."

Okay ka Philip! While you're at it, pakitanong na rin sa mga alipores sa SEC kung bakit di nila nilalabas ang totoo sa isang kumpanyang may more than 250K na open-ended din na halos ganun na rin ang binayad like PPI. Saka ung kumpanyang ang pangalan is metal, bakit d nila pinapakialaman sa post dated checks nila.

 
At Saturday, May 28, 2005 7:57:00 PM, Anonymous Anonymous said...

if it is true that tuition fee increase is more than 10% per year, how come if a planholder were to avail the "averaging", he only gets a 7% increase per year? Isn't it that if the increase is more than 10%, then the average also increases more than 10%? besides the increase were mostly non-standard fees, meaning not covered by ppi.

maybe this is how they come up with the 7% interest for their rehab. ppi has been doing this all along.

 
At Saturday, May 28, 2005 8:19:00 PM, Anonymous Anonymous said...

i think monsod's article was based on her analysis re sec's decision. so this is the side of the story. she did not take into consideration na palabas lang ng ppi na lugi sila.

malay natin, baka pwede rin na moro-moro lang ang decision ng sec and in the end ma-PIATCO tayo!

according to tecson, they didn't expect such decision from sec because they're so sure everything is on their side. di ba ung letter nila re rehab was dated april 14 but has a post office mark dated april 13?

 
At Saturday, May 28, 2005 9:29:00 PM, Anonymous Anonymous said...

when is our next general assembly meeting? thanks

 
At Saturday, May 28, 2005 9:39:00 PM, Anonymous Anonymous said...

Tale of a Taipan
Posted 08:05am (Mla time) Feb 27, 2005
By Eric S. Caruncho
Inquirer News Service

excerpts

NJ: Building all these big companies, how did you go about it?

AY: You know, to be successful in life, it all depends on luck. It is not your ability. If you are lucky, you will be successful. If you are not lucky, you will not be successful. You know, Confucius once said, "Man proposes, God disposes."

NJ: Is that all your explanation for your being a tycoon?

AY: Just luck. Nothing else. No matter how hard you work, if you are not lucky, there is no way you can succeed.

NJ: My God, I can't believe it.

AY: That's true.

NJ: Your father was lucky. You yourself were lucky, too.

AY: I was luckier. I made more money. You know, one thing I firmly believe in is that a good name is forever. But money, no matter how many millions, can be lost in a day.

...

"I think I said earlier that for me a good name is much more important than a fortune. So my dream is that my children will be able to preserve a good name. The only way they can do that is if they don't fight with each other and they can work together. One possibility is to divide the businesses to be managed by each. Another possibility is that they work as a group, but each has one vote, and all decisions must be made by the majority. As of now, I have not made the decision as to which would be the best. Before I make a decision, I guess I have to talk to them first and find out their opinions also."

It seems that the final chapter in the Alfonso Yuchengco saga remains to be written.
_______
Will his tenet that a good name is forever wishful thinking?

 
At Saturday, May 28, 2005 10:13:00 PM, Anonymous Worried sick said...

Winnie Monsod's article really depresses me because I have enormous respect for her. Is she right? Are her figures, reasoning and logic right? Please, the legal and financial experts from PEP coalition HAVE to respond to this article in a Letter to the Editor! Not only for the publicity relations aspect but to reassure us planholders!

 
At Saturday, May 28, 2005 10:16:00 PM, Anonymous Anonymous said...

This is an extract from the USF website, re: USF Commencement Exercise...

"1,581 Eligible to Graduate

May 17, 2005—A total of 1,581 graduate and undergraduate students were invited to participate in the 2005 commencement exercises May 20-22. Of those, 448 were undergraduates from the College of Arts and Sciences, 178 were undergraduates from the McLaren College of Business, 268 were graduate students from Arts and Sciences and the Masagung Graduate School of Business, 238 were from the School of Education and the School of Nursing, 234 from the College of Professional Studies, and 215 from the School of Law. A commencement Mass was held May 19.

Speakers for this year’s ceremonies included Terry Lynn Karl, a legal expert on human rights abuses in Latin America and professor of political science at Stanford University, who spoke at the College of Arts and Sciences commencement for graduates in the humanities and sciences. Harry S. Parker III, director of museums for San Francisco, spoke at the college’s commencement for graduates in the visual and performing arts and the social sciences. Alfonso T. Yuchengco, former Philippine ambassador to the United Nations, spoke at the undergraduate School of Business commencement. Brendan J. Cassin, chairman and president of Cassin Educational Initiative Foundation, spoke to graduates of the College of Professional Studies; Bernard and Barbro Osher, founders of the Bernard Osher Foundation, spoke at the Schools of Education and Nursing commencement; and California Appeals Court Justice Joan Dempsey Klein spoke at the School of Law commencement.

All commencement exercises were held in St. Ignatius Church."

I WONDER WHAT ADVICE YUCHENGCO GAVE THE UNDERGRADS OF USF SCHOOL OF BUSINESS. WAS IT HOW HE MADE YGC 'BIG' AND THE "TRICKS" TO MAKE IT EVEN 'BIGGER', JUST LIKE THE MANIPULATIONS THEY DID IN PPI, RCBC TRUST, RCBC (BANK).

 
At Saturday, May 28, 2005 10:44:00 PM, Anonymous Anonymous said...

Is it possible that the real moro-more might have been PPI's financial condition before the spin off? In other words, did PPI falsely represent to the SEC that its trust fund assets were adequate in value just so it could continue to sell the other types of plans (ie., non-trad plans, memorial, pension) so that it could actually cover its operating expenses? Could it actually be na matagal na silang in dire straights at ngayon lang sila umamin na merong problema?

 
At Saturday, May 28, 2005 11:09:00 PM, Anonymous Anonymous said...

To the previous blogger, I don't think so!!!!

Seems you have a hidden agenda?

 
At Saturday, May 28, 2005 11:31:00 PM, Anonymous Worried Sick said...

"To the previous blogger, I don't think so!!!!
Seems you have a hidden agenda?"

Let's not be too quick to suspect people of having hidden agendas. People should be free to brainstorm and wonder and speculate. There are so many twists and turns to the many manipulations that PPI and YGC have done, that it seems any scenario is possible. Maybe he has a point, maybe they DON'T have the money, at least that is what Winnie Monsod thinks. An "I don't think so!!!" is not enough to refute them. I need reassurance myself, so please refute them with FACTS AND FIGURES, not just scornful suspicion.

 
At Sunday, May 29, 2005 12:17:00 AM, Anonymous Anonymous said...

"I need reassurance myself, so please refute them with FACTS AND FIGURES, not just scornful suspicion."

The finance group of the coalition has been discussing numbers all over the place (i.e. interviews and shows) and isn't this enough? Plus these numbers were from the audited FS of PPI. In terms of bottom-line or net income, PPI has always been profitable. In fact for yearend 2003, PPI had net income of Php1 billion. And it has been discussed that their trust fund is more than the Actuarial Reserve Liability, even with the spin-off. You're right in saying that PPI does not have the money. This was because they invested in the 0-coupon Napocor bonds, which was a losing proposition. For Lifetime Plans, Inc., your guess is as good as mine since no one could provide a copy of their FS.

So what reassurance do you still need?

 
At Sunday, May 29, 2005 6:55:00 AM, Anonymous Anonymous said...

YGC will have no choice but to find a compromise unless they want all PLANS to go awry. Once these plans become problematic, IRREGARDLESS if it was the coalition's fault, the YGC empire will fall if they don't find a solution to this problem. Monsod is right as SEC's decisions have stopped PPI or LIFETIME to pay planholders, but these will NOT only affect the educational plans but ALL plans as well. I don't think YGC will risk that. IN the end it will affect YGC more than the planholders.

 
At Sunday, May 29, 2005 10:19:00 AM, Anonymous Anonymous said...

On Monsod's Column
1. She is very clear on who the GOOD GUYS are. That's US.
2. Her calculations were at best rough estimates, and from what i know, she has not been shown ALL the actual figures- yet. I am confident she will have a different opinion once shown ALL the accurate figures.

 
At Sunday, May 29, 2005 10:20:00 AM, Blogger Pre-Need News said...

Please also check out www.spynewsmanila.blogspot.com and this is mainly about Platinum Plans problems and other pre-need companies.

 
At Sunday, May 29, 2005 10:42:00 AM, Anonymous worried sick said...

"The finance group of the coalition has been discussing numbers all over the place (i.e. interviews and shows) and isn't this enough? ...So what reassurance do you still need?"

My, my, so cocksure and arrogant. It seems any doubts are not allowed and will be met with sarcasm.
THIS IS NOT THE ATTITUDE THE COALITION AND THIS BLOGSPOT SHOULD HAVE!

 
At Sunday, May 29, 2005 12:10:00 PM, Anonymous marc said...

"if it is true that tuition fee increase is more than 10% per year, how come if a planholder were to avail the "averaging", he only gets a 7% increase per year? Isn't it that if the increase is more than 10%, then the average also increases more than 10%? besides the increase were mostly non-standard fees, meaning not covered by ppi.

maybe this is how they come up with the 7% interest for their rehab. ppi has been doing this all along. "

Answer: They chose 7% per annum because they have assumed that tuition rates increase by 7%, as per the Actuarial Valuation Report signed by the Actuary doing PPI's valuation.

Couple that with the discounting rate of 15% that PPI is using for all it's plans, fixed or traditional, and one with financial understanding readily sees that PPI entered into Interest Rate Risk for all its plans. Since the SEC now requires a lower discount rate for valuations, this increases their liabilities by an amount of 1 to 3 Billion pesos (note that lower discount rates means higher present values)FOR ALL PLANS, ESPECIALLY THE 8 BILLION IN FIXED-VALUE PLANS NOW EMBEDDED IN LPI.... they just chose to blame the traditional plans for their financial and managerial incompetence, to get out of this hole that they and the YGC dug for themselves. They had hoped to squirrel assets meant for all planholders away and devote their energies to the fixed-value plans. In a way, what YGC is saying is true that they are trying to save the fixed-value plans, but this is clearly a half-truth (they are very good at that!). The way they are trying to save the fixed-plans is patently immoral as, instead of them infusing more capital or re-engineering the liquidity with other funds, they chose to steal from the trad-plans assets, thus depriving liquidity from the assets meants for the trad-plans.

Regarding Mareng Winnie, she doesn't know this information so I shall be writing her soon. I'm just overloaded with work right now, but I promise to email her today.

I think what she also says is correct that now that LPI is back in the fold of PPI, it becomes subject to the hold order. But that is not the fault of SEC nor of the coalition that this happened, it is clearly another misfire that PPI/LPI/YGC has yet again incurred for their incompetence. If truly the YGC cares about all the planholders, they should retrieve the rehab order now that there are enough liquid assets to pay for everything.

After all, Atty. Tecson says that it is not insolvency which is the issue but illiquidity. So, since liquidity is now provided with the re-incorporation of LPI back into PPI, there is no more reason for the hold order even.

However, these people in YGC and PPI and LPI are a vindictive lot, and aside from their already much discussed lies and evasive activities (Sec. Purisima and the DOF has denounced them and has completely sided with the SEC), they might now have a new play: blackmail, as in they would sit tight and let the hold-order affect the LPI plans and blame it on the SEC.

Didn't you notice how they praised the SEC to the high heavens previously, and now that the truth has come out, the SEC is suddenly a villain?

Anyway, it's a long fight, but fight we shall.

Mabuhay ang PEP Coalition!

 
At Sunday, May 29, 2005 1:49:00 PM, Anonymous worried sick said...

People in insurance tell me that an insurance company always has plans (such as fire insurance) that are the real breadwinners of the company, and others (such as auto insurance) that are the losers. So the fire insurance basicly supports auto insurance. This is not considered "endangering the interests" of those with fire insurance, as PPI is saying of traditional versus fixed-value plans. I resent the way they are trying to make a virtue of their refusal to pay the traditional plans, by terming it as "protecting the interests of the fixed-value plans." Such hypocrisy!

To Marc: Many thanks for your patient and clear explanations. And we really will be indebted to you if you can straighten things out with Mareng Winnie. Would she print it, kaya?

 
At Sunday, May 29, 2005 2:45:00 PM, Anonymous Anonymous said...

The dark side of the force exists with the Yuchengcos. The evil Helen Dee even forgot about her son Michael who then committed suicide in Vancouver. He was eventually discovered a week later and the body was decomposing by then.

If that can happen to her only son, there is nothing the evil Helen cannot do.

 
At Sunday, May 29, 2005 3:01:00 PM, Anonymous Anonymous said...

To blogmaster,
I'm so sick of reading posts that are obviously made by paid YGC hacks, and even more obviously by the same person (same tenor, same range of vocabulary, same argument). Pls remove them.

To paid hacks, go and post in your own site. There is NO OBJECTIVE REASON why you should post here when you know fully well the objective of the coalition is to make the Yuchengcos fulfill their contractual obligations. Tell me what other reason do you have for posting here kung hindi manggulo. If it is to enlighten us, then do so in your own blog. Nobody is stopping you from setting up one. If your postings are intelligent, then people will go to your blog.

BUT GET OUT OF OUR BLOG AND STAY OUT!!!!!!

 
At Sunday, May 29, 2005 8:48:00 PM, Anonymous Anonymous said...

Hmmmm, seems to me that the fake posts stopped on Sunday. I suppose it is a non working day for the sales and PR agents.

Also, it is not the fault of the coalition that Lifetime got dragged into this. It is solely Helen Dee's fault.

I second the previous poster's sentiments GET OUT AND STAY OUT OF OUR BLOG. POST IN YOUR OWN BLOG.

 
At Sunday, May 29, 2005 9:25:00 PM, Anonymous Anonymous said...

Tale of a Taipan
Posted 08:05am (Mla time)
Feb 27, 2005
By Eric S. Caruncho
Inquirer News Service

...

NJ: Your father was lucky. You yourself were lucky, too.

AY: I was luckier. I made more money. You know, one thing I firmly believe in is that a good name is forever. But money, no matter how many millions, can be lost in a day.

"...a good name is forever."
LIP SERVICE lang pala.

 
At Sunday, May 29, 2005 10:38:00 PM, Anonymous Anonymous said...

"Kasalanan nyo-COALITION, kasi wala ng Lifetime
Plans, saan pa namin kukunin pension namin?"

---

Why blame us?!!! Pare-pareho lang tayo ng tanong...Saan din namin kukunin ang pampaaral ng anak namin sa mga darating na panahon? Same us you we paid good, hard-earned money to the Yuchengcos just so we can secure our kids futures.

It is not our fault that Lifetime didn't submit SEC requirements on time...so it's not fair to blame us...

 
At Monday, May 30, 2005 12:16:00 AM, Anonymous Anonymous said...

People can't blame the PEP Coalition for the cancelation of Lifetime Plans Inc. This is done by the SEC. If you have read the newpapers you'd known by now that it was the YGC lawyers who was remiss with their registration process. They were only given a temporary or conditional permit to operate. Since they did not fulfill the requirments despite given the number of months- the SEC had no choice but to cancel the registration.

Since YGC created Lifetime as an escape route and create a vision the PPI was indeed in dire financial condition in the first place.

Now that the SEC has cancelled Lifetime. All its ASSETS and liabilities reverts back to PPI.

However, before any formal reverse of the dastardly act. SEC has asked all the depository banks- RCBC, China Bank, Etc. to freeze all accounts to avoid it being spirited away or squadered in form of management fees or other expenses.

Upon reversal of Lifetime, then PPI is whole again. That means all assets and liabilities are intact in its original state before the crisis. This should make the PPI rehab moot and academic?

 
At Monday, May 30, 2005 9:59:00 AM, Anonymous Book Hunter said...

YGC PR people:

You are doing a terrible job for the Yuchengcos. You have destroyed a once honorable name. First Mapua, now this. What's next, RCBC, Grepalife?

The tactics you are employing on this board are backfiring also. I sued to have a wait-and-see attitude. Now, I am completely on the side of the coalition. I will never side with people who employ such dirty tactics.

 
At Monday, May 30, 2005 10:12:00 AM, Anonymous Anonymous said...

hidni nila puede pa masira ang rcbc name. sira na yun, e. another rcbc tidbit : upon transfer of consuner loans (like car loans) from rcbc to rcbc savings bank, they lost several sensitive documents. aside from loan records, would you believe that even post dated checks issued by borrowers were missing? yup! of course, several clients would not issue new checks since it was the bank that lost them. kaya ngayon, malaki ang level of bad loans ng rcbc savings.

 
At Monday, May 30, 2005 11:56:00 AM, Anonymous Anonymous said...

Inresponse to:

"Upon reversal of Lifetime, then PPI is whole again. That means all assets and liabilities are intact in its original state before the crisis. This should make the PPI rehab moot and academic? "

Not quite. The same problem exists. Who will subsidize the trust fund deficiency for the traditional plans? By making it whole, it does not mean that we can dip into the trust fund of other types of plans. Or worse, first come first serve until the trust fund dries up, which will be to the detriment of the future availing planholders.

The deficiency is bigger than what the original(whole) PPI can absorb. Where will PPI get the several Billion trust fund deficiency?

 
At Monday, May 30, 2005 12:24:00 PM, Anonymous Anonymous said...

"Not quite. The same problem exists. Who will subsidize the trust fund deficiency for the traditional plans? By making it whole, it does not mean that we can dip into the trust fund of other types of plans. Or worse, first come first serve until the trust fund dries up, which will be to the detriment of the future availing planholders."

For crying out loud, "dipping into the trust fund" has been done for more nearly a decade now. The excesses on the trust funds of the other 6 products are used to take care of the dificiency of the trad plan.
The big question is, why was there a deficiency?
-Because PPI sold more Trad Plans than the securities it was allowed to sell by SEC. The reported sales to SEC was not true for the longest time. Year in and year out! Cuz if they submitted the real figures, they would get penalized. Why get penalized? Because the Trust fund has become way below the contractual liabilities.
And this is not all they did.

 
At Monday, May 30, 2005 12:38:00 PM, Anonymous Anonymous said...

In response to:

"For crying out loud, "dipping into the trust fund" has been done for more nearly a decade now. The excesses on the trust funds of the other 6 products are used to take care of the dificiency of the trad plan."

Trust fund is always computed based on expected obligations only, excluding profit. Therefore, even if trust fund of other products are sufficient, there will be no buffer to support traditional plan trust fund deficiency.

 
At Monday, May 30, 2005 1:13:00 PM, Anonymous marc said...

"Trust fund is always computed based on expected obligations only, excluding profit. Therefore, even if trust fund of other products are sufficient, there will be no buffer to support traditional plan trust fund deficiency."

Trust Fund are assets, it's the ARL which are the obligations. And these obligations include the required yields that are to be built-up. Also, the separation is along product lines, not products...

Also, if my contention is true, it's not just the Trad Plans which are deficient, but more so the Fixed-Value plans. However, there seems to be more to this, which led PPI to concentrate on the open-ended plans. This issue about the potential deficiency of the trad plans because of unreported or misreported sales is very troubling indeed, and if true, will really just confirm how deep a hole PPI dug for itself (or should I say, for all of our plans, whether fixed-value or open-ended).

Clearly, there is more to this than spiralling tuition costs, as the deception runs deep... Clearly, the former directors, senior officers and the YGC will really have to stand up and do some explaining to all of us... Because whichever way you look at this, THIS IS NOT THE FAULT OF THE SEC, NOR THE OPEN-ENDED PLANS, NOR OF THE FIXED-VALUE PLANS, NOR SPIRALLING TUITION, ETC. THIS IS CLEARLY THE FAULT OF THE YGC-LED PPI!

 
At Monday, May 30, 2005 1:24:00 PM, Anonymous Anonymous said...

PLEASE NAMAN LET US STOP ANSWERING THOSE PAID PPI HACKS. STOP WASTING YOUR TIME. THEY ARE PAID FOR EVERY ENTRY THEY MAKE ESPECIALLY IF THEY GET THE GOAT OF PLAN HOLDERS BY WAY OF ANSWERING THEM BACK. NO AMOUNT OF LOGIC WILL CONVINCE THEM BECAUSE THEY GET THEIR MEANS OF SUSTENANCE BY BEING MERCENERIES AND STOOGES. KAPIT SA PATALIM IKA NGA. THEY ARE NOBODY ELSE BUT PPI AGENTS.

 
At Monday, May 30, 2005 2:36:00 PM, Anonymous Anonymous said...

How do we join the yahoo website?

 
At Monday, May 30, 2005 3:29:00 PM, Anonymous Jay said...

I am a fixed value planholders.
According to the SEC documents in this website, the education trust fund was only split before the spin-off. Total amount of trust fund is 5.5 B, where 2.8B went to traditional and 2.7 to fixed plans.

If this is recombined again, and the deficiency for traditional is around 5 billion, this will eat up the allotment for fixed value plans. In fact, the whole educational trust fund is not sufficient for all obligations just for traditional plans.

PEP Coalition, please explain to me your plans.

 
At Monday, May 30, 2005 4:02:00 PM, Anonymous Anonymous said...

Winnie Monsod's column contains her OPINIONS and VIEWS of the matter, although i think there is something wrong with her logic. i think what is important is that the SEC DID THE RIGHT AND LEGAL THING by cancelling Lifetime's incorporation. SEC officials have said they were given a lot of time to comply with the requirements and that the SEC has bended backwards to accomodate Lifetime. it is unfair, illogical and STUPID to pin the blame on the coalition if Lifetime planholders do not get anything. it was YGC/PPI that brought the whole issue to where it is now. its like shooting the messenger, not the message.

 
At Monday, May 30, 2005 4:15:00 PM, Anonymous Anonymous said...

Anonymous said...

How do we join the yahoo website?

Monday, May 30, 2005 2:36:07 PM

1.Go to the main Yahoo page
2.Click on groups
3. in the search box, type no2pep2010
4. click Join this group
5. follow the prompts from there.

 
At Monday, May 30, 2005 4:18:00 PM, Anonymous marc said...

"PLEASE NAMAN LET US STOP ANSWERING THOSE PAID PPI HACKS. STOP WASTING YOUR TIME. THEY ARE PAID FOR EVERY ENTRY THEY MAKE ESPECIALLY IF THEY GET THE GOAT OF PLAN HOLDERS BY WAY OF ANSWERING THEM BACK. NO AMOUNT OF LOGIC WILL CONVINCE THEM BECAUSE THEY GET THEIR MEANS OF SUSTENANCE BY BEING MERCENERIES AND STOOGES. KAPIT SA PATALIM IKA NGA. THEY ARE NOBODY ELSE BUT PPI AGENTS. "

I agree, I won't respond anymore to the paid hacks. It's easy to spot them anyway; their posts and logic are consistent with the script of PPI / YGC anyway, so it's really a dead give-away :)

 
At Monday, May 30, 2005 4:23:00 PM, Anonymous Anonymous said...

To Jay,

I understand your concerns. YGC has made the situation in such a way that they're pitting trad plans vs. fixed plan holders.

Let me ask you. If you have 2 children and you believe 1 of them is sick, do you stop giving that child medicine so that you can continue enjoying your way of life? Do you tell that child, we'll just let you die so that your kapatid will live? Do you tell the healthier child that if you give medicine to the other child, he may have less money for his own needs, when in fact, you just want to have money left over for your own retirement and when in fact, you lost some of your savings say to gambling? Do you then pit your children against each other?

If you were the sick child, would you just roll over and die?

Based on this analogy, it is neither child's fault, it is the parents' fault.

We do not want to win this at the expense of Lifetime planholders, but I hope Lifetime also does not want to be safe at the expense of trad plan holders.

 
At Monday, May 30, 2005 6:24:00 PM, Anonymous Jay said...

Just for everyone's information, I have a fixed value plan which earns around 9-10% annually(according to my calculations). Why would fixed value planholders subsidize traditional planholders who would get 20+% returns?

Isn't your investment returns(7% return as proposed in the rehab plan) already close to our 9-10% returns?

If your analogy is that fixed and traditional planholders are like siblings, then we should aproximately get the same to be fair.

 
At Monday, May 30, 2005 7:06:00 PM, Anonymous Anonymous said...

Like jay, I am also a fixed value (pepstar) planholder.

Huwag naman kayo masyadong greedy. 400,000 kaming planholders na happy sa 9-10% returns (as computed by Jay). At this time nga, I just want to make sure na makuha ko ang pera na pinasok ko dahil sa lahat ng gulo na ginawa ng PEP. Please huwag niyo namin kami idamay!!!!

 
At Monday, May 30, 2005 7:58:00 PM, Anonymous Anonymous said...

To the previous poster:

Sa ayaw at sa gusto natin lahat, damay tayong lahat sa gulo na sinimulan ng PPI/Yuchengco. Ang PEP kaya lang nabuhay ay para labanan ang kalokohan ng PPI/Yuchengco. Kung meron kang gustong sisihin, wala nang iba kung hindi ang PPI/Yuchengco na nagsimula ng lahat ng gulong ito.

 
At Monday, May 30, 2005 10:46:00 PM, Anonymous Confused said...

Mabuhay, you guys in the Legal and Financial Committees of PEP coalition! You are doing a great, job ... keep it up!
Please, would the coalition make a summary of all the latest happenings and information? I'm starting to get lost in all the legal maneuvers and the financial revelations. There are a lot of scenarios being discussed, a lot of opinions of what the true financial situation of Pacific or YGC is. What is the official PEP coalition opinion? Because it seems whenever people speculate or theorize, they are accused of being paid hacks. So what is the REAL situation, according to the PEP coalition?
First, I thought that Pacific had enough money to pay everyone before they spun off Lifetime and bought Napocor bonds. Now it seems that even the whole and intact Pacific does not have the money to pay the traditional plans. Then, Marc says that even the fixed-value plans may be in trouble because of unreported sales. It sounds like Pacific is in huge trouble and yet when somebody mentioned this, ("Could it actually be na matagal na silang in dire straights at ngayon lang sila umamin na merong problema?"] he was immediately under suspicion. --- Which is why I started this with a Mabuhay so it will be clear that I am not a paid hack, just confused! And please, no sarcastic putdowns.

 
At Tuesday, May 31, 2005 12:39:00 AM, Anonymous "not a paid hack" said...

To CONFUSED,

I sympathize with you. I too am confused. While it has been mentioned time and again that Pacific was profitable before the transfer of assets to Lifetime, I still can't shake my doubts. If it was so profitable then, why wouldn't they have just continued to operate it? Why "steal" when the going was good?

I may be tagged a paid hack for this (which I certainly am not - not that anyone will believe me though) and be subject to "scornful suspicion", but I understand that some of us are really more emotional about these issues.

 
At Tuesday, May 31, 2005 10:29:00 AM, Anonymous Anonymous said...

Back to basic again na matagal nang nadiscuss pa-ulit-ulit:

1. traditional vs. fixed value? Not true.

Before transfer, PPI had enough trust funds for all. Walang deficiency sa trust funds, excess pa sa kanilang ARL at may net income ang kompanya.

Walang pinag-uusapang unreported sales dito na traditional or fixed value. Ibang usapan iyan. Kung merong unreported sales, then POSIBLENG may kulang sa fixed value trust fund (since matagal nang walang binebentang traditional). Pero itabi muna ang issueng yan.

So before the transfer, okay lahat. Now, sa PROFIT MARGIN ng benta ng fixed value, DOON kumukuha ng pandagdag sa traditional KUNG KAILANGAN. But PROFIT MARGIN ito, hindi trust fund. So, SAFE and fixed-value planholders. At sa traditional planholders naman, kahit na sapat ang trust fund, dahil maaaring tumataas ang ARL every year dahil sa pagtaas ng tuition, dinadagdagan ito mula sa PROFIT MARGIN from fixed value sales.

So KITA or PROFIT MARGIN ng PPI/Yuchengco ang nababawasan, NOT the trust fund of either traditional o fixed value. So walang planholder ang napeperwisyo.

Kung ibabalik ang PPI sa kalagayan niya BEFORE the transfer, then balik lang sa dati. All planholders will continue to receive FULL benefits AS PER CONTRACT. Bahala na ang PPI/Yuchengco na bawasan nila ang KITA o PROFIT MARGIN nila KUNG kailangan magdagdag sa trust fund ng traditional plans.

Since ipapatupad na ng CHED ang fixed rate of tuition increase, alam na ngayon kung magkano na ang kakailanganin sa mas madaling paghusayin ang investment management para laging sapat or even in excess ang trust fund kumpara sa ARL.

2. Rehab plan kailangan? Not true.

Based on above discussion, nasabi na nga dati pa at napatunayan na ng mga dokumento na sapat ang trust fund at in excess pa nga sa ARL at may net income pa nga ang PPI.

Walang rehab plan na kailangan. Sa darating na panahon, KUNG kailangan, ang maaapektuhan ay ang KITA o PROFIT MARGIN ng PPI/Yuchengco sa pagdagdag sa trust fund ng traditional - KUNG kailangan. Natural, para hindi mabawasan ang kita, ihiniwalay na nila ang fixed value sa traditional at sinampahan ang PPI ng petition for suspension of payments at petition for rehab.

3. Lifetime agents affected by PPI/Yuchengco fraud? True.

Walang ahente ng Lifetime (na dati namang PPI) na nakakaintindi ng buong pangyayari. Alam lang nila, di na sila makabenta. Kung aalamin nila ang ugat at pinagmulan ng lahat, malalaman nila na napakadaling maayos ito. Kailangan lang nilang ITULAK ang kanilang AMO na ayusin at ibalik ang dating pwesto nila at kinatatayuan nila sa PPI. Ang AMO nila ang may susi upang paandarin muli ang PPI na syang original vehicle for selling ng lahat ng plano. Di naman sila tulad ng ahente ng Life Insurance na may designated carrier as prescribed by the Insurance Commission at yun lang ang dapat ibinebenta na Life Insurance. Sa pre-need, walang problemang magbenta sila para sa PPI. Kailangan lang ilipat ng AMO nila ang pagbenta ng fixed-value products back to PPI. So sa AMO nila sila magreklamo. Iyon ang nag-umpisa nitong lahat at ngayon, nasa AMO rin nila ang susi para dali-daliang ibalik at dating estado at kinatatayuan ng mga ahente.

 
At Tuesday, May 31, 2005 11:01:00 AM, Anonymous Anonymous said...

In response to:

" Kung ibabalik ang PPI sa kalagayan niya BEFORE the transfer, then balik lang sa dati. All planholders will continue to receive FULL benefits AS PER CONTRACT. Bahala na ang PPI/Yuchengco na bawasan nila ang KITA o PROFIT MARGIN nila KUNG kailangan magdagdag sa trust fund ng traditional plans."

My understanding on the situation is that this was the practice, subsizing traditional planholders from proift margins, of PPI before spin-off. However, this practice cannot be sustained. Right now, due to SEC order, PPI will become the original PPI, exactly what PEP wanted. However, the problem still remains. This is because the deficiency of 3 Billion cannot be subsidized by the profit margins. The proft margins for the next 10 years or longer (using as basis the profit the last 5 years), will not be sufficient to pay for this deficiency. So, if it is business as usual, availing planholders will be able to get their money and the future-availing will be left to hang dry.

 
At Tuesday, May 31, 2005 11:05:00 AM, Anonymous Anonymous said...

"Before transfer, PPI had enough trust funds for all. Walang deficiency sa trust funds, excess pa sa kanilang ARL at may net income ang kompanya."

This is because of the fixed value plans which contribute a far greater percentage to the trust fund but whose availments are lesser than the pep-trad wherein payments are skyrocketing due to the tuition increases. There was no seemingly trust fund deficiency due to the contributions from the fixed value plans.

With the separation, the real concern of peptrad came out. Now you want the fixed value plans to subsidize your availments when you are just a minority contributor to the trust fund.

 
At Tuesday, May 31, 2005 9:01:00 PM, Anonymous Anonymous said...

Anonymous said...
"Kasalanan nyo-COALITION, kasi wala ng Lifetime
Plans, saan pa namin kukunin pension namin?"

---

Why blame us?!!! Pare-pareho lang tayo ng tanong...Saan din namin kukunin ang pampaaral ng anak namin sa mga darating na panahon? Same us you we paid good, hard-earned money to the Yuchengcos just so we can secure our kids futures.

It is not our fault that Lifetime didn't submit SEC requirements on time...so it's not fair to blame us...
------
Hoy!!! don't blame the coalition. Hindi land ikaw ang may persion plan, kami may education, pension and memorial plan pa mas affected kami ano???

 
At Thursday, June 02, 2005 11:04:00 AM, Anonymous Anonymous said...

Never forget that PPI had enough funds in its trust for all plans. Never forget that it had an excess over ARLs until before the transfer of assets in 2004. Never forget that it had over a billion pesos net income before the 2004 transfer. Never forget that PPI/Yuchengco committed fraud and this was all documented even in earlier years when they asked for legal advice for their planned shutdown of PPI traditional plans.

 
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