Wednesday, June 15, 2005

The Lost Summer of 2005

Dear Readers,

The summer of 2005 has passed and our children off to school, making do with their "tuition support". It is a good time to recap what we have seen and what we can expect.

a) A contract is a contract. We started off this campaign with this immutable, unchanging fact. Regardless of any excuse or justification proferred, this was always the ground issue that YGC could not escape. We all collectively wondered as to what was going on in the minds of the YGC owners and seniors as they attempted to pull off the great heist of 2005. At the very start, we believe that the majority of planholders were prepared to accept that the filing for rehabilitation was at worst a poorly thought out implementation with no malice aforethought. We felt that it would be voluntarily rescinded and life would go on.

b) As YGC hardened its position, we were forced to delve into issues and topics that would not otherwise be topics for conversation over dinner in many homes across this country. We also found that we were being made the enemy by their publicists. We were alternately accused of being elitists, or selfish and uncaring, or just plain dumb. What an ironic and unfortunate choice of strategy for communicating with your customers considering that we never invented preneed plans in the first place, nor did we coerce YGC into getting into the business. Before this summer, we were wooed and called dear and valued customers. We will all remember this the next time we are enticed to buy a product or a service from a YGC company.

c) We learned about what proper corporate governance should be and what constitutes bad faith and fraudulent behavior. The SEC made itself exceedingly clear on these issues when it issued the revocation order.

YGC should not flatter itself that the SEC was zeroing in on PPI with that report.

SEC had to worry about the broad implications of allowing and sanctioning companies to willfully renege on contracts. The Philippines would be a leper in the international community had they not affirmed this principle. And for all of the other PPI planholders who are resentful of the coalition's efforts, they are mindless of the fact that if PPI or any other company is allowed to renege on a single contract, then that serves as legal precedent and all other contracts be damned!

d) We learned about the workings of our mass media and how difficult it was to make our issues heard. Fortunately, we were able to devise other means and we now realize that concerned individuals can band together effectively to fight for a good cause.

e) We found about that companies always consult lawyers before taking drastic decisions. In our case, we found out that ACCRA had already given sufficient knowledge of the issues to YGC regarding the weakness of YGC's position. Unfortunately, we also learned that YGC ignored the good advice and decided to work with another law firm.

f) We found about judicial ethics and what we should properly expect from our judges in terms of how they should inhibit themselves in order to uphold the principle of preserving the public's expectation of unbiased court proceedings;

g) We found about the fiduciary responsibility and the proper behavior that we should expect from our financial institutions. We also found out that our trust manager has a very loose and seriously inadequate understanding of what constitutes cash or very liquid instruments as basis for the investment portfolio.

h) We found out about the cash dividends and the excessive sales commissions being granted (all during the period that PPI knew that it was headed for trouble).

i) We found out that it is not that difficult to create a decent portfolio to match the growth in tuition. However, if one insists on bloated expenses and questionnable investment decisions, then PPI can always claim it fell short of expectations. These are PPI's business decisions that it is solely accountable for.

j) We also found out that YGC has a murky understanding of liabilities and the division between equity holders and creditors. During the good times, generous bonuses and commissions were distributed to the senior managment and owners. Now that YGC has seen that the traditional educational plan product line is making PPI less profitable than it otherwise could be, they attempted to have the planholders rather than the owners absorb the losses brought about by bad business decisions.

h) We also found out that the minority shareholders are penalized as was evident in the maneuvers to create a corporate shell game. Values are stripped from profitable companies and cash dividends are declared out of supposedly troubled ventures.

Yes we have learned many things, the painful way but we hope that we are all better prepared and more vigilant going forward.

At the same time, we now know that YGC has also learned many things as well. They have learned that trust and integrity is the only true coin that they can use for conducting business. That coin is what allowed them to be part of the lives and aspirations of Filipino families over these many decades.

Unfortunately, in the lost summer of 2005, these same families learned many bitter lessons and insights into the values and ethics of YGC and in the process, YGC has lost their trust and debased their coin in the process.

Trust is an intangible asset that is a multiplier and has allowed YGC to enter into many businesses built on trust. The loss of trust over the summer of 2005 is now acting as the divisor and now penalizing these same businesses.

231 Comments:

At Wednesday, June 15, 2005 4:05:00 PM, Anonymous Anonymous said...

Helen's agenda is wear the coalition down.
They predict that we won't last another month.
Here's to a more focused coalition.

 
At Wednesday, June 15, 2005 4:06:00 PM, Anonymous Anonymous said...

should read:
Helen's agenda is to wear the coalition down.
They predict that we won't last another month.
Here's to a more focused coalition.

 
At Wednesday, June 15, 2005 4:08:00 PM, Anonymous Anonymous said...

Yes indeed, it was the summer of our discontent. April 13, 2005 will be remembered in Philippine business history as the day 34,000 preneed planholders were betrayed by a corporate giant.

But as they say, in every cloud there's a silver lining. In this case, it's the birth of the PEP Coalition during the 1st general assembly on April 23, 2005. Future generations will remember this day as the beginnning of the middle class revolt vs. bad corporate governance.

Will June 22, 2005 mark another milestone?

 
At Wednesday, June 15, 2005 4:27:00 PM, Anonymous Anonymous said...

Its not an understatement to say that YGC lost a lot of trust, prestige & more importantly- MONEY had it not gone on this misadventure. Helen's arrogance sounded the death knell for all the hard work & goodwill created by her grandfather & ailing father. Had they paid the 3-4B needed to fullfill their PPI contract, YGC would not have lost 5X that amount in goodwill,withdrawals & lost business...to PEP---Keep up the FIGHT!!!its a war of attrition & guess who's bleeding more???

 
At Wednesday, June 15, 2005 4:35:00 PM, Anonymous Anonymous said...

Very well said!

We all learned a lot since April 13. Thanks to the many volunteers - lawyers, accountants, actuarians, etc, who gave their free time to move our cause forward and for educating us in ways we never thought we would.

More power to the Coalition!

 
At Wednesday, June 15, 2005 4:54:00 PM, Anonymous Anonymous said...

Nice try!

 
At Wednesday, June 15, 2005 8:00:00 PM, Anonymous pikachu said...

Someone asked me why we haven't been in the media these past week and if our fight has died down. Well, I answered that inspite of the shift of the media to the issue on the jueteng, wiretapping and destabilization moves, the coalition has been quite busy even if the media coverage is not as intense as it was. Actually, the ppi issue came out timely when it did cause we got the media exposure we needed to catapult our issue and we got the effects we wanted which is to make the yuchengcos cough out the additional 250M loan of AY. We have been in Senate and Congress these past weeks and the inquiry has been helping our cause. just today in senate, sonny garcia was grilled like barbeque when he was being interrogated by mar roxas and serge osmena and better still when philip piccio brought out data that refuted claims that garcia was giving that the increases in tuition were way above their actuarial projections when in actuality our data showed the contrary, and the senate panel was flabbergasted.
Even the purchase of the Napocor bonds was found out to be overpriced/ overpaid by PPI or someone made some profit from the sale. Roxas was so peeved with garcia when garcia was evading the questions saying he didn't have the data or cause he wasn't with PPI then. Roxas almost threw the calculator when garcia couldn't come up with the figures roxas wanted to base whether the rehab was necessary or not. sonny garcia finally admitted and is now officially on record that the 250M "donation" of AY is a LOAN!!!! And AY is now a PPI Creditor and will be paid with interest inform of equity when things have been settled. Garcia had to reveal this cause mar roxas asked him how the 250M was reflected in the books of PPI, as a donation from the pocket of AY, as a loan or what? Garcia also admitted that the problem of PPI was liquidity and so roxas said that PPI should not resort to rehab but to infusion of capital. The matter of the relationship of the Trustee Bank and the client which is PPI was also brought up by Osmena since the banks used for the placement of the trust funds was RCBC, China Bank and ING. Garcia was very hesitant to answer that question of Osmena cause even if there wasn't any SEC regulation stating that it was illegal, the Corporation Law states that there should not be any relationship between the client and the Trustee Bank and Barin was questioned why this was not looked into. Then two weeks ago in congress, it was even worse cause the congressmen weren't as polite as the senators. it was a no holds barred session and the lawyers of ppi, atty desiderio was so kawawa, if he could walk out he would. on the next session, Helen and AY will be subpoenaed and if they don't show up, they will be subpoenaed again and if again they don't show up, they will be arrested. That will really be news, more sensational than the juetengate or destabilization of gma's regime. The lawyer representing the C.A.R.E. group was even impressed with our data. I was just wondering why they banded together without even doing research which explains the reason why they say they are for rehab. But hopefully after the senate session this morning and after hearing the senators say that Rehab isn't necessary, then maybe they will finally be ENLIGHTENED. For those who keep on blaming the coalition and to all the members of the coalition, it would be a good experience and eye opener if you could attend these sessions. The next one will be on Monday, June 20 at 9 a.m. in the Recto Room, 2nd floor Senate. The date of the congressional inquiry is not yet schedule but I shall let you all know, cause thats where the real action is. For those hackers who say, we may not get anything out of it, as in, Yuchengco will still not pay up, well who knows. With all the evidence being brought out that there is fraud, which supports the findings of S.E.C. and the imprisonment of Helen and company if they fail to show up in the inquiry, we may just get paid and our broken dreams may then be mended and we can all sleep soundly with the knowledge that our children will all be going to the schools of their choices again.
So now my friends and foes of the coalition, I bid you good nite. Sweet dreams and PEACE!!!! AND BTW, I LOVE YOU ALL !!!!!

 
At Wednesday, June 15, 2005 8:18:00 PM, Anonymous Anonymous said...

Ha!

Pikachu, after reading what you wrote, I can finally have ONE night of sound sleep after nights of worrying about where to get next year's tuition. Let us hope that our senators and congressmen show statesmenship and truly stand up for the people who brought them into the halls of Congress and not for the corporate Goliaths who face the public with so-called projects "for the education of the children" but in reality are WOLVES IN SHEEP'S CLOTHING!!!

Good night and may we all have sweet dreams....

 
At Wednesday, June 15, 2005 8:31:00 PM, Anonymous Anonymous said...

God bless.

 
At Wednesday, June 15, 2005 9:06:00 PM, Anonymous Anonymous said...

Above all, let us pray to give thanks to our all mighty God for what is happening. And the people behind the coalition, friends and everyone who supported the cause. Keep up the good works.

 
At Thursday, June 16, 2005 12:43:00 AM, Anonymous Anonymous said...

AMEN!!!!!

May the good LORD bless us all especially in this time of crisis.

AMEN!!!!!

 
At Thursday, June 16, 2005 1:25:00 AM, Anonymous Anonymous said...

Thank you Pikachu for the update. Anyway, I will itemize what you wrote..hope you don't mind.

--------------------------------

We have been in Senate and Congress these past weeks and the inquiry has been helping our cause.

1. just today in senate, sonny garcia was grilled like barbeque when he was being interrogated by mar roxas and serge osmena and better still when philip piccio brought out data that refuted claims that garcia was giving that the increases in tuition were way above their actuarial projections when in actuality our data showed the contrary, and the senate panel was flabbergasted.

2. Even the purchase of the Napocor bonds was found out to be overpriced/ overpaid by PPI or someone made some profit from the sale.

3. Roxas was so peeved with garcia when garcia was evading the questions saying he didn't have the data or cause he wasn't with PPI then. Roxas almost threw the calculator when garcia couldn't come up with the figures roxas wanted to base whether the rehab was necessary or not. sonny garcia finally admitted and is now officially on record that the 250M "donation" of AY is a LOAN!!!! And AY is now a PPI Creditor and will be paid with interest inform of equity when things have been settled. Garcia had to reveal this cause mar roxas asked him how the 250M was reflected in the books of PPI, as a donation from the pocket of AY, as a loan or what?

4. Garcia also admitted that the problem of PPI was liquidity and so roxas said that PPI should not resort to rehab but to infusion of capital.

5. The matter of the relationship of the Trustee Bank and the client which is PPI was also brought up by Osmena since the banks used for the placement of the trust funds was RCBC, China Bank and ING. Garcia was very hesitant to answer that question of Osmena cause even if there wasn't any SEC regulation stating that it was illegal, the Corporation Law states that there should not be any relationship between the client and the Trustee Bank and Barin was questioned why this was not looked into.

6. Then two weeks ago in congress, it was even worse cause the congressmen weren't as polite as the senators. it was a no holds barred session and the lawyers of ppi, atty desiderio was so kawawa, if he could walk out he would.

7. on the next session (of Congress), Helen and AY will be subpoenaed and if they don't show up, they will be subpoenaed again and if again they don't show up, they will be arrested. That will really be news, more sensational than the juetengate or destabilization of gma's regime.

8. The lawyer representing the C.A.R.E. group was even impressed with our data. I was just wondering why they banded together without even doing research which explains the reason why they say they are for rehab. But hopefully after the senate session this morning and after hearing the senators say that Rehab isn't necessary, then maybe they will finally be ENLIGHTENED.

9. For those who keep on blaming the coalition and to all the members of the coalition, it would be a good experience and eye opener if you could attend these sessions. The next one (for the Senate hearing) will be on Monday, June 20 at 9 a.m. in the Recto Room, 2nd floor Senate.

10. The date of the congressional inquiry is not yet schedule but I shall let you all know, cause thats where the real action is.

11. For those hackers who say, we may not get anything out of it, as in, Yuchengco will still not pay up, well who knows. With all the evidence being brought out that there is fraud, which supports the findings of S.E.C. and the imprisonment of Helen and company if they fail to show up in the inquiry, we may just get paid and our broken dreams may then be mended and we can all sleep soundly with the knowledge that our children will all be going to the schools of their choices again.

 
At Thursday, June 16, 2005 7:01:00 AM, Anonymous Anonymous said...

"11. For those hackers who say, we may not get anything out of it, as in, Yuchengco will still not pay up, well who knows. With all the evidence being brought out that there is fraud, which supports the findings of S.E.C. and the imprisonment of Helen and company if they fail to show up in the inquiry, we may just get paid and our broken dreams may then be mended and we can all sleep soundly with the knowledge that our children will all be going to the schools of their choices again. "

As often repeated , KEEP TELLING YOURSELVES THAT.

 
At Thursday, June 16, 2005 7:06:00 AM, Anonymous vagabond said...

"The Lost Summer of 2005" will go down as a classic.

This has got to be the sweetest post so far. Looks like the tide is turning ever so quietly but surely! Great Job, guys! And great update,Pikachu! Let's have more of it.

 
At Thursday, June 16, 2005 8:52:00 AM, Anonymous Anonymous said...

Great job indeed!

 
At Thursday, June 16, 2005 8:57:00 AM, Anonymous Anonymous said...

We'll have to keep telling ourselves that our blog's objective is to keep everyone updated and to open ourselves to all value-adding inputs Never was it our objective to put a 5x8 idea in a 3x5 mind.
GOD BLESS!

 
At Thursday, June 16, 2005 9:05:00 AM, Anonymous Anonymous said...

Just read this:

SPYBIZ By S.A. Maguire
The Philippine Star 06/16/2005

...
Look who’s talking

An anonymous member of the Management Association of the Philippines (MAP) wrote Spybiz wondering why former DTI Secretary Rizalino Navarro will be delivering a lecture on "Directors‚ Duties and Responsibilities" for the MAP workshop on corporate governance. His beef stems from the fact that Navarro was a director of the beleaguered Pacific Plans Inc. (PPI), which is now facing numerous lawsuits from its planholders for fraud and bad faith. He pointed out that this shows the lack of delicadeza. It is just like rubbing salt on the raw wounds of the planholders. Incidentally, a group of planholders had asked the help of Atty. Maricel Pascual-Lopez, the modern day Joan of Arc who exposed Universal Leisure Corp.’s "syndicated estafa" and got an order to return P2 billion to investors. Atty. Lopez is set to file an opposition to PPI’s rehabilitation plan based on the contention that the planholders are trustors, not creditors and, therefore, are not covered by the proposed rehabilitation plan. "PPI created Lifetime Plans from the seed capital of Pacific Plans. It was from the retained earnings of the traditional, open-ended plans through which these new businesses were created, so essentially the money belongs to the planholders. PPI cannot stop payment of money which is not theirs in the first place, but by the planholders and beneficiaries," Atty. Lopez explained.

...

 
At Thursday, June 16, 2005 9:07:00 AM, Anonymous Anonymous said...

Can anyone confirm if Atty. Maricel Pascual-Lopez is joining the coalition's legal team?

 
At Thursday, June 16, 2005 9:19:00 AM, Anonymous Anonymous said...

"It was from the retained earnings of the traditional, open-ended plans through which these new businesses were created..."

This is true. It was the traditional memorial plan product that paved the way for the other 6 products.

 
At Thursday, June 16, 2005 9:35:00 AM, Anonymous Anonymous said...

A bit of history
STARTED OPERATIONS AS PACIFIC MEMORIAL PLAN ( PMP)
1966- Partnership w/ Worldwide Memorial Trust and Great Pacific Life (GREPALIFE)
1967- SEC approved the operations of PMP
1970- PMP expanded its operations
1972- PMP to PMP, Inc from partnership tp corporation
1982- 100% Filipino owned
1984- Launched its new Fixed Value Memorial Plan
EXPANDED and became PACIFIC PLANS, INC.
1986- Launched the traditonal / open ended Pacific Education Plan for College and High School
1988- Launched the Interment Plan, Cremation Plan and Pacific Education Plan for Elementary
1989- Launched Pacific Pension Plan
1990- Launched Pacific Pension Mega Plan
1991- Launched Pacific Education Plan Fixed Value or PEPSTAR
1992- stopped selling the Traditional/Open ended Pacific Education Plan for elementary, High School and College.
But sales to the secondary market continued.

 
At Thursday, June 16, 2005 9:43:00 AM, Blogger PopsJ said...

This latest posting and subsequent posts have and will brighten my days ahead. I missed the senate hearing because of important office work but Pikachu is there. Sure nice to have the PEP COALITION around.

MABUHAY ANG KOALISYON!!

Kontrata ipatupad
Rehab ibasura
Ikulong ang mga kriminal!!!

 
At Thursday, June 16, 2005 10:08:00 AM, Anonymous Anonymous said...

This is the ideal site to comment on. At least we have reverted back to our initial focus as victimized planholders seeking redress. Let us stay focused. LET US PROMISE TO OURSELVES THAT FROM NOW ON, WE WILL NOT ALLOW OUR EMOTIONS AND ATTENTION TO BE DIVERTED BY HACKERS. LET US JUST IGNORE THEM IN CASE THEY MAKE THEIR ATTACKS AGAIN.

 
At Thursday, June 16, 2005 10:37:00 AM, Anonymous Anonymous said...

The Lost Summer of 2005 is such a sweet and well-written post. Yes, we have learned so much the hard way. And yet it is such an achievement just to be able to stand up and fight for your rights and principles.

To the Coalition, thank you ever so much! For all the members volunteering their time, talents and resources - you guys are the heroes of those who cannot, for some good reasons, fight on their own.

More power and God bless!!!

pikachu, keep the updates coming! And thanks! While it would be great to attend the senate hearing ourselves, we from the provinces can only wait for your posts!!

 
At Thursday, June 16, 2005 11:50:00 AM, Anonymous Anonymous said...

"Anonymous said...
HOW BORING CAN THIS BLOGSPOT BE.... HOHUMMMMMMMM !!!! LIPAT NALANG AKO SA COALITION. AKALA KO MGA ENLIGHTENED TAO DITO PALA PUNDIDO ANG BOMBILLA NINYO. KAKAHIYA MA ASSOCIATE AKO DITO.
MAGBASA NALANG AKO NG DYARYO KASI PARANG DYARYO ANG BLOGSPOT NA ITO AT PURO LUMANG BALITA. GOODBYE, SA KABILA NALANG AKO SASALI..... "

11:46 AM, June 16, 2005

GALING AKO SA KABILA AT ETO ANG SINULAT KO. FIRST TIME KO NAKITA ANG BLOGSPOT NILA AT INANTOK AKO. MASMAGANDA AT MAS INTELIGENTE ANG BLOGSPOT NG COALITION.

 
At Thursday, June 16, 2005 12:27:00 PM, Anonymous Anonymous said...

Thanks Pikachu, for heeding my request to post what happened at the Senate. Great recap! I'm also glad how much positive and intelligent posts came in response to your post.

Keep it up!

 
At Thursday, June 16, 2005 2:53:00 PM, Anonymous Anonymous said...

God bless PEP Coalition!!!

Way 2 Go GUYS!!!!

 
At Thursday, June 16, 2005 3:46:00 PM, Anonymous Anonymous said...

Way to go, guys! Let's keep the low-life out by ignoring their posts. No to Hacker intrigues! No to Rehab!

 
At Thursday, June 16, 2005 5:14:00 PM, Anonymous Anonymous said...

TO: PEP COALITION MEMBERS

Next Senate hearing on Monday, June 20, 2005, 9am at Recto Room,2nd floor, Senate.

Let us show our SUPPORT for our CAUSE!

 
At Thursday, June 16, 2005 5:54:00 PM, Blogger SunTzu said...

Just to add ot Lost Summer of 2005:
I have learned to ignore the hackers starting now. To ignore someone is but the biggest slap in the face for them.

Now we can all sleep better but remember the Coalition needs your support either thru:

1. Donations/Membership Fees
2. Organizing School Chapters
3. Lending Special Talents (that can support our legal position etc.)

4. Attendance in Senate/Congress
hearings and rallies.

5. Prayers

Its school time so now is the best time to recruit.

The Battle has Just Begun!

 
At Thursday, June 16, 2005 8:22:00 PM, Anonymous pikachu said...

Hello there!!!! Thanks Anonymous for itemizing my recap of what happened in senate yesterday. And Im glad you guys liked my update which I shall again do for those who may not be able to attend on Monday and the succeeding sessions whether it be in senate or in congress. By the way, don't forget to get a copy of the Biznews Financial Gazette this Sunday. There's another very interesting and juicy article coming out!!! I won't tell you what it is so I will keep you guys in suspense till Sunday. You can go down on Ayala or Makati Ave. and look for the newsboys selling the dailies.
I may bring some copies on Monday to the Senate. Someone asked about Atty. Maricel Lopez. Well, lets clarify this matter once and for all. SHE IS NOT AND WILL NOT BE PART OF THE LEGAL COUNSEL OF THE PEP COALITION. She is only representing the CAP planholders, the Universal Leisure Club shareholders and the Veterans of the Philippines but she is NOT or isn't in any capacity representing, speaking or acting in behalf of the PEP Coalition Planholders nor any Pacific Educational Planholder whether they be ProRehab or Coalition. She was already made to understand that so the article that came out in SpyBiz must have been sent by her prior to the notice she was given. As to her intentions of "representing" the PPI planholders, I would rather not dwell on. The Coalition has its own legal team and counsel and they are all very competent and brilliant lawyers who are incidentally also planholders and are working their tails off, pro bono just for the love of the cause of the coalition, which is to right the wrong that the Yuchengco's have done to defraud and deprive our children of their education. So I hope that this will end all worries & speculations about Atty. Lopez representing the PPI planholders or the Coalition. So with this, i bid good night, sweet dreams and I LOVE YOU ALL !!!!!!

 
At Thursday, June 16, 2005 9:12:00 PM, Anonymous Anonymous said...

It's simply amazing what good intentions can do.
The coalition does live up to its name- parents enabling parents... PEP COALITION.
GOD BLESS EACH AND EVERYONE.

 
At Thursday, June 16, 2005 9:15:00 PM, Anonymous Anonymous said...

The Tuguegarao planholders salute the coalition!

 
At Thursday, June 16, 2005 9:46:00 PM, Anonymous Vicente said...

And all this during just the past two months!! It's hard to believe that just two months ago, we didn't know most of each other from Adam and Eve. Now, because of this fiasco, we have come together and marshalled our forces in ways we did not dream of at the start.

For those who may not be in the thick of things, please do not despair if you have not seen or heard anything coming out in media lately. There are several things brewing which will surface in due time. Stay tuned and keep the faith. The best is yet to come!

 
At Thursday, June 16, 2005 9:58:00 PM, Anonymous cookie said...

to pikachu :

for those who were not able to to get the sunday article of biz gazette - can some one post the article either here in the blogsite or in the no2pep2010 egroup so other coalition members can read ?
thanks in advance

 
At Friday, June 17, 2005 12:33:00 AM, Anonymous pep_parent said...

This has truly been a summer not to be forgotten. We parents have learned so much about others and about ourselves. So have our children.

1. We learned just how far we could fight for the future of our children.

2. We understood clearly the true meaning of keeping one's word and how NOT KEEPING IT could have disastrous effects.

3. We now know exactly what the word V-I-C-T-I-M means. Firstly we were victimized by the fraudulent actions of PPI, its board and management. Then PPI/YGC through media (at least some of them) who we thought always sought the truth, turned against us and with well-chosen words made us look like people out to make a quick buck by investing in a "too-good-to-be-true" product, OR out to topple the preneed industry, OR out to cheat the other non-trad planholders of their own benefits and many, many other images they tried to foist upon the already suffering parents who just wanted to ask PPI -- WHY ARE YOU DOING THESE TO US AND OUR CHILDREN? WE PAID GOOD MONEY FOR WHAT WE THOUGHT WAS A GOOD PRODUCT THAT PPI FORMULATED AND MADE PROMISES ON. WE ARE NOT ASKING MORE THAN WHAT YOU HAD PROMISED US. WJY ARE YOU NOW TURNING US vs OUR OTHER CO-PARENTS? WHAT HAVE WE DONE TO YOU?

3. We saw how the puny weakness of one, when harnessed together with the combined strength of other parents in a coalition, generates a synergy beyond our own capacity.

4. We renewed our faith in the human spirit as insiders (who will always remain our anonymous heroes) within the YGC group, seeing what their own leaders were doing not only to hapless parents, but to many of their own, who also invested in educational plans, followed their conscience and did the right things. While only God is your Witness and while you may not be rewarded in the here and now, we pray that your reward in Heaven will be a thousandfold than the number of parents and children who were victimized.

5. An innocent child once asked his Mom why people were not all made rich, to which his Mom answered, "Then, charity would not exist as there is no one to help, and charity is God's love shining forth. It allows you to bless others and be blessed likewise".

This coalition showed how those with time to spare went out into the streets to fight for planholders who could not be absent from work as they relied only on their daily wages; those who could spare more gave more to cover those who could not give; parent-professionals freely shared their knowledge and advice on this blog and egroup for the benefit of those who had no money to pay for their own legal, financial and media teams; other parents did what they could to reach out to planholders in the 4 corners of the archipelago in whatever way possible. Without a doubt, God's love working through all these parents (whether they were on the receiving end or giving end) was central to this entire summer.

As the Senate and congressional hearings continue, we parents will continue to learn how, moved only by love of our children and a clear sense of what is right in the eyes of God, WE CAN ACHIEVE MUCH TOGETHER. We will continue to be tested to our limits but we will see that what we thought were our limits can, in reality, be stretched far beyond our wildest imaginations.

This was the summer where we LOST SO MUCH (not just money, but most especially trust in PPI/YGC in whose hands we staked our children's futures) but we also GAINED SO MUCH MORE than tuition support. We got to meet so many of our co-parents in various gatherings and assemblies (what a blessing that is in itself!). Our faith also tells us that for as long as we stand for RIGHT, TRUTH AND JUSTICE, the Law (including Divine Law) will always be behind us.

And, as our children see WHAT we do, WHY we do it and FOR WHOM we do it, we hope that our actions will form them to become a future generation not only accomplished in their chosen professions, but a generation with their values and morals intact.

 
At Friday, June 17, 2005 8:05:00 AM, Anonymous Anonymous said...

The Benguet Planholders salute the coalition.

 
At Friday, June 17, 2005 8:06:00 AM, Anonymous Anonymous said...

The Sulu planholders salute the coalition.

 
At Friday, June 17, 2005 8:06:00 AM, Anonymous Anonymous said...

The Basilan planholders salute the coalition.

 
At Friday, June 17, 2005 8:06:00 AM, Anonymous Anonymous said...

The Palawan planholders salute the coalition

 
At Friday, June 17, 2005 8:07:00 AM, Anonymous Anonymous said...

The United Kingdom planholders salute the coalition.

 
At Friday, June 17, 2005 8:07:00 AM, Anonymous Anonymous said...

The USA planholders salute the coalition.

 
At Friday, June 17, 2005 8:08:00 AM, Anonymous Anonymous said...

The Iceland planholders salute the coalition.

 
At Friday, June 17, 2005 8:08:00 AM, Anonymous Anonymous said...

The Vietnam planholders salute the coalition.

 
At Friday, June 17, 2005 8:08:00 AM, Anonymous Anonymous said...

The Turkey planholders salute the coalition.

 
At Friday, June 17, 2005 8:09:00 AM, Anonymous Anonymous said...

The Irag planholders salute the coalition.

 
At Friday, June 17, 2005 8:09:00 AM, Anonymous Anonymous said...

The Laos planholders salute the coalition.

 
At Friday, June 17, 2005 8:10:00 AM, Anonymous Anonymous said...

The Australia planholders salute the coalition.

 
At Friday, June 17, 2005 8:19:00 AM, Anonymous Anonymous said...

pep_parent, bravo!! you have said it all, and said it well!!

i am especially moved by your last paragraph... that alone is an inspiration in itself.

let's support the coalition in any way we can! suntzu did a great job at defining how we can do that..

 
At Friday, June 17, 2005 8:35:00 AM, Anonymous Anonymous said...

And, as our children see WHAT we do, WHY we do it and FOR WHOM we do it, we hope that our actions will form them to become a future generation not only accomplished in their chosen professions, but a generation with their values and morals intact.

Yes, our children will never be intellectual giants and moral dwarfs.

God bless us all.

 
At Friday, June 17, 2005 8:37:00 AM, Anonymous Anonymous said...

Hi guys!
Just reminding you.

Next Senate hearing on Monday, June 20, 2005, 9am at Recto Room,2nd floor, Senate.

Have a pleasant weekend ahead.

 
At Friday, June 17, 2005 8:40:00 AM, Anonymous Anonymous said...

Sino kaya yung salute ng salute sa coalition from different parts of the globe??? Check the time they were entered in the blog....sunud-sunod.....Katakataka....hhmmmmm....Anyway, thank you naman at marunong kayong magpasalamat.

 
At Friday, June 17, 2005 8:45:00 AM, Anonymous Anonymous said...

Thanks Pikachu for the updates.
God bless.

 
At Friday, June 17, 2005 11:11:00 AM, Anonymous Anonymous said...

For those who want to get an insight into the character of Alfonso Yuchengco, just look at how he treated his own siblings in the inheritance issue of Don Enrique.

Even Vivian Yuchengco Locsin had to sue her uncle Alfonso to get her rightful inheritance.

So old Al is quite two-faced: pretending to be a magnanimous philantrophist to the public, but is totally different in private dealings.

 
At Friday, June 17, 2005 2:35:00 PM, Anonymous Anonymous said...

Napakaganda naman ng pagkakasulat ng lost summer of 2005. It evokes the mixed emotions you feel at the way things have turned out for having put your TRUST in someone who should not have been given that currency.
Now that that TRUST has been withdrawn, look how the YGC group is having trouble trying to dissuade people from withdrawing their collective trust in all things with the Yuchengco name.
Keep it up and I am one with you in your battle against a giant who would soon see what a dwarf they have become.
After you have lost your summer of 2005,have faith in the fact that the withdrawal of that TRUST would see their empire falling down and no longer can they STRUT around for they have become RUSTS.
Funny how the word TRUST can evolve into other forms. Congratulations to all of you. Keep it up and God bless you.

 
At Friday, June 17, 2005 3:54:00 PM, Anonymous pikachu said...

Hi Cookie,
I shall try to get the articles on Biznews gazette into the blog for those who have not gotten a copy of it. Im not too techy saavy so I would like to ask the blogmaster how I should go about doing that. i don't have a scanner but I have all the articles pertaining to our cause and I would like to have it posted for all to read especially to our brothers and sisters of the coalition outside of Manila. So blogmaster, HELP !!!!

FYI: The SGV auditor for the Yuchengco's handling the Pacific Plans fiasco had a heart attack jst this week. Please pray for the person as he is another poor victim of the callousness and insensitivity of the Yuchengcos.
Even Sonny Garcia claimed, in wednesday's session, that he couldn't attend the senate session Tues due to a doctor's appointment. I pity all the people who have been enticed by money to work for the Yuchengcos and cover up all the lies they have done. They must be so stressed to the point of a nervous breakdown and heart attack, i just hope that part of their benefits is a life insurance from Grepalife!!!! Ooopps!!!! their beneficiaries may not even be able to collect in the event that something tragic happens to them. I just hope they think again if its all worth it. And in all these, where are the Yuchengcos? Hiding in their gilded palaces looking down on the poor hapless victims of their unscrupulous ways.
May the Lord have mercy on them.

 
At Friday, June 17, 2005 4:43:00 PM, Anonymous Anonymous said...

Dear friends in the Coalition,

Here is a list of techniques used by hackers in this forum. Let's learn to spot them and let's avoid using them in arguing our point also.

"Common fallacies of logic and rhetoric"

1.Ad hominem - attacking the arguer and not the argument.

2.Argument from "authority".

3.Argument from adverse consequences (putting pressure on the decision maker by pointing out dire consequences of an "unfavourable" decision).

4.Appeal to ignorance (absence of evidence is not evidence of absence).

5.Special pleading (typically referring to god's will).

6.Begging the question (assuming an answer in the way the question is phrased).

7.Observational selection (counting the hits and forgetting the misses).

8.Statistics of small numbers (such as drawing conclusions from inadequate sample sizes).

9.Misunderstanding the nature of statistics (President Eisenhower expressing astonishment and alarm on discovering that fully half of all Americans have below average intelligence!)

10.Inconsistency (e.g. military expenditures based on worst case scenarios but scientific projections on environmental dangers thriftily ignored because they are not "proved").

11.Non sequitur - "it does not follow" - the logic falls down.

12.Post hoc, ergo propter hoc - "it happened after so it was caused by" - confusion of cause and effect.

13.Meaningless question ("what happens when an irresistible force meets an immovable object?).

14.Excluded middle - considering only the two extremes in a range of possibilities (making the "other side" look worse than it really is).

15.Short-term v. long-term - a subset of excluded middle ("why pursue fundamental science when we have so huge a budget deficit?").

16.Slippery slope - a subset of excluded middle - unwarranted extrapolation of the effects (give an inch and they will take a mile).

17.Confusion of correlation and causation.

18.Straw man - caricaturing (or stereotyping) a position to make it easier to attack..

19.Suppressed evidence or half-truths.

20.Weasel words - for example, use of euphemisms for war such as "police action" to get around limitations on Presidential powers. "An important art of politicians is to find new names for institutions which under old names have become odious to the public"

 
At Friday, June 17, 2005 4:53:00 PM, Anonymous Anonymous said...

kami pong nasa saudi arabia ay nagpapasalamat sa tulong na ginagawa ng coalition.

Maraming Salamat Po!!!

 
At Friday, June 17, 2005 5:07:00 PM, Anonymous Anonymous said...

Very sorry to Anonymous who posted this: "Here is a list of techniques used by hackers in this forum. Let's learn to spot them and let's avoid using them in arguing our point also."

Your intentions may be well intended but I must admit you lost me somewhere along the enumeration. Unfortunately, I feel that personal expression is best and for us to compare our comments or that of others against a checklist such as this may stifle people's style and freedom of expression.

I just hope none of us will always have to stand up to tight scrutiny if our literary style of writing comes up short. Baka ma-label ako na hacker even if I am not.

 
At Friday, June 17, 2005 5:46:00 PM, Anonymous Anonymous said...

Congrats to the coalition. However,The coalition should not be too thankful nor be over confident on the outcome of the last senate hearing. Remember the endless Jueteng cases, coup cases against the soldiers in makati, the case of miggy arroyo (I forgot already his alias), the cases against erap and many more. Most or all of the cases investigated by the senate or congress did not do anything good. It did not facilitate an early resolution of the case and punish the evil-doers. all these politicians did was to compromise. Compromise for money, positions, power and for more money. and then, let go of the criminals. I cannot trust these politicians handling our case any more than i can trust the yuchengcos.
Just thinking. Is there any offer of compromise being made by the Yuchengco camp to the coalition. If there is, what are the details of this compromise and who wil benefit? If there is none, then the coalition must be doing a poor job of pressuring the Yuchengcos. The Yuchengcos must first realize that it is more PROFITABLE for them to talk things over than to drag this problem to a 10 to 15 years court case.
EVERY DECISION THE YUCHENGCOS MAKE IS BASED ON MONEY. THERE IS NOTHING PERSONAL HERE. IT IS ALL BUSINESS.

 
At Friday, June 17, 2005 6:01:00 PM, Anonymous Anonymous said...

Someone remarked:

"Your intentions may be well intended but I must admit you lost me somewhere along the enumeration. Unfortunately, I feel that personal expression is best and for us to compare our comments or that of others against a checklist such as this may stifle people's style and freedom of expression."

reply from "The Anonymous":

No offense meant and none taken. I just found the list on a site I was browsing and noticed how many of the techniques have been used by the hackers. Parang aral na aral ang mga post ng mga hackers no? Talagang halatang me agenda sila na hindi taos sa puso kundi bayaran lamang. Nira-round robin lang nila yung mga techniques sa listahan.

In contrast, most coalition posts are more sincere, informed, and seem to have the passion of conviction. Please don't let the list stop you from sincere expression, it was posted more in amusement at the hackers.

 
At Friday, June 17, 2005 9:48:00 PM, Anonymous Anonymous said...

Yesterday, I decided to check out the website of PPI (www.pacificplans.com). It was unavailable. Guess what! It is still unavailable up to now. Hmmm... wonder what is going on over there? Did they take the website off the internet? Why kaya? Just wondering......

 
At Friday, June 17, 2005 9:57:00 PM, Blogger k1ds_future said...

-

 
At Friday, June 17, 2005 10:39:00 PM, Blogger k1ds_future said...

To continue the history given by someone earlier...

1992- stopped selling the Traditional/Open ended Pacific Education Plan for elementary, High School and College.
But sales to the secondary market continued.

Prior to 2004

- Pacific Plans was a subsidiary of GREPALIFE Assurance Co. and GREPALIFE Assurance Co. was a subsidiary of GPL Holdings Inc.

Sometime 2003/2004

- GPL Holdings Inc. bought all the shares of GREPALIFE Assurance Co. in Pacific Plans Inc., thus, putting the YGC Insurance business out of the whole picture (why kaya?)

March 2004

- PPI requested from SEC the re-organization of the company where PPI will become a holding company having 2 companies under it, Co. A will have all the education plans (both trad and fixed) and the Co. B will have all other plans (pension, memorial, etc.)

- SEC en banc approved the request


June 2004 or prior

- HELEN DEE resigned from the PPI's Board (why kaya?)

- Ernesto Garcia became the Chairman of the Board of Pacific Plans

July 2004

- PPI requested for a revision of its reorganization, this time, a spin-off from the original PPI where the new company will now have all the fixed plans including education. The education plan is then split where the TRAD educ plan will remain with PPI and the fixed will go to the new company. But note that the TRAD memorial plan will go to the new company.

- SEC approved the spin-off on the condition that the new company will be a WHOLLY-OWNED SUBSIDIARY of Pacific Plans

Aug. 12, 2004

- Lifetime Plans Inc. was incorporated

Aug. 20, 2004

- The Board approved the sale of LPI from PPI to GPL Holdings for the measly sum of Php205M (THIS DEFINITELY VIOLATES THE SEC CONDITION OF LPI BEING A WHOLLY-OWNED SUBSIDIARY OF PPI)

- The six (6) members of PPI's Board of Directors (Susanne Santos, Navarro, Medina, Teves, Adelina de Dios and Pena) resigned leaving behind Ernesto Garcia only. PPI has 7 members in the Board.

August 21, 2004

- New PPI board members - three (3) from the LPI board and incorporators(i.e. Gener, Chua, Obidos) and a certain Atty. Roberto Abad Santos). Total now of 5 members and 2 vacant slots.

==> With the mass resignation of the board on Aug. 20 and an incomplete board the following day, doesn't it mean something? Isn't this already a sign of neglect?

August 24, 2004

- New Board of Directors for LPI including HELEN DEE and those who resigned from PPI last Aug. 20, 2005

Sept. 9, 2004

- Incorporation of Exemplar Holdings Inc. with capitalization of just P100,000, 99.5% owned by GPL Holdings; incorporators and remaining shareholders are people who appear to be "DUMMIES"

- by this time, note that GPL Holdings now owns PPI, LPI and Exemplar

Oct. 21, 2004

- birth of MEMNON Corp. with P5M capitalization, owned by Garcia, Tecson, Desiderio, Sales and Candelaria; each owning P1M each

Per some input which needs confirmation, the following transactions took place after Oct. 21, 2004. Thus, if anyone can provide documentation to validate these, please let us know (you can send to k1ds_future@yahoo.com).

Between Oct. 21, 2004 and Jan. 25, 2005

1. GPL Holdings sold 51% of its ownership in Exemplar to MEMNON Corp. We don't know if the 49% were likewise sold elsewhere.

2. GPL Holdings sold 100% ownership of PPI to Exemplar Holdings
--- How can a P100,000 company buy PPI whose capital stock amounts to P200+ million???

3. As of the Jan2005 annual meeting of PPI, board members are Garcia, Tecson, Desiderio and Sales. Again having 3 vacant slots shows neglect on the company. Note that these 4 directors are the incorporators and board members of MEMNON. With MEMNON as majority owner of Exemplar who in turn now owns PPI, it's but natural for these people to "RULE" PPI. The YUCHENGCOS on the otherhand, still owns LPI but were successful in DUMPING PPI, removing the hexagon logo and running away from their obligations to the 34,000 traditional planholders.

=================================

Note that it only took the Yuchengcos FIVE MONTHS to do their CORPORATE MACHINATIONS. Senator Osmena terms this as FRAUDULENT CONVEYANCE, i.e. wrongful disposal of assets away from the planholders.

 
At Friday, June 17, 2005 10:53:00 PM, Blogger k1ds_future said...

"Note that it only took the Yuchengcos FIVE MONTHS to do their CORPORATE MACHINATIONS. Senator Osmena terms this as FRAUDULENT CONVEYANCE, i.e. wrongful disposal of assets away from the planholders."

What happened in 5 months?

1. Incorporation of LPI
2. Sale of LPI by PPI to GPL Holdings
3. Incorporation of Exemplar
4. Incorporation of MEMNON
5. Sale by GPL Holdings to MEMNON of the 51% ownership in Exemplar
6. Sale by GPL Holdings of its 100% ownership in PPI to Exemplar

Though the above transactions started in Aug 2004, all these could have been planned even as early as 2002 (when the NAPOCOR bonds were bought) or 2003 when PPI was sold by GREPALIFE Assurance Co. to GPL Holdings.

 
At Saturday, June 18, 2005 12:27:00 AM, Anonymous pep_parent said...

It is mind-boggling how all these corporate moves could be done in 5 months. Any person who has an iota of intelligence can reasonably conclude that these months were just the EXECUTION of years of CUNNINGLY PREMEDITATED courses of action. All scenarios must have been discussed within the hallowed walls of the boardroom of PPI. Each scenario carefully studied, analyzed, weighed, turned inside out as to consequence and effect. All bases carefully covered (with money perhaps?). Everything business-wise surely was evaluated and quantified. Everything meant to be executed with precision and like clockwork (remember we have THEIR TIMELINE for everything. THEIR DOCUMENT, NOT OURS). It was meant to be the PERFECT CRIME.

BUT.... (and this is the big BUT)...none of their lawyers, financial analysts, media stooges, political allies, EVER, EVER looked at the human side. No, let me give them some credit. They probably did. After all, the entire YGC group is used to negotiating during CBAs. They know how to wheel and deal with those who have much less than they. They probably looked at us parents and concluded we would be too helpless in the wake of the SUDDEN DEATH rehab plan that we would thank our stars that YGC was offering a liquidity window, tuition support and on top of this, 7% interest to boot! CAP planholders never had it as good as PPI because at least we get interest! By timing the announcement with enrollment, the desperate parents would clutch at straw and take whatever they dished out.

WRONG ASSUMPTIONS, guys!!!!!!!!!!!!!

In making scenarios, it is PARAMOUNT that your premises are close to what could happen in reality. You can literally junk all the fancy computations if you start off on the wrong foot.

There lies the root of YGC's present predicament. Am pretty sure they knew that we would try to negotiate for a better rate. 7% was probably the starting offer. Were they ready to jack it up a bit? Maybe. The liquidity window? That was not an afterthought. That was Plan B! And maybe there was a Plan C, D, E. But all of them taken en toto would still have made YGC come out unscathed...financial winners. And media was supposed to play all these up so they would appear to have addressed the problems immediately, assisted their planholders amply despite their "liquidity problem", and did all they could before taking this last step....rehab.

The coalition was NOT in their assumptions. The snowballing effect of the loss of trust (mind you, not just the planholders but many, many other people who saw through the deception and layers of half-truths) was NOT factored in. Other things (crucial evidence obtained, conscience-stricken and principled employees, SEC turning about w/ Lifetime's revocation) were NOT expected.

So here we are...and there they are.
My dear co-parents, we have come a LONG way in 2 months. The battle is not over, for a wounded animal is even more wild, ferocious and dangerous. VIGILANCE is what we need now. Let us support the coalition in any way we can (see Sun tzu's list earlier). I am sure you can think of many more. Our ideas combined will help the coalition's working committees. We ourselves should keep the fire burning. No one else will do it for us. Whatever our personal circumstance, whatever our education, wherever we are...we have something to contribute to this coalition. Think about it. And dont stop there. DO SOMETHING ABOUT IT.

Sweet dreams!

 
At Saturday, June 18, 2005 1:50:00 AM, Anonymous Anonymous said...

Helen, the evil Sith Lord, is responsible for the malicious text messaging rumors about martial law.

It takes the heat of their evil ways and shields them from further publicity as the focus of the media is on GMA and the tapes

 
At Saturday, June 18, 2005 8:05:00 AM, Anonymous Anonymous said...

...

What happened in 5 months?

1. Incorporation of LPI
2. Sale of LPI by PPI to GPL Holdings
3. Incorporation of Exemplar
4. Incorporation of MEMNON
5. Sale by GPL Holdings to MEMNON of the 51% ownership in Exemplar
6. Sale by GPL Holdings of its 100% ownership in PPI to Exemplar
...

Oh what a tangled web we weave, when first we practice to deceive.

 
At Saturday, June 18, 2005 8:20:00 AM, Anonymous Anonymous said...

...
"Just thinking. Is there any offer of compromise being made by the Yuchengco camp to the coalition. If there is, what are the details of this compromise and who wil benefit? If there is none, then the coalition must be doing a poor job of pressuring the Yuchengcos."

...
You meant we are doing a poor job of pressuring the Yuchengcos to arrive at a compromise? Listen, the compromise is not our objective. Our objective is to make them stick to the contract. And if somewhere along the way, they offer a compromise, we will, as we have time and again made them know, have a dialogue on this.
We have always been clear on our objective.
Thanks for posting.

 
At Saturday, June 18, 2005 8:31:00 AM, Anonymous Anonymous said...

EVERY DECISION THE YUCHENGCOS MAKE IS BASED ON MONEY. THERE IS NOTHING PERSONAL HERE. IT IS ALL BUSINESS.

Tama po kayo. Alang personalan, kaya nararapat lang po na kahit sino ang may pag-aari ng mga 34,000 na education plan na kanilang ibinenta, may kaya po o wala, may impluwensiya o wala, taga luzon, visaya man o mindanao, ay nararapat lang po na tuparin nila ang kasunduang nilagdaan.
Wala pong personalan, negosyo lang na sila ang nangalakal.

 
At Saturday, June 18, 2005 11:24:00 AM, Anonymous Anonymous said...

REMINDRER FOR PEP COALITION MEMBERS:

a) Senate hearing on Monday June 21, 9am RECTO Room, 2nd floor, Senate, Roxas Blvd.

b) MAKATI RTC hearing (under the sala of Judge Barza) on Tuesday, June 22 10am, at Makati RTC 61 (be there 9am to be able to get seats)

Let us show SUPPORT for our CAUSE, LABAN NATIN ITO!!!

 
At Saturday, June 18, 2005 11:33:00 AM, Anonymous Anonymous said...

I agree with the one who posted that YGC failed to factor in the possible surfacing of the Coalition when they were planning what they did: to renege on their promises. I think they were encouraged by the fact that when CAP fell apart, the planholders did not organize. They thought we would be as complacent.

 
At Saturday, June 18, 2005 9:32:00 PM, Anonymous Anonymous said...

HAPPY FATHER'S DAY TO ALL DADS OUT THERE.
GOD BLESS.

 
At Saturday, June 18, 2005 10:12:00 PM, Anonymous Anonymous said...

SEC mulls fines against Pacific Plans for failure to submit documents
By Zinnia B. Dela Peña
The Philippine Star 06/18/2005

The Securities and Exchange Commission (SEC) is considering the imposition of fines against the Yuchengco-owned pre-need firm Pacific Plans Inc. (PPI) for its failure to submit required documents.

SEC spokesperson Gerard Lukban said PPI failed to meet the June 8 deadline to submit documents required under the agency’s new rules on the registration and sale of pre-need plans.

Among these documents include the management service agreement executed between PPI and its subsidiary Lifetime Plans Inc. on Oct. 21, 2004; actuarial valuation report as of end-2004; trust fund statement as of March 31, 2005; deed of sale of PPI shares in Lifetime executed on Sept. 28 last year; and deed of sale of GPL Holdings’ shares in PPI.

Asserting its regulatory authority, the SEC is now drafting an order to compel PPI to submit the required documents, or face monetary penalties, Lukban said.

But PPI said while the SEC has the authority to regulate and monitor pre-need companies, the company cannot comply with the SEC directive due to the ongoing rehabilitation proceedings in court.

"The Commission has already taken a position adverse to PPI. Hence, it is reasonable to assume that any investigation or inquiry that the Honorable Commission may want to conduct on PPI or any information gathered therefrom is akin to handing over to an adverse party its position in the rehabilitation court," PPI legal counsel Jeanette Tecson said in a letter to the SEC.

She said PPI shall complete and compile the said documents for presentation before the rehabilitation court should the latter order the same.

The SEC has earlier defended its position with respect to PPI’s filing for rehabilitation with the court, saying its findings were based on filings made by the pre-need firm with the corporate regulator, and not merely on hearsay.

"The statements we issued were based on files here in the office after double checking submissions made by the company. Everything came from them. We were just informing the public what we know based on the filings made by Pacific Plans," Lukban said.

The SEC had asked the Makati Regional Trial Court to dismiss PPI’s petition for rehabilitation for lack of merit. In its opposition, the SEC said there is no necessity for PPI 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 PPI which showed that the pre-need firm is solvent and liquid. As of end-2004, PPI even exceeded its trust fund liquidity reserve requirement by P3.77 billion, the SEC said.

 
At Saturday, June 18, 2005 10:13:00 PM, Anonymous Anonymous said...

REMINDER TO PEP COALITION MEMBERS:

a) Senate hearing on Monday June 21, 9am RECTO Room, 2nd floor, Senate, Roxas Blvd.

b) MAKATI RTC hearing (under the sala of Judge Barza) on Wednesday, June 22 10am, at Makati RTC 61 (be there 9am to be able to get seats)

Let us show SUPPORT for our CAUSE, LABAN NATIN ITO!!!

 
At Sunday, June 19, 2005 9:20:00 AM, Anonymous Anonymous said...

Is the Senate hearing on Mon. June 20 or Tue. Jun 21? Last Senate hearing, we were informed that the hearing was at 1:30 pm but it was scheduled at 4:00. Please get the details right if you are going to inform people.

 
At Sunday, June 19, 2005 2:21:00 PM, Anonymous Anonymous said...

CORRECTTION:

SENATE HEARING Monday, June 20, 9am., RECTO ROOM, 2nd flr. Senate.

Sorry po!!

 
At Sunday, June 19, 2005 9:51:00 PM, Anonymous cookie said...

the articles from the biz gazette are now posted in the no2pep2010 egroup

thanks to the guys who posted it

 
At Monday, June 20, 2005 7:27:00 AM, Anonymous Anonymous said...

Ooopsie daisy...
how do i get to no2pep2010 egroup?
thanks.

 
At Monday, June 20, 2005 8:56:00 AM, Anonymous Anonymous said...

"...YGC failed to factor in the possible surfacing of the Coalition when they were planning to renege on their promises...they were encouraged by the fact that when CAP fell apart, the planholders did not organize. They thought we would be as complacent."

You can be sure the other pre-need companies are keeping close watch on PPI's case. They are learning from each others experience. Para silang isang Mafia composed of the different families like Yuchengco et al. Don't you wonder why the other companies in their association have not come out with a statement condemning PPI's attempted fraudulent rehab? Kaya napaka-importante ng laban natin; kasi pag pinalusot natin ang PPI sunod-sunod na yung ibang companies na gagaya at mas matindi pa.

 
At Monday, June 20, 2005 9:12:00 AM, Anonymous Anonymous said...

To YGC EMPLOYEES / AGENTS, YUCHENGCO FAMILY & RELATIVES:

Some words of advice from Carly Fiorina.

Commencement Address
North Carolina Agricultural & Technical State University
May 7, 2005



Thank you, Chancellor, and good morning. I'd like to join Chancellor
Renick in welcoming all of you to the 114th commencement exercises of
North Carolina Agricultural and Technical State University.

My fellow job seekers : I am honored to be among the first to
congratulate you on completing your years at North Carolina A&T. But all of you
should know: as Mother's Day gifts go, this one is going to be tough to
beat in the years ahead.

The purpose of a commencement speaker is to dispense wisdom. But the
older I get, the more I realize that the most important wisdom I've
learned in life has come from my mother and my father. Before we go any
further, let's hear it one more time for your mothers and mother figures,
fathers and father figures, family, and friends in the audience today.

When I first received the invitation to speak here, I was the CEO of an
$80 billion Fortune 11 company with 145,000 employees in 178 countries
around the world. I held that job for nearly six years. It was also a
company that hired its fair share of graduates from North Carolina A&T.
You could always tell who they were. For some reason, they were the
ones that had stickers on their desks that read, " Beat the Eagles. "

But as you may have heard, I don't have that job anymore. After the
news of my departure broke, I called the school, and asked: do you still
want me to come and be your commencement speaker?

Chancellor Renick put my fears to rest. He said, " Carly, if anything,
you probably have more in common with these students now than you did
before. " And he's right. After all, I've been working on my resume.
I've been lining up my references. I bought a new interview suit. If there
are any recruiters here, I'll be free around 11.

I want to thank you for having me anyway. This is the first public
appearance I've made since I left HP. I wanted very much to be here because
this school has always been set apart by something that I've believed
very deeply; something that takes me back to the earliest memories I
have in life.

One day at church, my mother gave me a small coaster with a saying on
it. During my entire childhood, I kept this saying in front of me on a
small desk in my room. In fact, I can still show you that coaster today.
It says : " What you are is God's gift to you. What you make of
yourself is your gift to God. "

Those words have had a huge impact on me to this day. What this school
and I believe in very deeply is that when we think about our lives, we
shouldn't be limited by other people's stereotypes or bigotry. Instead,
we should be motivated by our own sense of possibility. We should be
motivated by our own sense of accomplishment. We should be motivated by
what we believe we can become. Jesse Jackson has taught us; Ronald
McNair taught us; the Greensboro Four taught us; that the people who focus
on possibilities achieve much more in life than people who focus on
limitations.

The question for all of you today is : how will you define what you
make of yourself?

To me, what you make of yourself is actually two questions. There's the
"you" that people see on the outside. And that's how most people will
judge you, because it's all they can see - what you become in life,
whether you were made President of this, or CEO of that, the visible you.

But then, there's the invisible you, the "you" on the inside. That's
the person that only you and God can see. For 25 years, when people have
asked me for career advice, what I always tell them is don't give up
what you have inside. Never sell your soul - because no one can ever pay
you back.

What I mean by not selling your soul is don't be someone you're not,
don't be less than you are, don't give up what you believe, because
whatever the consequences that may seem scary or bad -- whatever the
consequences of staying true to yourself are -- they are much better than the
consequences of selling your soul.

You have been tested mightily in your life to get to this moment. And
all of you know much better than I do: from the moment you leave this
campus, you will be tested. You will be tested because you won't fit some
people's pre-conceived notions or stereotypes of what you're supposed
to be, of who you're supposed to be. People will have stereotypes of
what you can or can't do, of what you will or won't do, of what you should
or shouldn't do. But they only have power over you if you let them have
power over you. They can only have control if you let them have
control, if you give up what's inside.
I speak from experience. I've been there. I've been there, in
admittedly vastly different ways -- and in many ways, in the fears in my heart,
exactly the same places. The truth is I've struggled to have that sense
of control since the day I left college.

I was afraid the day I graduated from college. I was afraid of what
people would think. Afraid I couldn't measure up. I was afraid of making
the wrong choices. I was afraid of disappointing the people who had
worked so hard to send me to college.

I had graduated with a degree in medieval history and philosophy. If
you had a job that required knowledge of Copernicus or 12th Century
European monks, I was your person. But that job market wasn't very strong.

So, I was planning to go to law school, not because it was a lifelong
dream - because I thought it was expected of me. Because I realized that
I could never be the artist my mother was, so I would try to be the
lawyer my father was. So, I went off to law school. For the first three
months, I barely slept. I had a blinding headache every day. And I can
tell you exactly which shower tile I was looking at in my parent's
bathroom on a trip home when it hit me like a lightning bolt. This is my
life. I can do what I want. I have control. I walked downstairs and said, "
I quit. "

I will give my parents credit in some ways. That was 1976. They could
have said, " Oh well, you can get married. " Instead, they said, " We're
worried that you'll never amount to anything. " It took me a while to
prove them wrong. My first job was working for a brokerage firm. I had
a title. It was not "VP." It was "receptionist." I answered phones,
I typed, I filed. I did that for a year. And then, I went and lived in
Italy, teaching English to Italian businessmen and their families. I
discovered that I liked business. I liked the pragmatism of it; the pace
of it. Even though it hadn't been my goal, I became a businessperson.

I like big challenges, and the career path I chose for myself at the
beginning was in one of the most male-dominated professions in America. I
went to work for AT&T. It didn't take me long to realize that there
were many people there who didn't have my best interests at heart.

I began my career as a first level sales person within AT&T's long
lines department. Now, "long lines" is what we used to call the long
distance business, but I used to refer to the management team at AT&T as the
"42 longs" - which was their suit size, and all those suits - and faces
- looked the same.

I'll never forget the first time my boss at the time introduced me to a
client. With a straight face, he said " this is Carly Fiorina, our
token bimbo. " I laughed, I did my best to dazzle the client, and then I
went to the boss when the meeting was over and said, " You will never do
that to me again. "

In those early days, I was put in a program at the time called the
Management Development Program. It was sort of an accelerated up-or-out
program, and I was thrown into the middle of a group of all male sales
managers who had been there quite a long time, and they thought it was
their job to show me a thing or two. A client was coming to town and we
had decided that we were getting together for lunch to introduce me to
this customer who was important to one of my accounts.

Now the day before this meeting was to occur, one of my male colleagues
came to me and said, " You know, Carly, I'm really sorry. I know we've
had this planned for a long time, but this customer has a favorite
restaurant here in Washington, D.C., and they really want to go to that
restaurant, and we need to do what the customer wants, and so I don't
think you'll be able to join us."

"Why is that?" I asked. Well, the restaurant was called the Board Room.
Now, the Board Room back then was a restaurant on Vermont Avenue in
Washington, D.C., and it was a strip club. In fact, it was famous because
the young women who worked there would wear these completely
see-through baby doll negligees, and they would dance on top of the tables while
the patrons ate lunch.

The customer wanted to go there, and so my male colleagues were going
there. So I thought about it for about two hours. I remember sitting in
the ladies room thinking, "Oh God, what am I going to do? And finally I
came back and said, "You know, I hope it won't make you too
uncomfortable, but I think I'm going to come to lunch anyway."

Now, I have to tell you I was scared to death. So the morning arrived
when I had to go to the Board Room and meet my client, and I chose my
outfit carefully. I dressed in my most conservative suit. I carried a
briefcase like a shield of honor. I got in a cab. When I told the taxi
driver where I wanted to go he whipped around in his seat and said,
"You're kidding right?" I think he thought I was a new act.

In any event, I arrived, I got out, I took a deep breath, I
straightened my bow tie, and went in the door - and you have to picture this - I
go into the door, there's a long bar down one side, there's a stage
right in front of me, and my colleagues are sitting way on the other side
of the room. And there's a live act going on the stage. The only way I
could get to them was to walk along that stage. I did. I looked like a
complete idiot. I sat down, we had lunch.

Now, there are two ends to that story. One is that my male colleagues
never did that to me again. But the other end to the story, which I
still find inspiring, is that all throughout lunch they kept trying to get
those young women to dance in their negligees on top of our table --
and every one of those young women came over, looked the situation over
and said, "Not until the lady leaves."

It even followed me to HP. As you may know, the legend of HP is that it
began in a garage. When I took over, we launched a get-back-to-basics
campaign we called "the rules of the garage." A fellow CEO at a
competitor saw that and decided to do a skit about me. In front of the entire
financial analyst and media community, he had an actress come out with
blond hair and long red nails and flashy clothes, and had a garage fall
on her head. It made big headlines locally. It made me feel a lot like
the "token bimbo" all over again.

I know all of you have your own stories. When you challenge other
people's ideas of who or how you should be, they may try to diminish and
disgrace you. It can happen in small ways in hidden places, or in big ways
on a world stage. You can spend a lifetime resenting the tests, angry
about the slights and the injustices. Or, you can rise above it.
People's ideas and fears can make them small - but they cannot make you small.
People's prejudices can diminish them - but they cannot diminish you.
Small-minded people can think they determine your worth. But only you
can determine your worth.

At every step along the way, your soul will be tested. Every test you
pass will make you stronger.

But let's not be naïve. Sometimes, there are consequences to not
selling your soul. Sometimes, there are consequences to staying true to what
you believe. And sometimes, those consequences are very difficult. But
as long as you understand the consequences and accept the consequences,
you are not only stronger as a result, you're more at peace.

Many people have asked me how I feel now that I've lost my job. The
truth is, I'm proud of the life I've lived so far, and though I've made my
share of mistakes, I have no regrets. The worst thing I could have
imagined happened. I lost my job in the most public way possible, and the
press had a field day with it all over the world. And guess what? I'm
still here. I am at peace and my soul is intact. I could have given it
away and the story would be different. But I heard the word of Scripture
in my head: "What benefit will it be to you if you gain the whole
world, but lose your soul?"

When people have stereotypes of what you can't do, show them what you
can do. When they have stereotypes of what you won't do, show them what
you will do. Every time you pass these tests, you learn more about
yourself. Every time you resist someone else's smaller notion of who you
really are, you test your courage and your endurance. Each time you
endure, and stay true to yourself, you become stronger and better.

I do not know any of you personally. But as a businessperson and a
former CEO, I know that people who have learned to overcome much can
achieve more than people who've never been tested. And I do know that this
school has prepared you well. After all, North Carolina A&T graduates
more African Americans with engineering degrees than any other school in
the United States. It graduates more African American technology
professionals than any other school. It graduates more African American women
who go into careers in science, math, and technology than any other
school. Your motto is right: North Carolina A&T is truly a national
resource and a local treasure. And Aggie Pride is not just a slogan - it's a
hard-earned fact!

Never sell your education short. And the fact that this school believed
in you means you should never sell yourself short. What I have learned
in 25 years of managing people is that everyone possesses more
potential than they realize. Living life defined by your own sense of
possibility, not by others notions of limitations, is the path to success.

Starting today, you are one of the most promising things America has to
offer : you are an Aggie with a degree.

My hope is that you live life defined by your own sense of possibility,
your own sense of worth, your own sense of your soul. Define yourself
for yourself, not by how others are going to define you - and then stick
to it. Find your own internal compass. I use the term compass, because
what does a compass do? When the winds are howling, and the storm
raging, and the sky is so cloudy you have nothing to navigate by, a compass
tells you where true North is. And I think when you are in a lonely
situation, you have to rely on that compass. Who am I? What do I believe?
Do I believe I am doing the right thing for the right reason in the
best way that I can? Sometimes, that's all you have. And always, it will
be enough.

Most people will judge you by what they see on the outside. Only you
and God will know what's on the inside. But at the end of your life, if
people ask you what your greatest accomplishment was, my guess is, it
will be something that happened inside you, that no one else ever saw,
something that had nothing to do with outside success, and everything to
do with how you decide to live in the world.

What you are today is God's gift to you. What you make of yourself is
your gift to God. He is waiting for that gift right now. Make it
something extraordinary.

 
At Monday, June 20, 2005 12:15:00 PM, Anonymous Anonymous said...

From www.senate.gov.ph (session no.93)

I wonder why the coalition's version of senate hearings is very different from the official transcript from the senate.

--------------------------------
RESOLUTION
Proposed Senate Resolution No. 271, entitled
RESOLUTION DIRECTING THE SENATE
COMMITTEE ON TRADE AND
COMMERCE, AS PRIMARY
COMMITTEE, AND THE COMMI?TEE
ON SOCIAL JUSTICE, WELFARE
AND RURAL DEVELOPMENT, AS
SECONDARY COMMITTEE, TO
CONDUCT AN INQUIRY, IN AID
OF LEGISLATION, INTO THE
OPERATIONS IN THE PRE-NEED
INDUSTRY AND THE ADEQUACY
OF THE REGULATORY REGIME IN
PROTECTING THE SMALL
CONSUMERS FROM THE EXCESSES
OF PRE-NEED COMPANIES
Introduced by Senator Serge Osmefla
To the Committees on Banks, Financial
Institutions and Currencies; and Trade and
Commerce

REMARKS OF SENATOR OSMERA

I Senator Osmena stated that Proposed Senate
Resolution No. 271 which he authored directs the
Committee on Trade and Commerce as the primary
committee and the Committee on Social Justice,
Welfare and Development as the secondary
committee, to listen to the complaints of the
planholders in the pre-need industry. He noted that
several other resolutions on the same topic had been
referred primarily to the Committee on Banks,
Financial Institutions and Currencies and, secondarily,
to the Committee on Trade and Commerce.

Senator Osmena said that the original hearing
was triggered by a privilege speech that he delivered
on January 31 complaining about, among other
things, the Senate’s subscription to the CAP Health
as its health insurance carrier for its employees and
associates when, in fact, CAP has been in financial
trouble for some time. He recalled that as early as
2002, the Committee on Banks, Financial Institutions
and Currencies, then chaired by Senator Magsaysay,
conducted four hearings into the finances of CAP
which, at that time, was already short in its trust
fund by around P5 billion. He noted that between
2002 and the February 4, 2005 hearing, CAP’s
deficit of P5 billion bas widened to P17 billion, such
that its trust fund was only P8.7 billion as of
December 31, 2004 instead of the supposed
P25 biliion. He added that the hearing included
discussions not only on the problems of CAP but
also on the pre-need code. Last Tuesday, he said,
another hearing was conducted; however, upon
learning that it could be the only hearing on the
pre-need code, he wrote a letter to Senator Angara
requesting the Committee on Banks, Financial
Institutions and Currencies to conduct a series of
hearings into the problems plaguing the CAP and
the Pacific Plans, especially in the light of the report
of the Securities and Exchange Commission that
CAP’s trust fund had dissipated to only P4.7 billion
as of last week. He expressed disagreement to the
Committee’s assumption that the hearings on the
problems of CAP would he separate from that
of the pre-need code. Since an inquiry into the
problems of CAP is in aid of legislation, he believed
that it is but proper for the Senate to identify
mistakes committed by the regulator and the
pre-need company in order to craft an effective
regulatory code for the pre-need industry. He also
objected to the Committee’s proposal to hold only
one more hearing on the pre-need code.

Senator Osmena said that Senator Angara,
in reply, wrote that the Committee should focus first
on the pre-need code to come up with a solution to
the problem such as that~plaguing CAP and Pacific
Plans, which issues can be tackled in a separate
hearing because he (Senator Angara) felt that
highlighting the problem rather than focusing on a
solution would simply inflame passion and
unwittingly aggravate the troubles of the industry.

Senator Osmena said that in the same letter,
he was told that the Committee is giving him the
opportunity to submit his suggestions.

Senator Osmena informed the Body that his
office has been receiving numerous complaints
from consumers requesting that the Senate continue
with its inquiry into the problems of CAP and
the pre-need industry. He believed that the
Committee should first talk to the people who
are directly suffering from this problem in
order to come up with the right solution. He said
that CAP alone has 780,000 planholders while
Pacific Plans has about 300,000,’He said that he
filed the resolution to allow other committees to
conduct the hearings for consumer protection
because the problem is not only a banking or
financial matter.

As former chair of the Committee on Banks,
Financial Institutions and Currencies, Senator Osmena
said that he has been very concerned with the
development of capital markets and had hoped that
Congress would be able to resolve the problem of
pre-need industry much sooner than expected.
Adverting to the resolution filed by Senator Enrile
investigating the Standard Chartered Bank for
selling securities that were not registered, he noted
that five hearings had already been conducted
for the purpose. Relative thereto, he stated that
under the rules, any matter that has not been acted
upon within 30 session days by the committee
to which it had been assigned can be brought
straight to the floor upon a written request by
five senators. He then made reservation to
deliver a privilege speech on Tuesday to report
to the Body what exactly had happened to CAP
in the interim.

Senator Osmena reiterated his objection to the
referral of Proposed Senate Resolution No. 271
primarily to the Committee on Banks, Financial
Institutions and Currencies as he insisted that the
Committee on Trade and Commerce should be the
primary committee because the resolution, in effect,
is in aid of amending the Consumer Code.

REMARKS OF SENATOR ANGGRA

In reaction, Senator Angara stated that
Senator Osmena’s proposition is a clever way of
ousting a committee of its jurisdiction. He rejected
the underlying assumption made by Senator Osmeiia
that the Committee on Banks, Financial Institutions
and Currencies has not been acting on the issue
of CAP and Pacific Plans. In fact, he said, the
two previous resolutions of Senators Defensor
Santiago and Pangilinan which were filed ahead
of Senator Osmefia’s were referred to the
Committee on Banks, Financial Institutions and
Currencies.

Senator Angara said that he takes his work
quite seriously and he believed that the Committee
on Banks, Financial Institutions and Currencies is a
performing committee. As he stated in his letter to
Senator Osmeiia, he reiterated that he wants, first of
all, to put together the code which would provide
the solution to what is happening at present in the
pre-need industry which is a regulatory regime;
that the Committee intends to set up a protection
fund for planholders under a provision requiring the
pre-need companies to increase their contribution to
the trust fund; and finally, that the Committee would
be imposing stiff sanctions on any venality or
wrongdoing.

Senator Angara informed the Body that the
Committee on Banks, Financial Institutions and
Currencies would set a hearing on the second or
third week of June in order to finish the problem on
the pre-need industry.

Senator Angara stressed that Senator Osmeiia
is always welcome to raise his points during the
hearings, but he believed that Senator Osmeiia
should not exclude the Committee on Banks from
its jurisdiction over the issue, even as he expressed
support to the recommendation of the Secretariat
referring Proposed Senate Resolution No. 271
to the Committee on Banks as the primary
committee. He stressed that he was not in need
of extra work as he was already doing his share
of the work in the Chamber. He contended that
Senator Osmeiia is known for making reservations
to interpellate without following through, delaying
many bills such as the Credit Information Bureau
bill. He maintained that the senators should meet
in caucus in order to stop devious techniques
from being resorted to.

Senator Osmena stated that he could not
understand how his move could be considered
devious as he was the principal author of the
resolution. As regards the Securitization Code,
he clarified that he took over the Committee on
Banks in June 2003 upon the request of the Senate
President and Senator Magsaysay who had become
very busy with the Anti-Money Laundering Act.
He said that he proceeded to study the Securitization
bill which was sponsored by Senator Magsaysay in
January 2003; Senator Angara was the last to make
reservations to interpellate on the bill which took
three months to pass on Second Reading because of
that reservation.

On the matter of the Credit Information Bureau
bill, Senator Osmeiia admitted that he would have
proceeded with his interpellation on the bill but he
did not because Senator Angara favored holding five
hearings on the Standard Chartered Bank issue
which had two complainants against the CAP which
affected 780,000 planholders.

On the Pre-Need Code bill, Senator Osmena
argued that Senator Angara’s proposals like the
protection fund are all in the bill, of which he is the
principal author. If he was clever, he said it was
because he learned from his seniors in the Chamber.
But he denied that he delays bills deliberately. In the
case of the VAT bill, he pointed out that he did not
allow the VAT to be passed until he had fully
understood it and had entered three amendments to
the bill. He said that it would have been a popular
move to delay the VAT bill simply because people
do not like taxes but he did not do that; instead, he
cooperated intelligently to its passage.

As to the pre-need issue, Senator Osmena
expressed the view that the planholders should be
heard first in an open hearing as the Senate is not
for the Members alone. He disagreed to the idea of
creating a technical working group composed of the
staff of the authors of the bills to look into the matter
as Senator Angara had suggested during the hearing.
He stressed that he wanted to listen to these people
who were cheated of their hope for the future.
He contended that the Senate could have pressured
the SEC to protect the planholders to counter the
tremendous pressure coming from powerful quarters
to allow the CAP to continue.

At this point, Senator Osmena asked whether a
secondary committee can hold separate hearings
under Section 25 of the rules. The ,Chair said that
it was not ready to reply on the matter as it had
to review the records in the absence of the
Majority Leader.

Senator Angara informed the Body that contrary
to Senator Osmefia’s allegations, the Committee
wanted to listen to the planholders; it was simply a
question of timing as the Committee was faced with
a pre-need code which has been pending for the
past two Congresses. He said that after six public
hearings, voluminous materials and testimonies of
many resource persons, he felt that it was time to
pass the code.

As to Senator Osmena’s query, Senator Angara
disagreed that the secondary committee can meet
separately from the primaty committee, as the
referral is for a joint committee hearing; otherwise,
the referral could very well be to both committees
as primary committees. He averred that the rules
are not only for orderly proceedings in the Chamber
but also for the division of labor in the Senate.
He said that if Senator Osmefia wants the
Committee on Social Justice, Welfare and Rural
Development to conduct the hearings on CAP,
the latter could do so.

Senator Osmena replied that he might do so
because all he wanted to do is to get educated on
the issue. He stated that the Chairman of the
Committee on Banks cannot claim that he has
covered the topic just because six hearings have
been conducted. He said that problems that did not
manifest in 2002 like the PPI’s spin-off were not
foreseen before.

He said that what he resented was that he had
been asking Senator Angara to no avail to hold
hearings on the CAP since February. He revealed
that every time a planholder would ask him when
CAP would be investigated, he did not know what
to say. He stressed that the planholders were
not looking for solutions to the regulation of the
industry; they simply wanted to know if they
would get paid or not.

Senator Osmena stated that while he had always
tried to respect the Rules, one person can bottle up
the proceedings, for which there must be a solution.
Senator Angara pointed out that a petition of
five members can bring the matter to the plenary.
But Senator Osmena believed that such would be an
extreme solution since planholders cannot speak on
the floor.

Senator Angara contended that Senator Osmefia
was dodging the issue on proper jurisdiction of a
committee being raised before the Chamber as there
was no issue of any Senate committee refusing to
listen to the planholders. At last Tuesday’s meeting,
he said, be told the planholders that another meeting
would be set for them to air their sentiments.
Finally, Senator Angara opined that Senator
Osmeria, precisely, is one man who can bottle up
proceedings in the Chamber as shown in the credit
bureau bill and other bills which have been delayed.
Senator Osmena said that if Senator Angara
was referring to the ACEF bill, it was Senator
Magsaysay who did not wish to be interpellated. He
said that he did not recall Senator Angara offering
to be interpellated as the coauthor of the bill.

SUSPENSION OF SESSION
With permission of the Body, the Chair
suspended the session.
It was 644 p.m.
RESUMPTION OF SESSION
At 6:49 p.m., the session was resumed.
RULING OF THE CHAIR
Upon resumption, the Chair stated that the
issue raised by Senator Osmena involved the
interpretation of the rules and the jurisdiction of
the various committees. It then referred the matter
to the Committee on Rules and requested that the
Committee come up with a ruling at the earliest
possible opportunity, so that the issue could be
brought back to the floor for appropriate disposition.
Senator Osmena suggested that the Committee
on Rules craft a provision allowing either another
committee or majority of the members of the
committee to conduct a hearing should the chairman
of the committee refuse to do so.

For his part, Senator Angara suggested that the
Committee on Rules schedule a hearing so that
those interested in the revision of the Rules would
be able to attend.
. ,- It was 6:51 p.m.
The Chair assured Senators Osmena and I hereby certify to the correctness of the
Angara that their suggestions would be considered
by the chairman of the Committee on Rules in the
hearing on the resolution of the issue at hand.
foregoing.
ADJOURNMENT OF SESSION
With the permission of the Body, the Chair
adjourned the session until three o’clock in the
afternoon of Monday, June 6, 2005. Approved on June 6, 2005

 
At Monday, June 20, 2005 4:27:00 PM, Anonymous Pandy said...

To anonymous who wrote:
"I wonder why the coalition's version of senate hearings is very different from the official transcript from the senate." And then very kindly posted the transcript of session 93.

The reason why my report is different is because I was reporting on ANOTHER Senate hearing, not Session 93! I was reporting on the hearing that was requested by Senator Osmena AT session 93. To quote from the transcript provided by anonymous:
"Relative thereto, he stated that
under the rules, any matter that has not been acted
upon within 30 session days by the committee
to which it had been assigned can be brought
straight to the floor upon a written request by
five senators. He then made reservation to
deliver A PRIVILEGE SPEECH ON TUESDAY to report
to the Body what exactly had happened to CAP
in the interim."

Session 93 was boring but the hearing in which Senator Osmena made his privilege speech was the killer ... At least for PPI and CAP.

There was another report (made by Pikachu) on a June 15 Senate hearing but none, as far as I know, of the session 93 that anonymous is refering to.

 
At Monday, June 20, 2005 4:37:00 PM, Anonymous Anonymous said...

San Antonio 96, Detroit 95 (OT)
Big Shot Rob Comes Through Again
Box Score | Pistons Home | Spurs Home


AUBURN HILLS, Mich., June 19 (Ticker) -- For "Big Shot Rob," this may have been the biggest shot of all.

Robert Horry drilled a 3-pointer with 5.8 seconds left in overtime to give the San Antonio Spurs an nerve-jangling 96-95 victory over the Detroit Pistons in Game 5 of the NBA Finals.

NBA TV highlights from
Spurs-Pistons: 300k

News conference: 300k
With control of the series teetering with each possession, Horry added yet another memorable clip to his career-long postseason hightlight reel and tilted the title heavily toward the Spurs, who head home with a 3-2 lead and the security of the next two games on their floor.

Known as "Big Shot Rob" for clutch shooting that has given him five championship rings, Horry scored all 21 of his points in the final 17-plus minutes, shaking off a painful shoulder injury.

"It's the playoffs, man," Horry said. "If you don't get excited about the playoffs, you don't even to deserve to be playing basketball."

"That's what he's been doing his whole career," Pistons center Ben Wallace said. "He's a proven winner."

Horry also bailed out Tim Duncan, who had 26 points and 19 rebounds but faltered down the stretch. He missed 6-of-7 free throws and a potential game-winning follow shot in the fourth quarter and missed two shots and committed a turnover in overtime.

"He pulled me out of an incredible hole that I put myself in," Duncan admitted.

Horry made 7-of-12 shots, including five 3-pointers, as he tied his career high for a Finals game. All but three of his points came with the Spurs trailing and either tied the game or provided a lead.

"That was probably the greatest performance I've ever been a part of, to see him there and to see him as calm as he was and willing to do whatever," Duncan said.

"He was unbelievable," Spurs coach Gregg Popovich said.

Horry's last two baskets were monumental. A jumper by Rasheed Wallace gave the Pistons a 95-91 lead with 1:43 to play. At the other end, Horry drove for a thunderous lefthanded dunk, drawing a foul and injuring his shoulder, which led to his missed free throw.

"When I was going through the air, I was like, 'Please let me get there, please let me get there,'" Horry said. "I took off so far, I kind of hurt my shoulder, just an old injury that keeps flaring up."

Chauncey Billups, who scored 34 points, missed shots on consecutive possessions while being hounded by Bruce Bowen. Duncan rebounded the second miss and called timeout with 9.4 seconds remaining.

"I got a good look at it; I just could not get it down," said Billups, the MVP of the 2004 Finals.

Horry inbounded into the left corner to Manu Ginobili. Rasheed Wallace went to trap and Ginobili whipped a pass back to Horry, who rattled in his shot from the left wing, bringing the sound of silence over The Palace of Auburn Hills.

"It was supposed to be a pick-and-roll with (Manu and) Tim and I saw Rasheed bite and I said, "Oh, let me stay out here,'" Horry said. "Since I was shooting well, I wanted to let it fly. I'm the type of player, I want to win a game. I don't want to go to overtime. I'm always going to go for a three."

"I couldn't do anything in the corner with Rasheed coming to me, so I just gave him the ball," Ginobili said. "I had nothing else to do. All the credit goes to him."

The Pistons had one last chance and went Hamilton, who was guarded by the smaller Tony Parker. There was plenty of contact before Hamilton badly missed a jumper and time expired.

"It was shocking how we lost," Hamilton said.

Time also may be expiring on Detroit's championship reign. Game 6 is Tuesday in San Antonio, where the Spurs are 45-5 this season and the Pistons have lost 10 straight games since April 2, 1997.

"I have to get over this one," Pistons coach Larry Brown said. "This was tough."

Ginobili had 15 points and nine assists and Parker scored 14 points for the Spurs, who for the second time in three years won Game 5 of the Finals on the road to snap a 2-2 deadlock. They also did it to New Jersey in 2003.

A series which had featured four blowouts could not have had a closer contest. There were five lead changes and eight ties in the fourth quarter, when it was a one-possession game for all but 42 seconds.

"It's two teams fighting for every inch on the court," Ben Wallace said.

Horry answered two free throws by Billups with a 3-pointer for a 79-79 tie with 3:47 left.

"One time I shot a three from way out deep and I made it," Horry said. "(I said), 'Oh, I'm ready now.' I just had that feeling."

He went strong to the basket and drew a foul, sinking two free throws, then put home a follow shot, answering baskets by Hamilton and Wallace and forging two more ties.

"He's a big-time player," Brown said. "In moments like that, he's the difference."

Billups, a clutch shooter in his own right, sank a fadeaway jumper for an 87-85 lead, but Horry drilled a 3-pointer with 1:17 remaining.

Duncan missed two free throws and Billups drove past Bowen for a hoop before Duncan was fouled again with 33 seconds left. This time, he split the pair to tie it, but failed to put home Ginobili's missed drive before the horn.

"(An) absolute nightmare," Duncan said.

"I was very upset that that we could not finish in regulation," Ginobili said.

Hamilton scored 15 points and Ben Wallace added 13, 12 rebounds and four blocks for the Pistons, who had all five starters in double figures.

The Spurs opened leads of nine points in the second quarter and seven in the third period before giving them away with a flurry of turnovers, which have been a problem for them the entire series.

 
At Monday, June 20, 2005 4:38:00 PM, Anonymous Anonymous said...

San Antonio 96, Detroit 95 (OT)
Big Shot Rob Comes Through Again
Box Score | Pistons Home | Spurs Home


AUBURN HILLS, Mich., June 19 (Ticker) -- For "Big Shot Rob," this may have been the biggest shot of all.

Robert Horry drilled a 3-pointer with 5.8 seconds left in overtime to give the San Antonio Spurs an nerve-jangling 96-95 victory over the Detroit Pistons in Game 5 of the NBA Finals.

NBA TV highlights from
Spurs-Pistons: 300k

News conference: 300k
With control of the series teetering with each possession, Horry added yet another memorable clip to his career-long postseason hightlight reel and tilted the title heavily toward the Spurs, who head home with a 3-2 lead and the security of the next two games on their floor.

Known as "Big Shot Rob" for clutch shooting that has given him five championship rings, Horry scored all 21 of his points in the final 17-plus minutes, shaking off a painful shoulder injury.

"It's the playoffs, man," Horry said. "If you don't get excited about the playoffs, you don't even to deserve to be playing basketball."

"That's what he's been doing his whole career," Pistons center Ben Wallace said. "He's a proven winner."

Horry also bailed out Tim Duncan, who had 26 points and 19 rebounds but faltered down the stretch. He missed 6-of-7 free throws and a potential game-winning follow shot in the fourth quarter and missed two shots and committed a turnover in overtime.

"He pulled me out of an incredible hole that I put myself in," Duncan admitted.

Horry made 7-of-12 shots, including five 3-pointers, as he tied his career high for a Finals game. All but three of his points came with the Spurs trailing and either tied the game or provided a lead.

"That was probably the greatest performance I've ever been a part of, to see him there and to see him as calm as he was and willing to do whatever," Duncan said.

"He was unbelievable," Spurs coach Gregg Popovich said.

Horry's last two baskets were monumental. A jumper by Rasheed Wallace gave the Pistons a 95-91 lead with 1:43 to play. At the other end, Horry drove for a thunderous lefthanded dunk, drawing a foul and injuring his shoulder, which led to his missed free throw.

"When I was going through the air, I was like, 'Please let me get there, please let me get there,'" Horry said. "I took off so far, I kind of hurt my shoulder, just an old injury that keeps flaring up."

Chauncey Billups, who scored 34 points, missed shots on consecutive possessions while being hounded by Bruce Bowen. Duncan rebounded the second miss and called timeout with 9.4 seconds remaining.

"I got a good look at it; I just could not get it down," said Billups, the MVP of the 2004 Finals.

Horry inbounded into the left corner to Manu Ginobili. Rasheed Wallace went to trap and Ginobili whipped a pass back to Horry, who rattled in his shot from the left wing, bringing the sound of silence over The Palace of Auburn Hills.

"It was supposed to be a pick-and-roll with (Manu and) Tim and I saw Rasheed bite and I said, "Oh, let me stay out here,'" Horry said. "Since I was shooting well, I wanted to let it fly. I'm the type of player, I want to win a game. I don't want to go to overtime. I'm always going to go for a three."

"I couldn't do anything in the corner with Rasheed coming to me, so I just gave him the ball," Ginobili said. "I had nothing else to do. All the credit goes to him."

The Pistons had one last chance and went Hamilton, who was guarded by the smaller Tony Parker. There was plenty of contact before Hamilton badly missed a jumper and time expired.

"It was shocking how we lost," Hamilton said.

Time also may be expiring on Detroit's championship reign. Game 6 is Tuesday in San Antonio, where the Spurs are 45-5 this season and the Pistons have lost 10 straight games since April 2, 1997.

"I have to get over this one," Pistons coach Larry Brown said. "This was tough."

Ginobili had 15 points and nine assists and Parker scored 14 points for the Spurs, who for the second time in three years won Game 5 of the Finals on the road to snap a 2-2 deadlock. They also did it to New Jersey in 2003.

A series which had featured four blowouts could not have had a closer contest. There were five lead changes and eight ties in the fourth quarter, when it was a one-possession game for all but 42 seconds.

"It's two teams fighting for every inch on the court," Ben Wallace said.

Horry answered two free throws by Billups with a 3-pointer for a 79-79 tie with 3:47 left.

"One time I shot a three from way out deep and I made it," Horry said. "(I said), 'Oh, I'm ready now.' I just had that feeling."

He went strong to the basket and drew a foul, sinking two free throws, then put home a follow shot, answering baskets by Hamilton and Wallace and forging two more ties.

"He's a big-time player," Brown said. "In moments like that, he's the difference."

Billups, a clutch shooter in his own right, sank a fadeaway jumper for an 87-85 lead, but Horry drilled a 3-pointer with 1:17 remaining.

Duncan missed two free throws and Billups drove past Bowen for a hoop before Duncan was fouled again with 33 seconds left. This time, he split the pair to tie it, but failed to put home Ginobili's missed drive before the horn.

"(An) absolute nightmare," Duncan said.

"I was very upset that that we could not finish in regulation," Ginobili said.

Hamilton scored 15 points and Ben Wallace added 13, 12 rebounds and four blocks for the Pistons, who had all five starters in double figures.

The Spurs opened leads of nine points in the second quarter and seven in the third period before giving them away with a flurry of turnovers, which have been a problem for them the entire series.

 
At Monday, June 20, 2005 4:38:00 PM, Anonymous Anonymous said...

San Antonio 96, Detroit 95 (OT)
Big Shot Rob Comes Through Again
Box Score | Pistons Home | Spurs Home


AUBURN HILLS, Mich., June 19 (Ticker) -- For "Big Shot Rob," this may have been the biggest shot of all.

Robert Horry drilled a 3-pointer with 5.8 seconds left in overtime to give the San Antonio Spurs an nerve-jangling 96-95 victory over the Detroit Pistons in Game 5 of the NBA Finals.

NBA TV highlights from
Spurs-Pistons: 300k

News conference: 300k
With control of the series teetering with each possession, Horry added yet another memorable clip to his career-long postseason hightlight reel and tilted the title heavily toward the Spurs, who head home with a 3-2 lead and the security of the next two games on their floor.

Known as "Big Shot Rob" for clutch shooting that has given him five championship rings, Horry scored all 21 of his points in the final 17-plus minutes, shaking off a painful shoulder injury.

"It's the playoffs, man," Horry said. "If you don't get excited about the playoffs, you don't even to deserve to be playing basketball."

"That's what he's been doing his whole career," Pistons center Ben Wallace said. "He's a proven winner."

Horry also bailed out Tim Duncan, who had 26 points and 19 rebounds but faltered down the stretch. He missed 6-of-7 free throws and a potential game-winning follow shot in the fourth quarter and missed two shots and committed a turnover in overtime.

"He pulled me out of an incredible hole that I put myself in," Duncan admitted.

Horry made 7-of-12 shots, including five 3-pointers, as he tied his career high for a Finals game. All but three of his points came with the Spurs trailing and either tied the game or provided a lead.

"That was probably the greatest performance I've ever been a part of, to see him there and to see him as calm as he was and willing to do whatever," Duncan said.

"He was unbelievable," Spurs coach Gregg Popovich said.

Horry's last two baskets were monumental. A jumper by Rasheed Wallace gave the Pistons a 95-91 lead with 1:43 to play. At the other end, Horry drove for a thunderous lefthanded dunk, drawing a foul and injuring his shoulder, which led to his missed free throw.

"When I was going through the air, I was like, 'Please let me get there, please let me get there,'" Horry said. "I took off so far, I kind of hurt my shoulder, just an old injury that keeps flaring up."

Chauncey Billups, who scored 34 points, missed shots on consecutive possessions while being hounded by Bruce Bowen. Duncan rebounded the second miss and called timeout with 9.4 seconds remaining.

"I got a good look at it; I just could not get it down," said Billups, the MVP of the 2004 Finals.

Horry inbounded into the left corner to Manu Ginobili. Rasheed Wallace went to trap and Ginobili whipped a pass back to Horry, who rattled in his shot from the left wing, bringing the sound of silence over The Palace of Auburn Hills.

"It was supposed to be a pick-and-roll with (Manu and) Tim and I saw Rasheed bite and I said, "Oh, let me stay out here,'" Horry said. "Since I was shooting well, I wanted to let it fly. I'm the type of player, I want to win a game. I don't want to go to overtime. I'm always going to go for a three."

"I couldn't do anything in the corner with Rasheed coming to me, so I just gave him the ball," Ginobili said. "I had nothing else to do. All the credit goes to him."

The Pistons had one last chance and went Hamilton, who was guarded by the smaller Tony Parker. There was plenty of contact before Hamilton badly missed a jumper and time expired.

"It was shocking how we lost," Hamilton said.

Time also may be expiring on Detroit's championship reign. Game 6 is Tuesday in San Antonio, where the Spurs are 45-5 this season and the Pistons have lost 10 straight games since April 2, 1997.

"I have to get over this one," Pistons coach Larry Brown said. "This was tough."

Ginobili had 15 points and nine assists and Parker scored 14 points for the Spurs, who for the second time in three years won Game 5 of the Finals on the road to snap a 2-2 deadlock. They also did it to New Jersey in 2003.

A series which had featured four blowouts could not have had a closer contest. There were five lead changes and eight ties in the fourth quarter, when it was a one-possession game for all but 42 seconds.

"It's two teams fighting for every inch on the court," Ben Wallace said.

Horry answered two free throws by Billups with a 3-pointer for a 79-79 tie with 3:47 left.

"One time I shot a three from way out deep and I made it," Horry said. "(I said), 'Oh, I'm ready now.' I just had that feeling."

He went strong to the basket and drew a foul, sinking two free throws, then put home a follow shot, answering baskets by Hamilton and Wallace and forging two more ties.

"He's a big-time player," Brown said. "In moments like that, he's the difference."

Billups, a clutch shooter in his own right, sank a fadeaway jumper for an 87-85 lead, but Horry drilled a 3-pointer with 1:17 remaining.

Duncan missed two free throws and Billups drove past Bowen for a hoop before Duncan was fouled again with 33 seconds left. This time, he split the pair to tie it, but failed to put home Ginobili's missed drive before the horn.

"(An) absolute nightmare," Duncan said.

"I was very upset that that we could not finish in regulation," Ginobili said.

Hamilton scored 15 points and Ben Wallace added 13, 12 rebounds and four blocks for the Pistons, who had all five starters in double figures.

The Spurs opened leads of nine points in the second quarter and seven in the third period before giving them away with a flurry of turnovers, which have been a problem for them the entire series.

 
At Monday, June 20, 2005 4:38:00 PM, Anonymous Anonymous said...

San Antonio 96, Detroit 95 (OT)
Big Shot Rob Comes Through Again
Box Score | Pistons Home | Spurs Home


AUBURN HILLS, Mich., June 19 (Ticker) -- For "Big Shot Rob," this may have been the biggest shot of all.

Robert Horry drilled a 3-pointer with 5.8 seconds left in overtime to give the San Antonio Spurs an nerve-jangling 96-95 victory over the Detroit Pistons in Game 5 of the NBA Finals.

NBA TV highlights from
Spurs-Pistons: 300k

News conference: 300k
With control of the series teetering with each possession, Horry added yet another memorable clip to his career-long postseason hightlight reel and tilted the title heavily toward the Spurs, who head home with a 3-2 lead and the security of the next two games on their floor.

Known as "Big Shot Rob" for clutch shooting that has given him five championship rings, Horry scored all 21 of his points in the final 17-plus minutes, shaking off a painful shoulder injury.

"It's the playoffs, man," Horry said. "If you don't get excited about the playoffs, you don't even to deserve to be playing basketball."

"That's what he's been doing his whole career," Pistons center Ben Wallace said. "He's a proven winner."

Horry also bailed out Tim Duncan, who had 26 points and 19 rebounds but faltered down the stretch. He missed 6-of-7 free throws and a potential game-winning follow shot in the fourth quarter and missed two shots and committed a turnover in overtime.

"He pulled me out of an incredible hole that I put myself in," Duncan admitted.

Horry made 7-of-12 shots, including five 3-pointers, as he tied his career high for a Finals game. All but three of his points came with the Spurs trailing and either tied the game or provided a lead.

"That was probably the greatest performance I've ever been a part of, to see him there and to see him as calm as he was and willing to do whatever," Duncan said.

"He was unbelievable," Spurs coach Gregg Popovich said.

Horry's last two baskets were monumental. A jumper by Rasheed Wallace gave the Pistons a 95-91 lead with 1:43 to play. At the other end, Horry drove for a thunderous lefthanded dunk, drawing a foul and injuring his shoulder, which led to his missed free throw.

"When I was going through the air, I was like, 'Please let me get there, please let me get there,'" Horry said. "I took off so far, I kind of hurt my shoulder, just an old injury that keeps flaring up."

Chauncey Billups, who scored 34 points, missed shots on consecutive possessions while being hounded by Bruce Bowen. Duncan rebounded the second miss and called timeout with 9.4 seconds remaining.

"I got a good look at it; I just could not get it down," said Billups, the MVP of the 2004 Finals.

Horry inbounded into the left corner to Manu Ginobili. Rasheed Wallace went to trap and Ginobili whipped a pass back to Horry, who rattled in his shot from the left wing, bringing the sound of silence over The Palace of Auburn Hills.

"It was supposed to be a pick-and-roll with (Manu and) Tim and I saw Rasheed bite and I said, "Oh, let me stay out here,'" Horry said. "Since I was shooting well, I wanted to let it fly. I'm the type of player, I want to win a game. I don't want to go to overtime. I'm always going to go for a three."

"I couldn't do anything in the corner with Rasheed coming to me, so I just gave him the ball," Ginobili said. "I had nothing else to do. All the credit goes to him."

The Pistons had one last chance and went Hamilton, who was guarded by the smaller Tony Parker. There was plenty of contact before Hamilton badly missed a jumper and time expired.

"It was shocking how we lost," Hamilton said.

Time also may be expiring on Detroit's championship reign. Game 6 is Tuesday in San Antonio, where the Spurs are 45-5 this season and the Pistons have lost 10 straight games since April 2, 1997.

"I have to get over this one," Pistons coach Larry Brown said. "This was tough."

Ginobili had 15 points and nine assists and Parker scored 14 points for the Spurs, who for the second time in three years won Game 5 of the Finals on the road to snap a 2-2 deadlock. They also did it to New Jersey in 2003.

A series which had featured four blowouts could not have had a closer contest. There were five lead changes and eight ties in the fourth quarter, when it was a one-possession game for all but 42 seconds.

"It's two teams fighting for every inch on the court," Ben Wallace said.

Horry answered two free throws by Billups with a 3-pointer for a 79-79 tie with 3:47 left.

"One time I shot a three from way out deep and I made it," Horry said. "(I said), 'Oh, I'm ready now.' I just had that feeling."

He went strong to the basket and drew a foul, sinking two free throws, then put home a follow shot, answering baskets by Hamilton and Wallace and forging two more ties.

"He's a big-time player," Brown said. "In moments like that, he's the difference."

Billups, a clutch shooter in his own right, sank a fadeaway jumper for an 87-85 lead, but Horry drilled a 3-pointer with 1:17 remaining.

Duncan missed two free throws and Billups drove past Bowen for a hoop before Duncan was fouled again with 33 seconds left. This time, he split the pair to tie it, but failed to put home Ginobili's missed drive before the horn.

"(An) absolute nightmare," Duncan said.

"I was very upset that that we could not finish in regulation," Ginobili said.

Hamilton scored 15 points and Ben Wallace added 13, 12 rebounds and four blocks for the Pistons, who had all five starters in double figures.

The Spurs opened leads of nine points in the second quarter and seven in the third period before giving them away with a flurry of turnovers, which have been a problem for them the entire series.

 
At Monday, June 20, 2005 4:38:00 PM, Anonymous Anonymous said...

San Antonio 96, Detroit 95 (OT)
Big Shot Rob Comes Through Again
Box Score | Pistons Home | Spurs Home


AUBURN HILLS, Mich., June 19 (Ticker) -- For "Big Shot Rob," this may have been the biggest shot of all.

Robert Horry drilled a 3-pointer with 5.8 seconds left in overtime to give the San Antonio Spurs an nerve-jangling 96-95 victory over the Detroit Pistons in Game 5 of the NBA Finals.

NBA TV highlights from
Spurs-Pistons: 300k

News conference: 300k
With control of the series teetering with each possession, Horry added yet another memorable clip to his career-long postseason hightlight reel and tilted the title heavily toward the Spurs, who head home with a 3-2 lead and the security of the next two games on their floor.

Known as "Big Shot Rob" for clutch shooting that has given him five championship rings, Horry scored all 21 of his points in the final 17-plus minutes, shaking off a painful shoulder injury.

"It's the playoffs, man," Horry said. "If you don't get excited about the playoffs, you don't even to deserve to be playing basketball."

"That's what he's been doing his whole career," Pistons center Ben Wallace said. "He's a proven winner."

Horry also bailed out Tim Duncan, who had 26 points and 19 rebounds but faltered down the stretch. He missed 6-of-7 free throws and a potential game-winning follow shot in the fourth quarter and missed two shots and committed a turnover in overtime.

"He pulled me out of an incredible hole that I put myself in," Duncan admitted.

Horry made 7-of-12 shots, including five 3-pointers, as he tied his career high for a Finals game. All but three of his points came with the Spurs trailing and either tied the game or provided a lead.

"That was probably the greatest performance I've ever been a part of, to see him there and to see him as calm as he was and willing to do whatever," Duncan said.

"He was unbelievable," Spurs coach Gregg Popovich said.

Horry's last two baskets were monumental. A jumper by Rasheed Wallace gave the Pistons a 95-91 lead with 1:43 to play. At the other end, Horry drove for a thunderous lefthanded dunk, drawing a foul and injuring his shoulder, which led to his missed free throw.

"When I was going through the air, I was like, 'Please let me get there, please let me get there,'" Horry said. "I took off so far, I kind of hurt my shoulder, just an old injury that keeps flaring up."

Chauncey Billups, who scored 34 points, missed shots on consecutive possessions while being hounded by Bruce Bowen. Duncan rebounded the second miss and called timeout with 9.4 seconds remaining.

"I got a good look at it; I just could not get it down," said Billups, the MVP of the 2004 Finals.

Horry inbounded into the left corner to Manu Ginobili. Rasheed Wallace went to trap and Ginobili whipped a pass back to Horry, who rattled in his shot from the left wing, bringing the sound of silence over The Palace of Auburn Hills.

"It was supposed to be a pick-and-roll with (Manu and) Tim and I saw Rasheed bite and I said, "Oh, let me stay out here,'" Horry said. "Since I was shooting well, I wanted to let it fly. I'm the type of player, I want to win a game. I don't want to go to overtime. I'm always going to go for a three."

"I couldn't do anything in the corner with Rasheed coming to me, so I just gave him the ball," Ginobili said. "I had nothing else to do. All the credit goes to him."

The Pistons had one last chance and went Hamilton, who was guarded by the smaller Tony Parker. There was plenty of contact before Hamilton badly missed a jumper and time expired.

"It was shocking how we lost," Hamilton said.

Time also may be expiring on Detroit's championship reign. Game 6 is Tuesday in San Antonio, where the Spurs are 45-5 this season and the Pistons have lost 10 straight games since April 2, 1997.

"I have to get over this one," Pistons coach Larry Brown said. "This was tough."

Ginobili had 15 points and nine assists and Parker scored 14 points for the Spurs, who for the second time in three years won Game 5 of the Finals on the road to snap a 2-2 deadlock. They also did it to New Jersey in 2003.

A series which had featured four blowouts could not have had a closer contest. There were five lead changes and eight ties in the fourth quarter, when it was a one-possession game for all but 42 seconds.

"It's two teams fighting for every inch on the court," Ben Wallace said.

Horry answered two free throws by Billups with a 3-pointer for a 79-79 tie with 3:47 left.

"One time I shot a three from way out deep and I made it," Horry said. "(I said), 'Oh, I'm ready now.' I just had that feeling."

He went strong to the basket and drew a foul, sinking two free throws, then put home a follow shot, answering baskets by Hamilton and Wallace and forging two more ties.

"He's a big-time player," Brown said. "In moments like that, he's the difference."

Billups, a clutch shooter in his own right, sank a fadeaway jumper for an 87-85 lead, but Horry drilled a 3-pointer with 1:17 remaining.

Duncan missed two free throws and Billups drove past Bowen for a hoop before Duncan was fouled again with 33 seconds left. This time, he split the pair to tie it, but failed to put home Ginobili's missed drive before the horn.

"(An) absolute nightmare," Duncan said.

"I was very upset that that we could not finish in regulation," Ginobili said.

Hamilton scored 15 points and Ben Wallace added 13, 12 rebounds and four blocks for the Pistons, who had all five starters in double figures.

The Spurs opened leads of nine points in the second quarter and seven in the third period before giving them away with a flurry of turnovers, which have been a problem for them the entire series.

 
At Monday, June 20, 2005 4:39:00 PM, Anonymous Anonymous said...

San Antonio 96, Detroit 95 (OT)
Big Shot Rob Comes Through Again
Box Score | Pistons Home | Spurs Home


AUBURN HILLS, Mich., June 19 (Ticker) -- For "Big Shot Rob," this may have been the biggest shot of all.

Robert Horry drilled a 3-pointer with 5.8 seconds left in overtime to give the San Antonio Spurs an nerve-jangling 96-95 victory over the Detroit Pistons in Game 5 of the NBA Finals.

NBA TV highlights from
Spurs-Pistons: 300k

News conference: 300k
With control of the series teetering with each possession, Horry added yet another memorable clip to his career-long postseason hightlight reel and tilted the title heavily toward the Spurs, who head home with a 3-2 lead and the security of the next two games on their floor.

Known as "Big Shot Rob" for clutch shooting that has given him five championship rings, Horry scored all 21 of his points in the final 17-plus minutes, shaking off a painful shoulder injury.

"It's the playoffs, man," Horry said. "If you don't get excited about the playoffs, you don't even to deserve to be playing basketball."

"That's what he's been doing his whole career," Pistons center Ben Wallace said. "He's a proven winner."

Horry also bailed out Tim Duncan, who had 26 points and 19 rebounds but faltered down the stretch. He missed 6-of-7 free throws and a potential game-winning follow shot in the fourth quarter and missed two shots and committed a turnover in overtime.

"He pulled me out of an incredible hole that I put myself in," Duncan admitted.

Horry made 7-of-12 shots, including five 3-pointers, as he tied his career high for a Finals game. All but three of his points came with the Spurs trailing and either tied the game or provided a lead.

"That was probably the greatest performance I've ever been a part of, to see him there and to see him as calm as he was and willing to do whatever," Duncan said.

"He was unbelievable," Spurs coach Gregg Popovich said.

Horry's last two baskets were monumental. A jumper by Rasheed Wallace gave the Pistons a 95-91 lead with 1:43 to play. At the other end, Horry drove for a thunderous lefthanded dunk, drawing a foul and injuring his shoulder, which led to his missed free throw.

"When I was going through the air, I was like, 'Please let me get there, please let me get there,'" Horry said. "I took off so far, I kind of hurt my shoulder, just an old injury that keeps flaring up."

Chauncey Billups, who scored 34 points, missed shots on consecutive possessions while being hounded by Bruce Bowen. Duncan rebounded the second miss and called timeout with 9.4 seconds remaining.

"I got a good look at it; I just could not get it down," said Billups, the MVP of the 2004 Finals.

Horry inbounded into the left corner to Manu Ginobili. Rasheed Wallace went to trap and Ginobili whipped a pass back to Horry, who rattled in his shot from the left wing, bringing the sound of silence over The Palace of Auburn Hills.

"It was supposed to be a pick-and-roll with (Manu and) Tim and I saw Rasheed bite and I said, "Oh, let me stay out here,'" Horry said. "Since I was shooting well, I wanted to let it fly. I'm the type of player, I want to win a game. I don't want to go to overtime. I'm always going to go for a three."

"I couldn't do anything in the corner with Rasheed coming to me, so I just gave him the ball," Ginobili said. "I had nothing else to do. All the credit goes to him."

The Pistons had one last chance and went Hamilton, who was guarded by the smaller Tony Parker. There was plenty of contact before Hamilton badly missed a jumper and time expired.

"It was shocking how we lost," Hamilton said.

Time also may be expiring on Detroit's championship reign. Game 6 is Tuesday in San Antonio, where the Spurs are 45-5 this season and the Pistons have lost 10 straight games since April 2, 1997.

"I have to get over this one," Pistons coach Larry Brown said. "This was tough."

Ginobili had 15 points and nine assists and Parker scored 14 points for the Spurs, who for the second time in three years won Game 5 of the Finals on the road to snap a 2-2 deadlock. They also did it to New Jersey in 2003.

A series which had featured four blowouts could not have had a closer contest. There were five lead changes and eight ties in the fourth quarter, when it was a one-possession game for all but 42 seconds.

"It's two teams fighting for every inch on the court," Ben Wallace said.

Horry answered two free throws by Billups with a 3-pointer for a 79-79 tie with 3:47 left.

"One time I shot a three from way out deep and I made it," Horry said. "(I said), 'Oh, I'm ready now.' I just had that feeling."

He went strong to the basket and drew a foul, sinking two free throws, then put home a follow shot, answering baskets by Hamilton and Wallace and forging two more ties.

"He's a big-time player," Brown said. "In moments like that, he's the difference."

Billups, a clutch shooter in his own right, sank a fadeaway jumper for an 87-85 lead, but Horry drilled a 3-pointer with 1:17 remaining.

Duncan missed two free throws and Billups drove past Bowen for a hoop before Duncan was fouled again with 33 seconds left. This time, he split the pair to tie it, but failed to put home Ginobili's missed drive before the horn.

"(An) absolute nightmare," Duncan said.

"I was very upset that that we could not finish in regulation," Ginobili said.

Hamilton scored 15 points and Ben Wallace added 13, 12 rebounds and four blocks for the Pistons, who had all five starters in double figures.

The Spurs opened leads of nine points in the second quarter and seven in the third period before giving them away with a flurry of turnovers, which have been a problem for them the entire series.

 
At Monday, June 20, 2005 4:39:00 PM, Anonymous Anonymous said...

San Antonio 96, Detroit 95 (OT)
Big Shot Rob Comes Through Again
Box Score | Pistons Home | Spurs Home


AUBURN HILLS, Mich., June 19 (Ticker) -- For "Big Shot Rob," this may have been the biggest shot of all.

Robert Horry drilled a 3-pointer with 5.8 seconds left in overtime to give the San Antonio Spurs an nerve-jangling 96-95 victory over the Detroit Pistons in Game 5 of the NBA Finals.

NBA TV highlights from
Spurs-Pistons: 300k

News conference: 300k
With control of the series teetering with each possession, Horry added yet another memorable clip to his career-long postseason hightlight reel and tilted the title heavily toward the Spurs, who head home with a 3-2 lead and the security of the next two games on their floor.

Known as "Big Shot Rob" for clutch shooting that has given him five championship rings, Horry scored all 21 of his points in the final 17-plus minutes, shaking off a painful shoulder injury.

"It's the playoffs, man," Horry said. "If you don't get excited about the playoffs, you don't even to deserve to be playing basketball."

"That's what he's been doing his whole career," Pistons center Ben Wallace said. "He's a proven winner."

Horry also bailed out Tim Duncan, who had 26 points and 19 rebounds but faltered down the stretch. He missed 6-of-7 free throws and a potential game-winning follow shot in the fourth quarter and missed two shots and committed a turnover in overtime.

"He pulled me out of an incredible hole that I put myself in," Duncan admitted.

Horry made 7-of-12 shots, including five 3-pointers, as he tied his career high for a Finals game. All but three of his points came with the Spurs trailing and either tied the game or provided a lead.

"That was probably the greatest performance I've ever been a part of, to see him there and to see him as calm as he was and willing to do whatever," Duncan said.

"He was unbelievable," Spurs coach Gregg Popovich said.

Horry's last two baskets were monumental. A jumper by Rasheed Wallace gave the Pistons a 95-91 lead with 1:43 to play. At the other end, Horry drove for a thunderous lefthanded dunk, drawing a foul and injuring his shoulder, which led to his missed free throw.

"When I was going through the air, I was like, 'Please let me get there, please let me get there,'" Horry said. "I took off so far, I kind of hurt my shoulder, just an old injury that keeps flaring up."

Chauncey Billups, who scored 34 points, missed shots on consecutive possessions while being hounded by Bruce Bowen. Duncan rebounded the second miss and called timeout with 9.4 seconds remaining.

"I got a good look at it; I just could not get it down," said Billups, the MVP of the 2004 Finals.

Horry inbounded into the left corner to Manu Ginobili. Rasheed Wallace went to trap and Ginobili whipped a pass back to Horry, who rattled in his shot from the left wing, bringing the sound of silence over The Palace of Auburn Hills.

"It was supposed to be a pick-and-roll with (Manu and) Tim and I saw Rasheed bite and I said, "Oh, let me stay out here,'" Horry said. "Since I was shooting well, I wanted to let it fly. I'm the type of player, I want to win a game. I don't want to go to overtime. I'm always going to go for a three."

"I couldn't do anything in the corner with Rasheed coming to me, so I just gave him the ball," Ginobili said. "I had nothing else to do. All the credit goes to him."

The Pistons had one last chance and went Hamilton, who was guarded by the smaller Tony Parker. There was plenty of contact before Hamilton badly missed a jumper and time expired.

"It was shocking how we lost," Hamilton said.

Time also may be expiring on Detroit's championship reign. Game 6 is Tuesday in San Antonio, where the Spurs are 45-5 this season and the Pistons have lost 10 straight games since April 2, 1997.

"I have to get over this one," Pistons coach Larry Brown said. "This was tough."

Ginobili had 15 points and nine assists and Parker scored 14 points for the Spurs, who for the second time in three years won Game 5 of the Finals on the road to snap a 2-2 deadlock. They also did it to New Jersey in 2003.

A series which had featured four blowouts could not have had a closer contest. There were five lead changes and eight ties in the fourth quarter, when it was a one-possession game for all but 42 seconds.

"It's two teams fighting for every inch on the court," Ben Wallace said.

Horry answered two free throws by Billups with a 3-pointer for a 79-79 tie with 3:47 left.

"One time I shot a three from way out deep and I made it," Horry said. "(I said), 'Oh, I'm ready now.' I just had that feeling."

He went strong to the basket and drew a foul, sinking two free throws, then put home a follow shot, answering baskets by Hamilton and Wallace and forging two more ties.

"He's a big-time player," Brown said. "In moments like that, he's the difference."

Billups, a clutch shooter in his own right, sank a fadeaway jumper for an 87-85 lead, but Horry drilled a 3-pointer with 1:17 remaining.

Duncan missed two free throws and Billups drove past Bowen for a hoop before Duncan was fouled again with 33 seconds left. This time, he split the pair to tie it, but failed to put home Ginobili's missed drive before the horn.

"(An) absolute nightmare," Duncan said.

"I was very upset that that we could not finish in regulation," Ginobili said.

Hamilton scored 15 points and Ben Wallace added 13, 12 rebounds and four blocks for the Pistons, who had all five starters in double figures.

The Spurs opened leads of nine points in the second quarter and seven in the third period before giving them away with a flurry of turnovers, which have been a problem for them the entire series.

 
At Monday, June 20, 2005 4:50:00 PM, Anonymous Anonymous said...

How come coalition is giving the impression that coalition is making progress with the senate on PPI's case when Senator Roxas

states

"How can PPI meet its obligations when it doesn't have the money yet?" Roxas said.

full article below

--------------
Solon sees need to raise trust fund reserve of pre-need firms

MANILA, June 15 (PNA) - Sen. Mar Roxas on Wednesday was surprised to discover that only P5 out of every P100, representing five percent, paid by the clients of pre-need firm College Assurance Plan (CAP) goes to the companies' trust fund during the first two years.

Russell Sobrepena, CAP director, bared the information Wednesday during the hearing of Roxas' Trade and Commerce committee which tackled the problems of pre-need firms in relation to consumer protection.

"The company prioritizes its profits, commission payments and other expenses and from the trust fund, makes investments in properties that are either bankrupt or have depreciating market value," Roxas said.

CAP, along with Pacific Plans Incorporated (PPI), are struggling with financial problems and are unable to meet its obligations to its educational planholders.

Among the companies that CAP invested in are the Metro Rail Transit and Camp John Hay in Baguio City.

Roxas said CAP is merely following Securities and Exchange Commission (SEC) regulation, that's why he sees the need for the Senate to enact legislation that will remedy the problem.

Sen. Serge Osmena suggested a 60-percent trust fund allocation for the first two years.

"The company is called the trustee because you trust it to take care of your money," Osmena said.

Roxas said all pre-need firms should make sure that they have enough money in their trust funds that will enable them to pay their clients.

Roxas also expressed disbelief that tuition fee deregulation caused CAP's downfall.

"Their tuition fee assumptions are greater than actual experience. The tuition fee increase is lower than what they expected," Roxas said.

In the case of PPI, Roxas said his committee would look deeper into its real purpose of seeking for rehabilitation and putting up Lifetime Plans, a separate entity.

Roxas said PPI has P3 billion in assets but it would mature on 2010 yet.

"How can PPI meet its obligations when it doesn't have the money yet?" Roxas said.

Roxas set four more hearings in the next two weeks to delve deeper into the pre-need industry.

He said they would also investigate the operations of multi-marketing firms. (PNA)

 
At Monday, June 20, 2005 5:23:00 PM, Anonymous Anonymous said...

To Pandy,

Thanks for the clarification regarding the diff hearings! I look forward to your next report on the next Senate hearing.

I wonder how YGC's people can answer Roxas' rhetoric question on how PPI can pay when it doesn't have funds, when they deliberately created that situation but taking out the liquid assets.

Keep up the good work!

 
At Monday, June 20, 2005 5:24:00 PM, Anonymous Anonymous said...

Errata: "by taking out the liquid assets", not "but"

 
At Monday, June 20, 2005 6:19:00 PM, Anonymous Anonymous said...

To anonymous who posted the quote of Roxas:
If we want to take quotes out of context, here is one that's favorable to the coalition:

"Their tuition fee assumptions are greater than actual experience. The tuition fee increase is LOWER than what they expected," Roxas said.

That removes all justification for PPIs rehab!

 
At Monday, June 20, 2005 6:30:00 PM, Anonymous Anonymous said...

In response to:

"To anonymous who posted the quote of Roxas:
If we want to take quotes out of context, here is one that's favorable to the coalition"

You are really taking it our of context sicne Roxas was referring to CAP.


"Roxas also expressed disbelief that tuition fee deregulation caused CAP's downfall.

"Their tuition fee assumptions are greater than actual experience. The tuition fee increase is lower than what they expected," Roxas said.

In the case of PPI, Roxas said his committee would look deeper into its real purpose of seeking for rehabilitation and putting up Lifetime Plans, a separate entity.
"


However, it is very clear from Roxas that one cannot expect PPI to pay since funds will be only available in 2010.

 
At Monday, June 20, 2005 9:32:00 PM, Anonymous pikachu said...

For the Record: Today's Senate session is the third session of the hearing on the problems with regards to consumers particularly in the pre-need industry. As to the Session number, I don't know.
Maybe Anonymous who tried mixing up events of several sessions into one Session no. 93 can tell me what session number was it today.
Hey Pandy, thanks for telling Anonymous that he/she got the facts wrong as the events supposedly coming from the transcript of senate for session no. 93 kinda got me all confused.
Just to clarify further, the sequence of events, though I don't have the exact dates of the sessions,went this way....

1. During a session of the committee on banks chaired by Angara, Tuesday, May 31, 2005, at the Recto/Laurel Rm. The coalition was not part of the panel as we were just invited by the staff of Sen. Roxas to listen in as part of the audience. The session dealt mostly with the issue on CAP. It was at that session that Sen. Osmena requested that the planholders of pacific plans be recognized and he meant the Coalition but to all our surprise,
a certain Atty. Legaspi spoke. He suddenly was seated in the panel's table beside Hofilena of Philam Plans and Vasquez of the Federation of Pre-need companies.
It was then, that Legaspi introduced himself as the representative of C.A.R.E.(less???!!!! or Tender????!!!!) Stating that his group was composed of not only PPI, CAP but other pre-need planholders from the C, D, E markets!!!! Huuuuhhhhhhh????!!!

2. After that session, the Coalition headed by Philip decided to speak to Sen. Angara. And I will correct that other fallacy I heard on the radio interview of Philip where the Enlightened rep Jena called in, that Philip pulled Angara by the arm when he wanted to talk to the senator. That's a big fat lie!!!! Oooops!!! No offense meant to Jena. Bato Bato sa langit, ang tatamaan wag magalit. By the way, Philip, did you lose weight? You seemed so much thinner or was it because i saw you standing beside someone double your size in another session?

3. Philip spoke to Angara outside the session room in front of media.
I was there too so I know exactly what went on and how the events transpired. Philip asked Angara why the Coalition was not represented whereas the CARE group rep was in the panel. Angara denied knowing that Legaspi was even invited and Philip asked how he could not have known when he is the Chairman of that committee.

4. It was only then, that Angara said he will give a chance to the Coalition in another hearing and I asked him when that would be. He couldn't give an answer but instead called his staff to get our names and invite us on the next session which was not calendared yet but we will be informed.

5. June 2, 2005 Thursday was the joint presscon of the Coalition with the CAP, Universal Leisure Club shareholders and the Veterans of the Philippines which was well covered by the media inspite of the fact that media was only notified the day before, barely 24 hours notice. Channels 2, 5, 7, & 9 were all there and came out with a news coverage on the event.
In the press, we got covered by Inquirer, Star, Daily Tribune, Manila Times, Malaya, Manila Standard Today and Business World. Then the following Sunday, Biznews Financial Gazette came out with a front page article
entitled, "Pacific battlecry: terrorism".

6. The privilege speech of Sen. Serge Osmena was on June 7 Tuesday at the Session Hall. I recall Pandy did a very accurate recap on it last June 15, 2005 11:49:56 A.M.
I believe it is still posted if you can scan through the posts of that date. The senators present were, Osmena, Drillon, Biason, Roxas, Lapid, Gordon, Flavier, Madrigal, Revilla, Cayetano, Pangilinan, Estrada, Ejercito, Ponce Enrile, Pimentel, Santiago(briefly), Lacson, Arroyo and Lim. Angara was not present during Osmena's speech. It was in this session that Osmena brought up the Angara response why he didn't want to hear out the planholders.
"Senator Osmena said that Senator Angara,in reply, wrote that the Committee should focus first on the pre-need code to come up with a solution to the problem such as that~plaguing CAP and Pacific Plans, which issues can be tackled in a separate hearing because he (Senator Angara) felt that highlighting the problem rather than focusing on a solution would simply inflame passion and unwittingly aggravate the troubles of the industry."

7. Its strange how Angara's reactions where so wishy washy.
First he says he would invite the Coalition after we confronted him. When Inquirer last June 3 came out with the article, "Angara accused of blocking inquiry" came out, the senator had to justify it with his letter to Osmena. That is precisely why the Coalition pushed for the transfer of the hearing on the plight of the planholders to the committee on trade and commerce and not that chaired by Angara as we would obviously not get a fair hearing, at least to be given a chance to voice out.

8. June 8, Wed, was the Congressional hearing which was so explosive but unfortunately I could not attend but definitely I will not miss the next one for all the world.


9. June 14 and 15, 2005 , Tue and Wed were the first two hearings of the pre-need under the committee of Sen. Roxas. A recap of those sessions were already given.

10. So now, here's what you all have been waiting for.......

11. Today's 3rd session started at about 10 a.m. with Sen. Roxas, Osmena and Flavier present. PPI was represented by the trios los
_ _ _ _ _ , Garcia, Tecson and Desiderio. CAP had Russell Sobrepena and Doromal. Vasquez of the Pre-need Industry, and IC rep.,
the S.E.C. chair Barin and Bautista, Guevarra, etc, PEP COALITION's Atty. Mario Ongkiko, Atty. Suchianco & Vic Ortuoste (filling in for Phlip who was in Iloilo as his parents were celebrating their 50th Golden Wedding Anniversary!!! HAPPY ANNIVERSARY GEN & MRS. PICCIO !!! From the entire PEP Coalition, Inc. You would be so proud of your son, Philip as he is doing an excellent job), reps of the CARE & Enlightened Groups. and the CAP lawyer. Hope I din't miss out on anyone.

Sorry, Anonymous if there may be some errors as I'm not a court stenographer and just rely on my notes and my memory for the details.

12. Sen. Roxas started by stating that anyone who wishes to to make a presentation must submit 5 copies of his/her presentation to the committee before the session so the committee may review it.

13. The Enlightened group said they would present a power point presentation and guess what???
The title of their presentation was, "Broken Lives"!!!!!????!!!!!
Duuuhhhhhh!!!!!! No originality.
I will touch on their very, very, very brief first and last presentation ever, later.

14. Vic then did a presentation but informed the committee that it would be brief as we had already
presented part of it in the past hearings.

15. Vic's presentation showed the sequence of the spin-off and transfer of assets. Including the very dubious Memnon, Inc.

16. He also discussed the purchase of the Napocor Zero coupon Bonds. It showed that PPI
purchased the bonds at a discounted rate of 52.3% or $133.57M (P7.11B). The funds used to purchase the bonds was the trust fund of PPI of $134M and $146M which PPI borrowed from R.C.B.C.

17. Roxas and Osmena then questioned if the bonds were worth $133.57M discounted and PPI had $134M, why then did they have to borrow from R.C.B.C. Vic said that the figures shown were taken from the financial statements.

18. Roxas said that the senate sessions must not be a venue for
"himaying" the figures. That's Roxas term for sorting out or in the vernacular, hihimayin. He told Garcia of PPI to meet with the Coalition and sort out these figures as the committee will have to come up with its assumptions why the purchase price and the funds to purchase do not jive.

Do you really believe Garcia will have the guts to sit down with the Coalition??????

19.Atty. Mario Ongkiko asked Sen. Roxas to "invite" the CEO of R.C.B.C. Trust who should be more capable of answering any questions with regards to the utilization of PPI's trust funds rather than Garcia, as Garcia only joined PPI in 2004 and the Napocor bonds were purchase in 2002.

20. Sen. Roxas, again, said that only if Garcia's answer will not be sufficient enough, will the committee "invite" anyone else.
My, my, my!!!! Is he shielding someone up there in the Yuchengco Tower, or what?????!!!!!

21. Then came the vicious attack on Chairperson Fe Barin. Mar kept firing questions at her as if the anomalous spin off was her doing, when it would have been easier for Roxas to question Lilia Bautista who was sitted right beside Barin as Bautista was the one who "approved" the spin off under certain conditions, which was already discussed in the past sessions. Is Bautista also being shielded?

22. Mrs. Barin was asked, where the consumer should go if confronted with questions regarding the financials of a pre-need company and what steps would S.E.C. take to address those types of questions.

23. It was stated again for the nth time that the S.E.C. should be the protectors of the planholder and it shouldn't have to come to the point that the private individual should have to do its own investigation nor the filing of charges (criminal or civil) on companies who have defrauded its clients.

24. Osmena asked Garcia how PPI determined what type of assets/trust fund that should be left with PPI and what should be transferred to Lifetime. Such as, who and why was Napocor left with PPI.

25. Garcia says that the proportion of the ARL of the Fixed vs. Trad Plans were first determined, then the value of the trust assets were divided according to the proportion/ratio of Trad and Fixed Plans.

26. Osmena again stated that in the FS of PPI 2003 showed that the trust funds exceeded its ARL and that no mention or notice was given to S.E.C. that a liquidity problem existed.

27. Osmena stressed on the Corporation's guarantee to pay the planholders and that the spin off was really a move to get away from paying PPI's obligations to the Trad Planholders. Osmena told S.E.C. that they must look beyond figures in the FS, to see the real
state or scenario of a pre-need company as most FS are window dressed.

28. Mr. Mabini Juan of an actuarial company was questioned by Roxas on the computations of the ARL, the percentages of tuition increases and the proportions and effects of lapsed and reinstated plans.

29. Roxas then said that a prospective buyer of a pre-need plan must first look at the net liabilities of a company(total plans sold net of lapsed plans), the amount of their trust funds and the assets of the pre-need company.

30. Sen. Osmena said that he would push for the transfer of the regulating body for pre-need companies from the S.E.C. to the Insurance Commission. The senator asked Mr. Miguel Vasques of the Fed. of Pre-need companies to sit down with the Insurance Commission to determine what would be a viable percentage for the premium payment allocation into the trust funds. At present it is at 51% and Roxas was suggesting to raise it to 60% but Vasquez showed apprehension that increasing the percentage may not be viable for the pre-need company to operate profitably.

31. I almost forgot to say that the Enlightened group did a super short presentation. To my surprise, I just sneezed, and by the time I knew it, their presentation was over!!!! Huuuuuhhhhhh?????? What, what????
What was discussed? I guess, it wasn't anything of consequence nor worth mentioning as they didn't have any pertinent data that everyone else knew, which was that they were for rehab!!!! Hoooohuummmmmmmmm!!!!!

Well, this almost concludes the session except that there are two last items which were so explosive. Want to know what????
Wait till next posting.........


Joke lang!!!!! I'm just keeping the suspense level up. So here's what happened before the session finally adjourned.....

31. As the members of the Coalition were seated in the audience section of the room, we noticed a group of t-shirt wearing people with the lable of CARE Planholders written in green. So you might say, what's wrong with that?

32. Well, for one, they didn't look like planholders. Why? They were sleeping, laughing (loudly) and didn't look like they understood what was being discussed nor did they show any interest.

33. So, our dear Chit, decided to talk to some of them outside the room and to her surprise, they were HAKOT !!!! Why do i say Hakot? Cause they said they were just asked to go there and they are from Caloocan and they didn't even know what to expect. T-shirts were just distributed in the room and worn over their own clothes. We are not allowed to come into the Senate wearing t-shirts so if they walked into the Senate wearing their CARE T-shirts, they would not have been allowed to come in at all.

34. Then, our dear Ms. Winnie confronted Atty. (walang) Diwa who is the representative of the CARE group together with Atty. Legaspi.
Winnie asked Atty. Diwa if the group wearing the CARE t-shirts were planholders of his group and he affirmed. But when Winnie told him that we questioned some of them and they admitted that they were just asked to go to Senate and didn't even know what they were really there for, Diwa squirmed uneasily. Winnie told him, why does he have to resort to tactics such as that. "Linoloko mo ba kami?" was Winnie's angry remark to Diwa, of which Diwa could not utter a word. Naboking nanaman sila. Those Yuchengco's never stop with their deceit and lies.

35. Winnie then approached the women nearest to us and questioned them. She asked them if they were planholders, and one of them said yes, "CAP ayyyyyy!!!! Pacipic pala!!!!!" WOW MALI !!!! I think they thought they were going to come out in the show of Joey de Leon's WOW MALI !!!!! HAHAHAHAHA!!!!

36. Atty. Diwa got so nervous, he called his alipores and gave instructions to disperse the Hakots. Then suddenly, one by one, the green labled t-shirt wearing group disappeared!!!!

37. Then, the conclusion to this very lengthy recap but it was worth all the wait in the session today.......

38. Sen. Osmena had the last say, when he commissioned Atty. Mario Ongkiko to come up with a research and legal study on "Fraudulent Conveyance"!!!!!!!! What does that mean? And how would this be relevant to PPI? Well, Fraudulent Conveyance is actually the spiriting of assets of a company away from the clients/planholders so as to renege on the obligations of the company. Sen. Osmena then cited examples of U.S. companies who were charged with "Fraudulent Conveyance". And then he went directly to say that the reason why he asked Atty. Ongkiko to do come research and make a presentation of this on the next session which is on Monday, June 27, 2005 at 9:30 a.m. Recto/Laurel Rm. 2nd Floor Senate Bldg.
Osmena's reason was that THE LEGAL STUDY OF FRAUDULENT CONVEYANCE WILL HAVE SOME BARING ON THE SPIN-OFF MANEUVERINGS OF THE YUCHENGCO OWNED COMPANY OF PACIFIC PLANS, INC. AND LIFETIME PLANS, INC.

SO THERE YOU HAVE IT !!!! IF YOU ALL WANT TO KNOW THE OUTCOME OF THE EXPOSURE ON THE LEGAL STUDY THAT ATTY ONGKIKO WILL PRESENT, PLEASE ATTEND THE NEXT SESSION !!!!

ABANGAN ANG KAPANAPANABIK NA KABANATA SA LUNES, JUNYO 27, 2005!!!!!

GOOD NIGHT & PLEASANT DREAMS !!!!
PEACE AND I LOVE YOU ALL !!!!!

 
At Monday, June 20, 2005 10:50:00 PM, Anonymous Anonymous said...

To Pikachu:

June 27 is also the day of RCBC's annual stockholders meeting at RCBC Plaza.

Which one should we attend?

 
At Monday, June 20, 2005 11:15:00 PM, Blogger SunTzu said...

Sad that Mar Roxas, whom I thought would have been a good potential President just failed to "deliver the goods".

Seems to me that he is simply going thru the motions to appear objective in the eyes of the public.

Sayang yung Atenista!

The Trust Officer including members of RCBC's Trust Committee should be called in to testify regarding the investment in Napocor bonds.

I am sure there are documents in RCBC showing the credit analysis and recommendations that led to the Napocor bond purchase. It is a huge amount (Peso 5B min) and there should be paper trail on the transaction. This will help answer the questions on what price was used to purchase the bonds versus market at that point in time.

 
At Tuesday, June 21, 2005 1:35:00 AM, Anonymous Anonymous said...

Hi, Pikachu! Great recap...and funny portions at that. Love the part when you sneezed.

 
At Tuesday, June 21, 2005 7:26:00 AM, Anonymous Anonymous said...

Pikachu sneezed?

SO SHE MUST BE ATTY. LOPEZ.

 
At Tuesday, June 21, 2005 7:28:00 AM, Anonymous Book Hunter said...

To the one who posted the NBA articles... your trick backfired.

I wasn't paying too much attention to the postings but whne I saw that someone was trying to hide something, I paid even closer attention to the postings.

Thanks, man.

 
At Tuesday, June 21, 2005 8:05:00 AM, Anonymous Anonymous said...

To the one who posted the NBA articles... your trick backfired.

I wasn't paying too much attention to the postings but whne I saw that someone was trying to hide something, I paid even closer attention to the postings.

Hide? Ang liwanag nga eh. Panalo ang Spurs by 1 point. You're trying to put meaning in all things! Trying to be intellingent when you're not.

 
At Tuesday, June 21, 2005 8:10:00 AM, Anonymous Anonymous said...

From today's issue of Businessworld

Measure proposed to regulate spin-offs among pre-need firms

A lawmaker has proposed the inclusion of a provision in the Corporation Code to prevent companies from splitting assets through spin-offs in order to shield firms from liabilities.

The senator said such provision does not exist in the Corporation Code and even in the proposed Pre-need Code. He made the proposal after a Senate committee on trade hearing on consumer protection for pre-need clients yesterday, where the issue of the spin-off of Lifetime Plans, Inc. from Pacific Plans, Inc. was discussed.

"Essentially, it’s a logical extension of law even if it’s not written. If a corporation guarantees its clients, why should one remove from a corporation its good assets?" he said.

"For me, the spin-off of [Lifetime] should not be allowed because it was part of the assets of [Pacific Plans] which was used to guarantee [investments]," he added.

He cited the case of RJ Reynolds-Nabisco, where the owners of the said US company wanted to separate tobacco firm RJ Reynolds from Nabisco, in order to save the food firm from liabilities which the tobacco business may incur because of lawsuits it faced. But company lawyers, he said, rejected the spin-off as it falls under fraudulent conveyance.

During the hearing, Pacific Plans President and Chief Executive Ernesto Garcia said the sale by Pacific Plans of its 51% stake in Lifetime to GPL Holdings, in effect, made the two firms sister companies. This, he said, was made in order to harden or boost the trust fund of the non-traditional fixed plans.

"Why are you hardening your trust fund in Lifetime and not in Pacific Plans? Isn’t it your existing obligation?" said Mr. Osmeña, who noted that such act was indeed intended to shield the profitable fixed plans from "bad plans."

A group called the US Agents and Fixed-Value Planholders of Lifetime said the "arbitrary" revocation of Lifetime’s certificate of incorporation is not commensurate to the alleged offense, as around 1,500 sales agents would be affected. Thus, they called for the speedy lifting of the revocation.

Meanwhile, Sen. Manuel A. Roxas, Trade committee chairman, called on the Securities and Exchange Commission to institute a more stringent process of inspecting the financial well-being of pre-need companies in the interest of planholders. "It takes a long time before action is taken on any complaint filed by a consumer, especially those regarding the integrity of trust funds. It is becoming clear that the rules and regulations governing the pre-need industry are weak," he said in a statement.

In a related development, Maricel Lopez, counsel for College Assurance Plans Philippines, Inc. (CAP) planholders, lamented the SEC is deferring action on the case of CAP, even as the three SEC-organized bodies which looked into CAP have already proposed the management takeover of the company.

"So much damage has been caused already. They should have acted on it based on the gravity as soon as they received [the third oversight report], and still they sat on it and compromising everything," she said, noting that only P4.7 billion remains in the trust fund.

Mr. Osmeña alleged there is "political pressure" from Malacañang for the SEC not to touch CAP. He said former President Diosdado Macapagal was CAP chairman and Diosdado Macapagal Jr. was a board member. -- Francis Y. Capistrano

 
At Tuesday, June 21, 2005 8:33:00 AM, Anonymous Anonymous said...

Ako, kasama ng ibang taga Care Pre-Need na dumalo sa Hearing sa Senado kahapon, ay gusting makibahagi sa inyong talakayan.

Sa tono ng pananalita ng nagsulat na kami ay bayaran o hakot ay nagpapakita ng kawalang-modo ng taong ito. Hindi dahil sa kami ay maralita ay pupuwede na kaming yurak-yurakan. Kung sa palagay nila ay hindi kami nakakaintindi sa pinagsasabi ng mga senador, malaking pagkakamali nila yun. Maaring hindi kami kasing-sosyal nila pero nakakaintindi rin kami.

Sa hinala nilang kami ay bayaran, kami po ay kusang-loob na sumama dahil gusto naming marinig sa mga senador ang nangyari sa aming mga plano.

Alam naming ang karamihan sa mga taga PEP ay maykaya, hindi naming isinusumbat yun sa kanila. Maliit man ang aming pangkat, ito naman ay binubuo ng mga taong may dahilan at prinsipyo. Para sa amin, sapat na ang maibalik ang aming puhunan kasama ng interest na ibibigay.

Hindi kami ganid o sakim gaya ng iba. Gusto lang naming maibahagi na ang dapat at umabante na sa buhay. Wala kaming perang pantustos sa pangmatagalang pagdirinig sa kaso ng rehabilitasyon, dahil ang pang-arawang gastusin na ay malaking problema na sa amin. Hindi kami kagaya ng mga taga koalisyon na kaya pang magbigay ng kanilang diyaryo gaya ng ginawa nila kahapon at magpaaral sa kanilang mga anak sa mga eksklusibong paaralan.

Sa pagtuturing nila sa amin na hakot, mariin naming itong itinatanggi at kinokondena. Kung kami ay parehas ng pag-iisip ng mga taong ito na balot man ng magagandang damit ay ubod naman ng sama ng ugali, matagal na sana naming sinabi na sila ay tinutustusan ng mga kalaban sa negosyo ng mga Yuchengco o ng mga oposisyon pero hindi namin ginawa yun. Maari rin sana naming sinabi noon pa na kami ay matagal nyo ng nililigawan para sumama sa inyo dahil mas marami kami pero hindi rin ginawa yun. Ayaw naming ito ang dahilan kaya kami ngayon ay pinagiinitan ng koalisyon matapos hindi makuha ang aming suporta.

Maralita man kami, may sariling prinsipyo rin kami na aming ipaglalaban.

MABUHAY ANG CARE PRE-NEED!

 
At Tuesday, June 21, 2005 8:45:00 AM, Anonymous Anonymous said...

Anonymous said...

How come coalition is giving the impression that coalition is making progress with the senate on PPI's case when Senator Roxas

states

"How can PPI meet its obligations when it doesn't have the money yet?" Roxas said.


The fact alone that the Senate is looking into the case is already progress in itself.

The CAP fiasco has been around for a year at least but it has been put back in the limelight partly because of all the "noise" generated by the coalition.
If we did not band together as a coalition, you can be sure PPI would have gotten their rehab already last June 4, and nobody would be talking about the problems of the pre-need industry in the Senate.

So to repeat, Yes, the coalition is making progress, slowly but surely. And the coalition will prevail because they are the good guys in this drama.

 
At Tuesday, June 21, 2005 8:54:00 AM, Anonymous Anonymous said...

oo nga umiistyle pa yang nba posterer na yan ha, think he's smart? no way! corny sha! sarap sarap ng pag scrutinize ko sa mga postings tapos sisingit ang mga pang-eat! salamat ke pikachu and all the volunteers who posted updates. i wish i were there kaya lang i was sick that time. treat ko kay ng bibingka ng cainta, pag kita kits tayo s egroup. yeyyyyyeeeehy!

 
At Tuesday, June 21, 2005 9:40:00 AM, Anonymous Anonymous said...

Guys, read up...this should scare the hell out of the Yuchengcos and their cohorts. Though this happened in the US, this can happen to them. AY, at al, beware. On the good side, old age might just help AY escape a long sentence. On second thoughts, the cell may just be a nice place for AY to retire...

"
Adelphia Founder John Rigas Gets 15 Years
Monday, June 20, 2005

NEW YORK — Adelphia Communications Corp. founder John Rigas (search) was sentenced Monday to 15 years in prison by a judge who blamed him for duping investors of his bankrupted cable company in "one of the largest frauds in corporate history."
"Were it not for your age and health, I would impose a sentence far greater than I do today," U.S. District Judge Leonard Sand told the 80-year-old Rigas after the one-time high flying cable empire patriarch insisted he meant no wrong.
Rigas' 48-year-old son, Timothy, the company's former chief financial officer, was sentenced to 20 years in prison.
"Our intentions were good. The results were not," Timothy Rigas (search) had told the judge.
The judge ordered both Rigases to surrender for prison Sept. 19, but lawyers for both planned to ask the judge in coming days to let their clients stay free pending appeal.
The pair had faced up to 30 years in prison each on their bank fraud convictions alone. They were also convicted of securities fraud and conspiracy. During trial, prosecutors accused the Rigases of stealing at least $100 million for their personal use.
"Long ago, he set Adelphia (search) on a track of lying, of cheating, of defrauding," Sand said of the elder Rigas. "Regrettably for everyone, this was not stopped over 10 years ago. It got more urgent and culminated in one of the largest frauds in corporate history."
The Rigases are among a slew of former corporate executives who have been convicted since the fall of Enron in 2001 touched off a parade of white-collar scandals.
The sentencing came just three days after a state court jury found former Tyco International Ltd. CEO L. Dennis Kozlowski and former Tyco CFO Mark Swartz guilty of looting that company of $600 million. Former WorldCom CEO Bernard Ebbers faces sentencing next month for his role in that company's record $11 billion accounting fraud.
In Birmingham, Ala., jurors have deliberated for a month in the fraud case against fired HealthSouth Corp. CEO Richard Scrushy.
Before his sentence was handed down Monday, Rigas acknowledged that "mistakes were made" in the way he ran the company, but said he intended no wrong.
"I may be convicted and sentenced," said Rigas, "but in my heart and conscience, I'll go to my grave believing truly that I did nothing but try to improve conditions" for the company and his family.
The judge said that if Rigas serves at least two years and is judged by prisons officials to have less than three months to live, prisons officials can ask the court to cut the sentence short.
Rigas founded Adelphia with a $300 license in 1952, took it public in 1986 and built it into a cable titan by acquiring other systems in the 1990s.
The company, then based in tiny Coudersport, Pa., collapsed into bankruptcy in 2002 after it disclosed a staggering $2.3 billion in off-balance-sheet debt. It now operates under bankruptcy protection in Greenwood Village, Colo.
At the trial, prosecutors said the Rigases used complicated cash-management systems to spread money around to various family-owned entities and as a cover for stealing about $100 million for themselves.
Prosecutors also described a lengthy list of personal luxuries that they said the Rigases financed with money stolen from the company.
One prosecutor said John Rigas had ordered two Christmas trees flown to New York for his daughter at a cost of $6,000. Prosecutors also said he ordered up 17 company cars and had the company buy 3,600 acres of timberland at a cost of $26 million to preserve the view outside his Coudersport home.
Rigas' lawyer told jurors those charges were ludicrous and that "if you saw this on 'Seinfeld,' you'd double up."
A second Rigas son, Michael, former executive vice president for operations, was acquitted of conspiracy and wire fraud. However, jurors were deadlocked on 15 counts of securities fraud and two counts of bank fraud. He is scheduled for a second trial in October.
Former Adelphia assistant treasurer Michael Mulcahey was tried with the Rigases but was acquitted of all charges.
"

 
At Tuesday, June 21, 2005 9:57:00 AM, Anonymous Anonymous said...

"By the way, Philip, did you lose weight? You seemed so much thinner or was it because i saw you standing beside someone double your size in another session?"


To comment on one's physical attributes is totally irresponsible as a blogger and as a member of this coalition. Moderators, please issue warnings to these kind of double-meaning sentences.

 
At Tuesday, June 21, 2005 10:06:00 AM, Anonymous pikachu said...

"Anonymous said...
Pikachu sneezed?

SO SHE MUST BE ATTY. LOPEZ."


HOHOHOHAHAHAHA!!! GUESS AGAIN !!!!!
WOW MALI KA NANAMAN !!!! ARE YOU JOEY DE LEON???? Figure of speech is what I used, not literally!!!!
Palibhasa, you don't know how to read between the lines. Again, the phrase, "read between the lines" is another figure of speech. Baka you might say you can't see anything between the lines. Anyway, thanks for the humor. May I guess again who you may be? A script writer for those spoof shows? Hahahahaha!!! You're good at it. Well, whatever, I love you pa rin for that!! Peace !!!

 
At Tuesday, June 21, 2005 10:15:00 AM, Anonymous Anonymous said...

HOHOHOHAHAHAHA!!! GUESS AGAIN !!!!!
WOW MALI KA NANAMAN !!!! ARE YOU JOEY DE LEON???? Figure of speech is what I used, not literally!!!!
Palibhasa, you don't know how to read between the lines. Again, the phrase, "read between the lines" is another figure of speech. Baka you might say you can't see anything between the lines. Anyway, thanks for the humor. May I guess again who you may be? A script writer for those spoof shows? Hahahahaha!!! You're good at it. Well, whatever, I love you pa rin for that!! Peace !!!

HAHAHA! BISTADO NA KASI KAYA ANDAMING PALUSOT!

 
At Tuesday, June 21, 2005 10:20:00 AM, Anonymous Anonymous said...

IMPORTANT REMINDERS FOR PEP COALITION MEMBERS:

a) MAKATI RTC HEARING tomorrow, Wednesday, June 22, 2005, 10am (be there earlier to get seats), Makati RTC Branch 61, 11th floor.

b) SENATE HEARING on Monday, June 27, 2005, 9am, RECTO-LAUREL rooms, 2nd floor, Senate.

Let us SUPPORT our CAUSE, our CHILDRENS FUTURE is at stake here!

 
At Tuesday, June 21, 2005 10:50:00 AM, Anonymous Anonymous said...

Guys, read up...this should scare the hell out of the Yuchengcos and their cohorts. Though this happened in the US, this can happen to them. AY, at al, beware. On the good side, old age might just help AY escape a long sentence. On second thoughts, the cell may just be a nice place for AY to retire...


Sige, ikundisyon mo lang sa isipan nyo yan! Di nman bawal ang mangarap!

 
At Tuesday, June 21, 2005 11:51:00 AM, Anonymous pikachu said...

To the "Maralitang CARE MEMBER":

My father once said, that the poor only have their pride and dignity as they are not blessed like some with material abundance. He also once said that, the poor also feel that just because they are poor, the rich owe it to them and that they have the right to use their poverty to make demands and that's what is called, "Anarchy of the Poor".

I meant no offense when I wrote that item as that is exactly what had happened and I was a witness to it. With both eyes and ears opened, i saw the CARE people sleeping, laughing loudly and chatting while the session was on going, which gave me and anyone who witnessed that group the same impression that the group did not seem interested in what was being discussed.

As for the term Hakot, which actually means to carry or bring, i felt that was an appropriate term for those whom we found out that they had admitted that they were just asked to attend without knowing what to expect.

You used the word "Bayaran", not I.
But if you felt that was what I meant, then YOU ARE WRONG AGAIN!!!!
Have some dignity. I mentioned before that the Coalition's fight is against Injustice and Corporate Fraud against what the Yuchengco's did to the planholders. We do not look at social classes. In the Coalition, the group is composed of a wide variance in social standing and never did that matter to anyone, nor did anyone feel inferior for whatever reason.

If you say you were there and that you are "Maralita", then so be it.
Again, I never used any word to describe the people we saw to indicate their social standing. Even if they were dressed in gold and glitters, my comments would still stand if those golden cladded beings were also showing signs of indifference to what was going on inside the session room like sleeping, laughing loudly and chatting to no avail.

If you are indeed a planholder, then why did you leave as soon as your "leader" Mr.Diwa gave instructions maybe to do just so. Was it because, his devious plan was uncovered? Was it because your pride was hurt? If as you say you are a planholder, then don't you think you should have felt you had every right to stay on, no matter what anyone thought or said about you? That's what I meant when I said that the poor, if that's what you claim you are, should have pride, dignity and principles. Stand up for what you believe but do not degrade yourself by allowing others to use you.

Just a while ago, I was talking to my maintenance man about your case as he is so aware about the Yuchengco fiasco & who I would say is as "maralita" as you claim to be, but the difference is he told me was that being poor does not mean one should sacrifice his principles. He was the one who told me that if indeed your other companions, not you, are "hakot" then "wag silang magpagamit". My maintenance man is a very dignified, principled person who has pride in what he is. Even if he remains poor inspite of his hard work and good pay, he still keeps his head up.

When I said Pride, I did not mean being "mayabang", as you sounded to be when you claimed that the Coalition, among others, was even asking your group if we could join you. On the contrary, it was your Mr. Diwa who told our President during the senate session last week, that he was so impressed with our group and our data and even asked if the CARE group could join us. We do not ostracize people who may wish to join the Coalition, just so long as their principles and cause are the same as ours.

I do hope that this post would help "enlighten" you. Again, no offense was meant and with dignity I shall apologize if your "pride" was hurt. I still stand by what I posted as to my observations of yesterdays session with regards to the people using the green labled CARE T-shirts. But my last word of advise to you, do not let social standing be a detriment. Rise above it and you will see a whole new different perspective.

So have a good day and peace!!!!
I love you inspite of your anger!!!!!

 
At Tuesday, June 21, 2005 12:22:00 PM, Anonymous Anonymous said...

sa nagsulat ng kumento sa taas:

maari bang tagalugin mo na lang para maunawaan ng ibang mga kasama ko.

saka na kita sasagutin pag natagalong mo na.

 
At Tuesday, June 21, 2005 12:22:00 PM, Anonymous Anonymous said...

sa nagsulat ng kumento sa taas:

maari bang tagalugin mo na lang para maunawaan ng ibang mga kasama ko.

saka na kita sasagutin pag natagalog mo na.

 
At Tuesday, June 21, 2005 12:40:00 PM, Anonymous pikachu said...

Anonymous said...
sa nagsulat ng kumento sa taas:

maari bang tagalugin mo na lang para maunawaan ng ibang mga kasama ko.

saka na kita sasagutin pag natagalog mo na.

Tuesday, June 21, 2005 12:22:26 PM

Im sorry but my thoughts are on English mode now. I would advise you ask your leader Mr. Diwa to explain it to you, but as Sen. Osmena told Chairman Barin, that she should speak in English as the Filipino language is not as extensive to be able to express what must be said as there aren't enough Filipino words equivalent to the exact meaning of English words. That is why the Philipine constitution and laws are still written in English so it will not be misinterpreted as many Filipino words, have double meanings.

So again, Im sorry if you failed to understand and I do hope you will again not use your being "maralita" to show I owe it to you to speak to you in Filipino.
Give me a break, have some dignity.

Thanks again and hope you smile more!!!! Peace and love to all !!!!

 
At Tuesday, June 21, 2005 12:58:00 PM, Anonymous pikachu said...

Anonymous said...
"By the way, Philip, did you lose weight? You seemed so much thinner or was it because i saw you standing beside someone double your size in another session?"


To comment on one's physical attributes is totally irresponsible as a blogger and as a member of this coalition. Moderators, please issue warnings to these kind of double-meaning sentences.

Tuesday, June 21, 2005 9:57:02 AM

To Anonymous,

Sorry if you felt that my post had "double meaning sentences".
That was meant for Philip and was a joke we told him even when we were together at the sessions.
The physical attibutes of Philip is something the core group and himself like to joke about after some of the YGC hackers started attacking his size (which by the way he accepts with humor) and comparing him with his counterpart on the other side. If you felt my statement had a "double meaning" i would like to just say, you put the double meaning, not I. Just read the posts as it is. If there are "figures of speech" then just put the correct meaning to it but do not assume that each statement always has a double meaning. As that statement was not attacking anyone in particular's physical attributes but again was a common joke of the group to our dear Philip. He and I joke a lot and he does not nor do I take offense when we do kidd each other.

Even the senators, during sessions, would joke just to break the monotony of the seriousness of the sessions. And we too would at times joke each other just to break the seriousness of our activities.

So lighten up a bit. Again, no offense was meant to you nor anyone. I speak quite frankly and direct based on truth, facts and observations. Remember, the constitutional right to freedom of speech, specially when it does not harm anyone in particular and in this case, it was a joke meant for Philip which he knows of and doesn't mind sharing it with you guys just to inject humor.

Have a good day and as I told "Maralita", smile and peace and love to you!!!!!

 
At Tuesday, June 21, 2005 1:05:00 PM, Anonymous Anonymous said...

"Give me a break, have some dignity."

Kung magsalita ka, parang wala kaming dignidad ah. Bakit? Wala naman kayong batayan na ginagamit kami? Kayo? Masasabi mo bang hindi rin kayo ginagamit? Bakit hindi ninyo binigyang pansin ang aming sinabi patungkol sa inyo?

Mayroon akong dignidad. Gaya mo ipaglalaban ko ang aking sitwasyon. At sa palagay ko ay naibahagi ko na kung bakit kami umaayon sa rehabilitasyon.

Para sabihin na kami ay magulo habang may sesyon, hindi ba magulo rin kayo? Alam ko yan dahil kahilera namin kayo. Daldalan kayo ng daldalan saka palaging lakad ng lakad ang babaeng nakaputi. Hindi ba?

Sa aking palagay, ang iyong kumento ay maari namang itagalog kung iyong nanaisin ngunit pakiwari ko'y sadyang ang lengguaheng pang-kolonyal lang ang gusto mong gamitin para maitaas ang iyong antas sa lipunan at sa inyong koalisyon.

 
At Tuesday, June 21, 2005 1:35:00 PM, Anonymous pikachu said...

To "Maralita",

I thought you wouldn't answer me till I translate my post in Filipino. So you do understand what I wrote!!!!! Thanks for answering.
At least I do not have to ask a translator to re-write my post in Filipino. You sound so angry. Release that anger and set yourself free..... Love you pa rin!!! Peace and love to you and your co members.

 
At Tuesday, June 21, 2005 1:44:00 PM, Anonymous Anonymous said...

Mukhang ang maralitang taga Care Pre-need task is to make bantay to our website and make comments on whatever discussions we have here. Pwede gawa ka na lang ng website nyo and invite mo na lang mga people dun at huwag ka dito sa amin tumambay.

Masyado naman atang insecure mga amo nyo at pati website namin kelangan mo pang bantayan. Tsupi we don't need security guard here!!!

 
At Tuesday, June 21, 2005 1:52:00 PM, Anonymous Anonymous said...

Mukhang ang maralitang taga Care Pre-need task is to make bantay to our website and make comments on whatever discussions we have here. Pwede gawa ka na lang ng website nyo and invite mo na lang mga people dun at huwag ka dito sa amin tumambay.

Masyado naman atang insecure mga amo nyo at pati website namin kelangan mo pang bantayan. Tsupi we don't need security guard here!!!

 
At Tuesday, June 21, 2005 2:31:00 PM, Anonymous pikachu said...

"Anonymous said...
To Pikachu:

June 27 is also the day of RCBC's annual stockholders meeting at RCBC Plaza.

Which one should we attend?

Monday, June 20, 2005 10:50:59 PM"

Sorry Anonymous, I dont know which meeting you should attend but if you are a stockholder at the R.C.B.C. and also a planholder, my opinion would be that you should attend the annual mtg of R.C.B.C. as they may have something interesting to discuss like convincing their stockholders that they have done no wrong and that their banking situation is stable or other lies. If I were a stockholder, I would attend that meeting too and will question the board as to the findings of the coalition with regards to the trust placements of PPI and other anomalous maneuverings. We,who are not stockholders, will attend the senate session and as usual, I will give you all my controversial recaps. So good luck if you decide to go to the annual stockholder's meeting and hope you can bring up the concerns of the planholders that relate to the dealings of PPI with R.C.B.C.

 
At Tuesday, June 21, 2005 2:37:00 PM, Anonymous Anonymous said...

Tsupi we don't need security guard here!!!

MAS MASAHOL KA PA SA ASONG KALYE!

 
At Tuesday, June 21, 2005 2:37:00 PM, Anonymous Anonymous said...

Bigla yatang tumahimik si CARE Preneed nang mapansin na parang fake siya.

1. Nakakaintindi pala ng English pero nagpapa-translate pa ng sinabi ni pikachu

2. Hindi naman pala tunay na maralita. Nakaka-afford mag-online buong araw para sagutin ang mga posts dito.

Yoo-hoo!!! Bistado ka na.

 
At Tuesday, June 21, 2005 2:41:00 PM, Anonymous Anonymous said...

Nakaka-afford mag-online buong araw

sino kaya ang nakaonline buong araw? Hindi ba kayo?

 
At Tuesday, June 21, 2005 3:06:00 PM, Anonymous Anonymous said...

MASKI MAG ON LINE KAMING LAHAT BUONG ARAW, WALA KA NA DYAN. DI KAGAYA MO, HINDI KAMI NAGPAPANGGAP NA KUNYARI MARALITA PERO KAYA MONG HUMARAP SA COMPUTER BUONG ARAW PARA LANG BANTAYAN AT SAGUTIN ANG MGA POSTS NAMIN. NAKA DSL KA BA SA YUCHENGCO TOWER? WALA BANG BLOGSPOT ANG CARE? ANG MGA ENLIGHTENED MERON PERO NAKAKAANTOK KASI PARANG LUMANG BALITA, DI NILA INAUPDATE AT PURO BALITA GALING SA IBA'T IBANG DYARYO. MAGPAGAWA KAYO NG BLOGSPOT DIN. SABIHIN MO SA BOSS MO SI HELEN PARA MAYROON KAYONG LIBANGAN AT SIGURADUHIN MO NA NAKASULAT LAHAT SA WIKANG PILIPINO. NAPANSIN KO RIN NA ANG SALITA MO SA WIKANG PILIPINO AY MAY HALONG SLANG KAGAYA NG "LENGGUAHENG". KAYA KUNG GUSTO MONG IPALABAS NA MARALITA KA WAG KA MASYADONG "MAG TRYING HARD" KASI HALATA KA NA. NAGPAPANGGAP KA LANG AT NAGHAHANAP KA NG KADAMAY. AT WAG MONG GAMITIN ANG PAGIGING MARALITA MO KASI IBA SA AMIN AY MGA MARALITA DIN PERO DI NAMIN GINAGAMIT PARA MAAWA ANG IBANG TAO SA AMIN DAHIL MAY PRINSIPYO AT DIGNIDAD KAMI AT GAYA NG SINABI NI PIKACHU, WALANG KAIBAHAN ANG PAGIGING MAYAMAN OR MAHIRAP ANG LABAN NG KOALISYON.

 
At Tuesday, June 21, 2005 3:59:00 PM, Anonymous Anonymous said...

INUULIT KO: SINO KAYA ANG NAKAONLINE BUONG ARAW/

HINDI BA KAYO!

 
At Tuesday, June 21, 2005 4:02:00 PM, Anonymous Anonymous said...

KASI IBA SA AMIN AY MGA MARALITA DIN

MARALITA? ASAN? EH ANG SOSOSYAL NINYO LAGI!

 
At Tuesday, June 21, 2005 4:11:00 PM, Anonymous Anonymous said...

Guys, read up...this should scare the hell out of the Yuchengcos and their cohorts. Though this happened in the US, this can happen to them. AY, at al, beware. On the good side, old age might just help AY escape a long sentence. On second thoughts, the cell may just be a nice place for AY to retire...


Sige, ikundisyon mo lang sa isipan nyo yan! Di nman bawal ang mangarap! ...


He he he. Huwag kang mag-alala. Isasama kita sa pinapangarap ko. Kailangan ni AY ng kasama sa selda!

 
At Tuesday, June 21, 2005 4:57:00 PM, Anonymous Anonymous said...

Kailangan ni AY ng kasama sa selda!

Kung makakaya ninyo! KUNG!

 
At Tuesday, June 21, 2005 5:05:00 PM, Anonymous Anonymous said...

Working overtime pa ang paid Yuchengco hacker(Maralitang taga Care-Pre need daw kuno). Tapas na 8 hours mo, naka ilang post ka ba? Mukhang kumita ka ngayon ah....

Pwede iwan mo na muna website namin may mahalaga pa kming pag-uusapan eh...

 
At Tuesday, June 21, 2005 5:25:00 PM, Anonymous Anonymous said...

"MARALITA? ASAN? EH ANG SOSOSYAL NINYO LAGI!"

MARAMING SALAMAT MR.& MS. MARALITA.
MAY KASABIHAN, "NASA NAGDADALA LANG YON"

KAYA SINASABI KO, WAG KANG MAGTAGO SA LIKOD NG PAGIGING MARALITA, PARA LANG MAAWA ANG IBANG TAO SA IYO AT PINAPALABAS MO NA INAAPI KA DAHIL "POOR" KA KUNO. MASKI NAGHIHIRAP ANG ISANG TAO, KAILANGAN BANG IPAKITA AT IPANGALANDAKAN SA BUONG MUNDO NA MARALITA KA? WAG NAMAN, KAILANGAN TAAS NOO KA PA RIN KUNG IKAW AY MAY PRINSIPYO. WAG MO NAMAN MALIITIN ANG IYONG SARILI.
KAYA KAMI, SA MATA MO, SOSYAL KASI MATAAS ANG TINGIN MO SA AMIN AT NAGPAPASALAMAT AKO SA IYO. BAKA, MAY CRUSH KA LANG SA IBANG MGA KASAMAHAN KO SA KOALISYON. SABIHIN MO NA PARA MAIPAKILALA PA KITA SA CRUSH MO!!!! SIGE NA, WAG KANG MAHIYA!!!!

 
At Tuesday, June 21, 2005 6:50:00 PM, Anonymous Anonymous said...

BAKA, MAY CRUSH KA LANG SA IBANG MGA KASAMAHAN KO SA KOALISYON. SABIHIN MO NA PARA MAIPAKILALA PA KITA SA CRUSH MO!!!! SIGE NA, WAG KANG MAHIYA!!!!

HA? KAPAL! SA TANDA NYONG YAN!

 
At Tuesday, June 21, 2005 7:29:00 PM, Anonymous Anonymous said...

"HA? KAPAL! SA TANDA NYONG YAN!"

HAHAHAHAHAHAHAHAHAHAHAHAHAHAHA!!!!
AY SORRY, KASI SA TAKBO NG UTAK MO, PARA KANG NAGMUMURANG KAMATIS!!!!!! BATA KA NGA, ISIP BATA, PERO GURANG ANG PAGMUMUKHA MO!!!! PAKIPLANTSA MUNA MUKHA MO, PURO PELEGIS EH!!!!!

 
At Tuesday, June 21, 2005 9:10:00 PM, Anonymous Anonymous said...

I believe the RCBC stockholders meeting will start mid or late afternoon. Just call any stockbroker and they can confirm to you the details of the RCBC stockholders meeting.

 
At Tuesday, June 21, 2005 9:13:00 PM, Anonymous Anonymous said...

hey, what's this I hear that the MAkati RTC has ordered YGC to comply with SEC orders.

RCBC Stockholders meeting, June 27, 4pm, RCBC Tower

 
At Tuesday, June 21, 2005 10:07:00 PM, Anonymous Pandy said...

Great write-up,Pikachu!

Just want to add that almost the whole boring session (held on Monday, June 20) had centered on grilling Fe Barin for negligence on the part of SEC ... rightly or wrongly I don't know. But I asked myself, "Who are the bad guys here, anyway, PPI and CAP or the SEC? Shouldn't Mar Roxas be giving the officers of CAP and PPI, who are sitting right there, the same scolding that he is reserving for the SEC?" Maybe SEC didn't prevent the fraudulent deeds but they didn't COMMIT them! I sorely wished he would give Garcia and Tecson half of the tongue lashing and rather arrogant and impatient attitude he showed Fe Barin.

Then, to make matters worse, just before he could close the session, the spokespersons for Lifetime and PPI agents spoke up, complaining about the revocation of Lifetime and how they did not want to revert back to PPI (why not? what difference should it make to an agent as long as they have a license to sell plans?). Maybe they thought that since he had been giving the SEC a hard time he would condemn the revocation of Lifetime. Thank goodness he refused to make a judgement and suggested that they figure it out with the SEC themselves or with Sonny Garcia, since he was instrumental in forming Lifetime.

I notice that PPI-formed groups such as CARE and Enlightened Planholders are very clever in managing to get the last word in these Committee hearings. It happened in the May 31 committee hearing, as well. It's a good strategy because no-one can contradict you or prove you wrong since everyone is standing and ready to go. But this time, Senator Osmena did not let them have the last word. Before Roxas could close the meeting, he asked to make a last comment and addressed himself to Atty. Ongkiko .... our Ongkiko ... and asked for a presentation on "fraudulent conveyance". Senator Osmena said that the case of Nabisco in the US, which was fined for fraudulent conveyance of assets, would probably have similarities with the spinning off of PPIs assets into Lifetime. So everyone left the session with the phrase "fraudulent conveyance" ringing in their ears!!

So the next session on Monday, June 27, is NOT TO BE MISSED if you want to hear the case against PPI laid out in black and white.

MABUHAY ANG PEP COALITION!!

 
At Wednesday, June 22, 2005 12:55:00 AM, Anonymous Anonymous said...

From the ABS-CBN New website...

Court backs SEC in revocation of preneed license


By CAI U. ORDINARIO, The Manila Times Researcher

The Makati Regional Trial Court has ruled in favor of the Securities and Exchange Commission (SEC), saying the revocation of the license of Lifetime Plans Inc. is "immediately executory."

The court issued the order following a comment by the SEC, which sought the dismissal of the rehabilitation plan filed by Lifetime Plan’s parent company, Pacific Plans Inc.

Pacific Plans and Lifetime Plans are part of the Yuchengco Group of Companies.

In a June 9 order, Judge Romeo F. Barza also required Pacific Plans to submit within seven days an audited financial statement reflecting the consolidation of the assets and liabilities of Lifetime Plans.

The court, however, has yet to rule on the SEC’s claim that merging the two companies will result in a financially healthier Pacific Plans.

In a statement, Lifetime Plans said it regrets the court ruling but assured that its 400,000 plan holders will continue to receive their benefits so long as their premium payments are up-to-date.

"There’s no need for plan holders to worry because while Pacific Plans has a pending petition for rehabilitation, the court’s stay order does not cover Lifetime Plan’s more than 400,000 plan holders," Samuel V. Torres, Lifetime Plans spokesman, said.

Jeanette C. Tecson, Pacific Plans spokesman, meanwhile, said the preneed firm will work closely with the legal team of Lifetime Plans to seek out solutions and legal remedies to ensure that no employee or sales agent is displaced.

In the same order, the court dismissed a petition by Parents Enabling Parents Coalition, seeking to inhibit Barza’s participation in the case. The coalition groups together plan holders of Pacific Plans.

The court said the coalition’s petition lacked merit, adding Barza dissociated himself from the Villaraza Angangco Law Office in 1985, or 20 years ago.

The court further stressed that Barza is not the counsel of Pacific Plans for its rehabilitation case.

 
At Wednesday, June 22, 2005 12:58:00 AM, Anonymous Anonymous said...

Hey Pikachu!

How do you expect someone to read between the lines, when that person doesn't have anything in between his/her ear?

BTW, was able to tace some posting to a VP of RCBC! Ang yabang kasi nabuking heh-heh! Wala sigurong magawa sa bangko kaya panay sa blog natin namamasyal!

Better suggestion- look for another job!

 
At Wednesday, June 22, 2005 1:42:00 AM, Anonymous Anonymous said...

from www.philstar.com ---

Court upholds SEC order vs Lifetime
By Zinnia B. Dela Peña
The Philippine Star 06/22/2005

Dealing a major setback to Pacific Plans Inc. (PPI), the Makati Regional Trial Court has upheld a Securities and Exchange Commission (SEC) ruling revoking the certificate of incorporation of Lifetime Plans Inc., a spin-off subsidiary of PPI.

In the same order, the Makati RTC has directed PPI to fold in the assets of Lifetime since the latter is now dissolved with the revocation of its registration license. "Since Lifetime is now inexistent, only petitioner PPI remains and all assets of Lifetime now pertain to PPI," the court said.

The Makati RTC noted that the decisions rendered by the SEC are immediately executory.

The Makati RTC has ordered PPI to submit an audited financial statement reflecting the consolidation of the assets and liabilities of Lifetime with PPI within seven days from receipt of order.

For its part, Lifetime expressed disappointment over the court ruling but stressed that it will continue servicing maturing obligations of planholders.

"There’s no need for Lifetime planholders to worry because while PPI has a pending petition for rehabilitation, the court’s stay order does not cover Lifetime’s more than 400,000 planholders," Lifetime spokesperson Samuel V. Torres said.

PPI spokesperson Jeanette C. Tecson, meanwhile, said that with this development, PPI will work closely with the legal team of Lifetime to exhaust all legal remedies and seek out solutions so that it can also ensure that no Lifetime employee or sales agent is displaced.

Tecson said PPI "will seek a reconsideration of the court’s order."

The order was issued following a comment by the SEC to the rehabilitation court that it has already cancelled the certificate of incorporation of Lifetime. The SEC asked the rehabilitation court to dismiss PPI’s petition for rehabilitation since, according to SEC, it is now moot and academic.

In the same order, the rehabilitation court, however, stated that it has yet to rule on the SEC’s claim that putting the two companies back together will result in a financially healthier PPI.

The SEC withdrew the approval of Lifetime’s certificate of incorporation for failure to submit documents to support the pre-need firm’s 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.

In the same order, the SEC directed Lifetime’s 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.

 
At Wednesday, June 22, 2005 1:45:00 AM, Anonymous Anonymous said...

"...when that person doesn't have anything in between his/her ear?"

In other words....NO BRAIN. Sorry but I have to interpret the statement. People concerned may not understand it.

 
At Wednesday, June 22, 2005 2:07:00 AM, Anonymous Anonymous said...

Ang sabi ng taga-CARE pre-need....

"Hindi kami ganid o sakim gaya ng iba."

Ano ba ang puno't dulo nitong lahat??? Di ba ang mga Yuchengco at tauhan nila gaya ni Garcia, Tecson at Desiderio. Sila ang mga GANID! Lalo na ang mga Yuchengco, sila ang may sobra-sobrang kayamanan, ayaw pa tumupad sa pangako nila sa kontrata.

 
At Wednesday, June 22, 2005 9:24:00 AM, Anonymous Anonymous said...

Wala na talaga magawa yung mga tao sa rcbc kasi wala na silang transaksyon! haha. Mr RCBC VP, take a look at the records ng mga pinapatalsik dyan sa bangko mo. Ganyan ang mga yuchengco. Basura ka na pag di ka na kailangan. Maybe that's why you are posting here, to continue to justify your position para hopefully may silbi ka pa!

 
At Wednesday, June 22, 2005 9:43:00 AM, Anonymous Anonymous said...

Kailangan ni AY ng kasama sa selda!

Kung makakaya ninyo! KUNG!

-- I suggest then you pray very hard to (your lord, Satan) that we at the coalition will fail!

This I can guarantee you, justice will be served. If not in this material world, in the life after! Any which way, the coalition will WIN!!!

 
At Wednesday, June 22, 2005 11:17:00 AM, Anonymous Anonymous said...

BOYCOTT!!!! bOYCOTT THE YUCHENGCO GROUP OF COMPANIES. DO NOT PATRONIZE THEIR PRODUCTS AND SERVICES....MADADAYA ANG MGA YUCHENGCO NA IYAN PA DONATE DONATE PA YUN PALA LOAN SA PPI!!!!
1) HI-EISAI PHARMACEUTICAL, INC.
2) HONDA CARS- FAIRVIEW
3) HONDA CARS- MANILA
4) HONDA CARS- MARIKINA
5) ISUZU MANILA, INC.
6) ISUZU - COMMONWEALTH
7) iPEOPLE, INC.
8) MAPUA INSTITUTE OF TECHNOLOGY
9) PEOPLE ESERVE
10) FUNERARIA PAZ- SUCAT INC.
11) MANILA MEMORIAL PARK CEMETERY
12) FIRST MALAYAN LEASING & FINANCE CORP.
13) ZAMBOANGA INDUSTRIAL FINANCE CORP.
14) RCBC CAPITAL CORP.
15) BANKARD
16) RCBC SECURITIES INC.
17) RCBC UNIVERSAL BANK
18) RCBC SAVINGS BANK
19) RCBC TELEMONEY EUROPE
20) RCBC INT'L FINANCE LTD.
21) RCBC CALIFORNIA INT'L INC.
22) MALAYAN INSURANCE COMPANY, INC
23) MALAYAN REINSURANCE CORP.
24) THE FIRST NATIONWIDE ASSURANCE CORP.
25) MALAYAN INSURANCE CO.(HK) LTD.
26) mALAYAN INSURANCE CO.(UK) LTD.
27) MALAYAN ZURICH INSURANCE CO.
28) TOKIO MARINE MALAYAN INSURANCE CO.
29) GPL HOLDINGS INC.
30) GREPALIFE
31) PACIFIC PLANS, INC.
32) PAN PACIFIC COMPUTER CENTER, INC.
33) GREPALAND, INC.
34) NIPPON LIFE OF THE PHIL.
35) HOUSE OF INVESTMENTS, INC.
36) EEI CORP.
37) PHILROCK, INC.
38) LANDEV CORP;

....MATABA BA TALAGA SI ATTY....?

 
At Wednesday, June 22, 2005 11:52:00 AM, Anonymous Anonymous said...

BOYCOTT!!!! bOYCOTT THE YUCHENGCO GROUP OF COMPANIES. DO NOT PATRONIZE THEIR PRODUCTS AND SERVICES...

VERY OBVIOUS NA COMPETITOR KA!

 
At Wednesday, June 22, 2005 11:55:00 AM, Anonymous Anonymous said...

Chuushin said:

Hi! Just read this in the newpaper thought i should share it with you guys.

Court Upholds SEC decision to fold Lifetime back to Pacific
Phil. Daily Inquirer
Business B6

The Makati Regional Trial Court has upheld the decision of the Securities and Exchange Commission (SEC) to fold the pre-need firm Lifetime Plans Inc. (LPI) back to its parent firm Pacific Plans Inc. (PPI).
Plan holders of the Yuchengco-owned PPI have also supported the SEC's position that LPI should be folded back into PPI.
PPI in a statement said that it would "seek a reconsideration of the rehabilitation court's order."
LPI in a statement said that it regretted the June 9 court ruling, but stressed that the 400,000 LPI plan holders would continue to receive their benefits. LPI even called on its clients to update their premiums to prevent lapse of their policies.
LPI spokesperson Atty. Samuel V. Torres said, "there's no need for LPI plan holders to worry because, while PPI has a pending petition for rehabilitation, the court's stay order does not cover LPI's more than 400,000 planholders."
The court order was issued following a comment by the SEC that it had already cancelled the certificate of incorporation of LPI. The SEC stated that since LPI has become non-existent, PPI now holds all assets of LPI.
The SEC then asked the rehabilitation court to dismiss the PPI petition for rehabilitation since, according to SEC, is now moot and academic.

 
At Wednesday, June 22, 2005 12:06:00 PM, Anonymous JL said...

COURT UPHOLDS SEC DECISION TO FOLD LIFETIME BACK TO PACIFIC
Elizabeth L. Sanchez
Philippine Daily Inquirer Business, June 22, 2005 Wednesday

The Makati Regional Trial Court has upheld the decision of the Securities and Exchange Commission (SEC) to ford the pre-need firm Lifetime Plans Inc. (LPI) back to its parent firm Pacific Plans Inc. (PPI).

Plan holders of the Yuchengo-owned PPI have also supported the SEC’s position that LPI should be folded back into PPI.

PPI in a statement said that it would “seek a reconsideration of the rehabilitation court’s order.”

LPI in a statement said that it regretted the June 9 court ruling, but stressed that the 400,000 LPI plan holders would continue to receive their benefits. LPI even called on its clients to update their premiums to prevent the lapse of their policies.

LPI spokesperson Atty. Samuel V. Torres said, “there’s no need for LPI plan holders to worry because, while PPI has a pending petition for rehabilitation, the court’s stay order does not cover LII’s more than 400,000 planholders.”

The court order was issued following a comment by the SEC that it had already cancelled the certificate of incorporation of LPI. The SEC stated that since LPI has become non-existent, PPI now holds all assets of LPI.

The SEC then asked the rehabilitation court to dismiss the PPI petition for rehabilitation since, according to SEC, it is now moot and academic.

 
At Wednesday, June 22, 2005 12:41:00 PM, Anonymous Anonymous said...

Session no. 95 transcript containing priviledge speech of Senator Osmena is out. There are discrepancies with the coalition's "recollection" and the official senate transcript.

1) Senator Alfredo Lim stood up and after some questions declared that the ones responsible for the preneed mess should be charged with "syndicated estafa". This seemed to please Osmena as, he said, the charge was a "non-bailable offense."

Coalition made false "recollections" of ongoings on the senate. Lim and Osmena were referring to "syndicated estafa" for CAP and not Pacific Plans.


"Senator Lim underscored the importance of an
investigation to determine what transpired.
Furthermore, he underscored that government
should protect and assist the victims of the scam.
He added that when he called the attention of
Justice Secretary Raul Gonzales to the issue, the
latter immediately ordered the NBI to conduct an
investigation which is ongoing. He pointed out that
Atty. Maricel Lopez took up the cudgels for 19 plan
holders and initiated a class suit. He proposed that
the Senate, through Senate President Drilon, use its
influence to expedite the NBI investigation so that
the officers of CAP can be charged with syndicated
estafa. He observed that people charged with estafa
are afraid of imprisonment, thus, it is imperativ
for government to take drastic action to protect the
plan holders."

"Agreeing that Senate President Drilon is the
best person to influence the Justice Secretary to
get things moving, Senator Osmeiia welcomed the
filing of syndicated estafa charges against those
responsible since it is a non-bailable offense."


2) We in the gallery had to control ourselves from breaking into applause! When she mentioned the Napocor bonds, Osmena said, "Ah, that is another scam altogether, that we will deal with later on ... that is a juicy story!" (Notice the word "scam"!)


No "scam" statement on Napocor Bonds.

Official Transcript:

"On whether there was premeditation in the
actions of Pacific Plans from August 12, 2004 to
April 7, 2005, Senator Osmena stated that although
it was an orderly liquidation of its liabilities in
traditional plans, Pacific Plans did not inform its
stakeholders about its plan of action and that the
assets it left behind are in the form of Napocor
bonds that nobody would buy because Napocor has
been losing billions of pesos yearly."


3) Other statements made by Senator Osmena:

Statement below shows the intent of Senator Osmena, if funds were well managed but remain insufficient, then rehab plan makes sense.


"First, let us check. Kung talagang
kulang, if it was well-managed, but it fell
short, then I think they have valid redress to
go to the courts and ask for rehabilitation.'


"But if the funds were mismanaged, then I
think they have to answer to the plan
holders and not claim that this is a force
majeure situation because of the Asian
financial crisis or this is a special
circumstance which under the fine print of
the contract allows the pre-need company to
default on its obligations."

 
At Wednesday, June 22, 2005 1:08:00 PM, Anonymous Anonymous said...

Pre-need group seeks benefits ceiling on open-ended plans
By Zinnia B. Dela Peña
The Philippine Star 06/22/2005

The Federation of Philippine Pre-Need Plan Companies (FPPC) is seeking a ceiling on the benefits paid to planholders of open-ended plans to ensure the continued operations of pre-need firms.

In open-ended plans, a pre-need firm pays the tuition of a beneficiary regardless of the amount due.

This is opposed to a fixed value plan that specifies a fixed amount the beneficiary would receive upon maturity.

FPPC president Juan Miguel Vazquez said there should be a cap for open-ended benefits to ensure the survival of pre-need companies.

"The indefinite use of open-ended educational plans is not sustainable.

Any liquidity assistance can only be available if those with open-ended plans fix their liabilities," he said.

Vazquez urged pre-need companies that have determined a need to put a ceiling on these open-ended liabilities to start dialogues with all planholders in order to assure them that they will get paid and steps are being taken to adequately safeguard the interest of investors.

The FPPC has also proposed the re-purchase of the plan by the pre-need company with an imputed fair return for the planholder.

At the same time, the FPPC is also backing a plan giving regulators the authority to take over an errant pre-need company.

Equity Managers Asia Inc. chairman Francis Estrada, meanwhile, wants the government to provide tax breaks on premiums paid on traditional educational plans.

But first, he said, a rigorous professional independent audit must be conducted to determine the economic viability of the pre-need industry’s business model.

He said the regulator must withdraw the dealers’ license of insolvent pre-need companies and take over the operations of these cash-strapped pre-need firms.

Estrada said shareholders of distressed pre-need companies should subscribe to additional capital in the holding company as a condition for staying in the business.

An agreement among majority of planholders, pre-need companies and Securities and Exchange Commission (SEC) should be made to restate and reduce the maturity values of traditional educational plans to reflect realistic investment return assumptions.

Meanwhile, Vazquez also sought a fair formula/model that would compute the actuarial reserve liability (ARL).

The ARL is defined as the estimate of future payments on existing contractual obligations.

 
At Wednesday, June 22, 2005 1:10:00 PM, Anonymous Anonymous said...

Angara eyes bill to assist troubled pre-need companies
Posted: 0:23 AM | Jun. 22, 2005
Elizabeth L. Sanchez
Inquirer News Service


Published on Page B2 of the June 22, 2005 issue of the Philippine Daily Inquirer

SEN. EDGARDO Angara, chair of the committee on banks and financial institutions, is set to file a bill that will allow government to take over troubled pre-need firms.

Angara told the Inquirer at the sidelines of the Philippine Pre-Need Industry forum at the Asian Institute of Management (AIM) Conference Center yesterday that the bill he was planning to file would allow troubled pre-need firms to access financial aid and tax relief, but at a stiff price.

The tradeoff is that shareholders of the company would have to lose ownership of the pre-need firm once they avail themselves of the aid, Angara said.

Angara said he was planning to file the bill when Congress resumes on July 24.

The Philippine pre-need industry has been rocked by concerns mainly from plan holders who are now doubting the ability of some companies to pay their liabilities.

Plan holders have remained watchful over the fate of College Assurance Plan Philippines Inc. (CAP), the country's biggest education plan provider, after its license to sell was suspended in 2004 due to financial problems.

Another case was Pacific Plans Inc. (PPI), a company that used to sell open-ended plans or those that promised to pay tuition fees regardless of the rate, after it recently sought relief from local courts to suspend payments and undergo rehabilitation.

In 2002, the SEC had ordered pre-need firms to stop selling open-ended plans.

"Apart from the pre-need code, we need a special legislation that will extend tax relief and liquidity assistance and allow plan holders and stakeholders to come to an agreement as to the value of open-ended plans," he said.

Angara said that one of the potential sources of financial assistance could be taxes on text messaging and "sin taxes" or those levied on cigarettes.

 
At Wednesday, June 22, 2005 1:25:00 PM, Anonymous Anonymous said...

In response to:

"FPPC president Juan Miguel Vazquez said there should be a cap for open-ended benefits to ensure the survival of pre-need companies.

"The indefinite use of open-ended educational plans is not sustainable."
"

From Senator Angara:
"Apart from the pre-need code, we need a special legislation that will extend tax relief and liquidity assistance and allow plan holders and stakeholders to come to an agreement as to the value of open-ended plans," he said."

"The tradeoff is that shareholders of the company would have to lose ownership of the pre-need firm once they avail themselves of the aid, Angara said."

The whole industry and senate now wants to limit the benefits on open-ended plans.
Moreover, companies that seek government aid will be owned by the government.

Today marks the death of full benefit payments for traditional planholders not only from PPI but the whole pre-need industry!

 
At Wednesday, June 22, 2005 1:55:00 PM, Anonymous Anonymous said...

I would like to congratulate all the Officers and members of the PEP coalition for the job well done.No more Lifetime!!! Lets pray that the rehab petitions will be dismissed the soonest. Atty Ongkiko, we will pray for you that you may be able to present all the documents being asked the the Senate. We all know that GOD is good. Thanks God and Mabuhay ang coalition.

 
At Wednesday, June 22, 2005 2:11:00 PM, Anonymous Anonymous said...

In response to:

"I would like to congratulate all the Officers and members of the PEP coalition for the job well done.No more Lifetime!!! Lets pray that the rehab petitions will be dismissed the soonest"

Congratulation to what????!!! Rehab doesn't matter anymore since whole pre-need industry will be moving towards ceiling on open-ended plans.

I say congratulations to Coalition since, if an industry ceiling is crafted across all pre-need companies, the returns might be even smaller than that proposed in the rehab-plan. Thank you for making our lives more miserable!!!!!!

 
At Wednesday, June 22, 2005 2:38:00 PM, Anonymous Anonymous said...

"I would like to congratulate all the Officers and members of the PEP coalition for the job well done.No more Lifetime!!! Lets pray that the rehab petitions will be dismissed the soonest"

"The court, however, has yet to rule on the SEC’s claim that merging the two companies will result in a financially healthier Pacific Plans.

In a statement, Lifetime Plans said it regrets the court ruling but assured that its 400,000 plan holders will continue to receive their benefits so long as their premium payments are up-to-date.

"There’s no need for plan holders to worry because while Pacific Plans has a pending petition for rehabilitation, the court’s stay order does not cover Lifetime Plan’s more than 400,000 plan holders," Samuel V. Torres, Lifetime Plans spokesman, said.

PAKI-CONNECT NGA LAHAT NG ITO. ME THINKS, GANUN PA RIN SITWASYON!

 
At Wednesday, June 22, 2005 3:22:00 PM, Anonymous Anonymous said...

"Thank you for making our lives more miserable!!!!!! "

anu ang nerereklamo mo e fixed planholder ka naman!!!

 
At Wednesday, June 22, 2005 3:37:00 PM, Anonymous Anonymous said...

"Thank you for making our lives more miserable!!!!!! "

anu ang nerereklamo mo e fixed planholder ka naman!!!

HAY NAKU! INTINDIHIN MO UNG PREVIOUS POSTINGS BAGO KA COMMENT!

 
At Wednesday, June 22, 2005 7:20:00 PM, Anonymous Anonymous said...

Wala nang Lifetime. Sablay ang plano ni Yuchengo. Ano kaya kasunod, wala ng rehab, ano pa kasunod..investigation, trial, syndicated estafa..hmm..sino kaya ang masasapol..parang si Helen Yuchengco.

Beh, Buti nga!!!

 
At Wednesday, June 22, 2005 7:48:00 PM, Anonymous Anonymous said...

NGAYON NATIN MAKIKITA KUNG ME JUSTICE TALAGA SA PILIPINAS.

 
At Thursday, June 23, 2005 7:21:00 AM, Anonymous Anonymous said...

Wala nang Lifetime. Sablay ang plano ni Yuchengo. Ano kaya kasunod?

WALA RIN KAYONG MAKUKUHA!

 
At Thursday, June 23, 2005 7:22:00 AM, Anonymous Anonymous said...

The Federation has spoken. It has recommended the setting of celings for open-ended plans.

 
At Thursday, June 23, 2005 7:37:00 AM, Anonymous Book Hunter said...

Our next step then should not to buy ANY KIND of plans from these companies.

What's next? They can always say that the payment of 7% interest on fixed plans is unsustainable because prevailing interest rates is only 3%.

What they are saying is: Ayaw naming magbayad kasi malulugi kami!

Parang taga-palengke!

 
At Thursday, June 23, 2005 7:43:00 AM, Anonymous Book Hunter said...

Tapos kasunod pa niyan...

"We cannot give your 'cremation support' because the cost of fuel has gone up too much."

tapos...

"We cannot give your 'burial support' because the cost of land has gone up too much."

SEC and the courts are our only hope! We cannot trust these people anyomore!

 
At Thursday, June 23, 2005 7:53:00 AM, Anonymous Vicente said...

What the Federation has proposed is nothing more than the conversion of open-ended plans to fixed value plans. That, again, is a novation of our contracts, something which only the parties to the contracts can implement. The Federation, not being a party to our contracts, cannot impose this "proposal" on any of us open-ended planholders.

Atty. Vazquez of the Federation, in seeking a win-win solution, unfortunately has not even been successful in persuading his member company, PPI, to BEGIN forthright and decent negotiations with its planholders. As we all know, PPI started all this in bad faith and still continues to deal with us in bad faith. Unless PPI changes this attitude, which I seriously doubt at the moment, then this "proposal" by the Federation will just be all smoke. Looks nice but nothing really there.

 
At Thursday, June 23, 2005 9:18:00 AM, Anonymous Anonymous said...

I believe the federation has always been and will always be a SOCIAL CLUB ONLY. NO MORE NO LESS!

 
At Thursday, June 23, 2005 9:19:00 AM, Anonymous Anonymous said...

"We cannot give your 'cremation support' because the cost of fuel has gone up too much."

"We cannot give your 'burial support' because the cost of land has gone up too much."

Irrelevant! Pre-need companies are not the service providers of these two, only the ones which packaged it with insurance benefits. Ultimately, the crematoria and memorial parks are the ones which will service these.

 
At Thursday, June 23, 2005 9:22:00 AM, Anonymous coalition of 6 said...

Please clarify the June 9 Order of Judge Barza which states that the PEP Coalition has only 6 signed affidavits.

Coalition of 6?

 
At Thursday, June 23, 2005 9:48:00 AM, Anonymous Reasonable said...

I think the Federations's statement is reasonable. I would be agreeable to a cap on my open-ended plan ... but what that cap is should be negotiated between the planholders and PPI. We shouldn't be too hardline, we should make it known that we are willing to compromise.

I am NOT a paid hack, just a realistic parent!

 
At Thursday, June 23, 2005 10:33:00 AM, Anonymous Anonymous said...

The position of the Federation is based on studies conducted and affirmed by other sectors of the financial community.

For me, I believe and I concur with the above posting, it's about time to compromise.

I, too, am not a paid hack but also a realistic parent with 2 peptrad plans.

 
At Thursday, June 23, 2005 11:14:00 AM, Anonymous Anonymous said...

we should always be ready to listen what the other parties are trying to say, the most important thing is to make communications lines always open, it is only through this that solutions to problems are made, we may not agree initially to their proposal but at least, if they are sincere, definitely a solution can be found

 
At Thursday, June 23, 2005 12:39:00 PM, Anonymous book hunter said...

"Irrelevant! Pre-need companies are not the service providers of these two, only the ones which packaged it with insurance benefits. Ultimately, the crematoria and memorial parks are the ones which will service these."

Yes, the crematoria and the memorial parks are the service providers and they charge the preneed plans appropriately. If the costs go up, their charges go up.

The whole preneed industry is one big scam! Look at what the HMO's do when you get sick! They ask you to sign a quit claim while you are sick in bed!

Bunch of vultures...

 
At Thursday, June 23, 2005 12:54:00 PM, Anonymous Anonymous said...

For buyers of unsold trad plans, the limit can apply. But for closed or fully paid, iba na ang usapan. But SEC has stopped all companies from selling since 2002 so the Federation can pursue for a ceiling on benefits, that's ok with me. Kanino pa iaaply ang ceiling? Whatever formula they proffer to use should be equitable to all. Just the thought that they are a social club of Pre-need companies, sends shiver. One can already guess with high probability their main concern. So to those who have assumed this is the end na for all trad plans, well talaga naman, 2002 pa! For the benefits, that's pessimistic assumption. Wag na ipakita ang kiling, maoobvious. Can go both ways. Course of justice will have to be maintained. Angara's bill meanwhile is for ailing firms to be taken over by government. Hmmm...maraming patunay na, government almost always fail. The end of the day, the question of management credibility is at stake. If failed, bulok ang management, as simple as that. And ang bulok ang dapat marehabilitate.

 
At Thursday, June 23, 2005 2:02:00 PM, Anonymous Anonymous said...

Yes, the crematoria and the memorial parks are the service providers and they charge the preneed plans appropriately. If the costs go up, their charges go up.

Disagree! Whatever the contract states will be fulfilled regardless of the increased costs. Hindi ang pre-need companies ang service providers.

 
At Thursday, June 23, 2005 2:29:00 PM, Anonymous Anonymous said...

"WHATEVER THE CONTRACT SAYS", THIS IS WHAT THE PEP HAS BEEN FIGHTING ALL ALONG, WHATS THE USE OF MAKING A CONTRACT WHEN GOVERNMENT CANNOT ENFORCE PARTIES TO FOLLOW THEIR CONTRACTS, WHAT LESSONS CAN WE TEACH OUR CHILDREN IF EVERYBODY CAN RENEGE ON THEIR CONTRACT ANYTIME THEY WISH WITHOUT EVEN INFORMING THE OTHER PARTY, THE PEP IS NOT FIGHTING PPI, WHAT WE ARE FIGHTING IS FOR THEM TO HONOR THEIR CONTRACT AND THE OWNERS TO COME UP WITH THEIR OBLIGATIONS AND NOT HIDE BEHIND SOME ILLEGAL AND IMMORAL PRACTICES. IT WAS THEY WHO COME OUT WITH THE PRODUCTS AND CONVINCE US TO BUY THEIR PRODUCTS, WE HAVE NO HAND IN THE DESIGN OF THE PRODUCT, WE DID NOT CREATE THE PROBLEMS FOR THEIR PRODUCTS, WHY THEN SHOULD WE BE THE SACRIFICIAL LAMBS FOR THEIR PROBLEMS, EVEN THEN IF IT SHOULD BE, THEY SHOULD BE CIVILIZED ENOUGH TO TALK, CALL ON ALL PARTIES CONCERNED, (THE COMPANY, THE SCHOOLS, THE PLAMNHOLDERS ETC.) AND TRY TO FIND A SOLUTION TO THE PROBLEMS, INSTEAD THEY TRY TO MISLEAD THE GOVERNMENT, TRY TO TAKE ADVANTAGE OF THE PLANHOLDERS HOPING THAT THEY WILL NOT GIVE A GOOD FIGHT (LIKE THE CAP PLANHOLDERS), MAKING THE PLANHOLDERS LOOKED BAD, AND TO TOP IT ALL MAKING THEMSELVES LOOKED GOOD BY GIVING "ASSISTANCE" TO THE PLANHOLDER WHEN IT WAS THEIR OBLIGATION IN THE FIRST PLACE AND CRYING OVER THE MONEY "PERSONAL kUNO YUN PARA LOAN NA MAY KASAMANG INTEREST, KUMITA PA SIYA"

 
At Thursday, June 23, 2005 5:34:00 PM, Anonymous Book Hunter said...

"Disagree! Whatever the contract states will be fulfilled regardless of the increased costs. Hindi ang pre-need companies ang service providers."

Really now? ... then what if the crematoria and the memorial parks do to the preneed plans what PPI is doing to us now. The crematoria and memorial parks will now say to the preneed plans: "Our costs are too high! Boo hoo hoo! We cannot provide the services we agreed to provide to you ! We will lose money." Will the preneed plans say: "OK, we'll pay you more. Just to serve our customers." Of course not! They'll say to the customers: "Sorry, soaring fuel costs and land prices make us unable to serve you because our suppliers are giving us the ax!"

Hay naku... These preneed companies are only reliable while they are making money.

 
At Thursday, June 23, 2005 8:04:00 PM, Anonymous Anonymous said...

Here a quote from Cornelius Vanderbilt, the man who built the American railroad:

"You have undertaken to cheat me. I won't sue you for the law is too slow. I'll ruin you."

I hope some planholders share my sentiment, for I want to say to the Yuchengcos:

"You have undertaken to cheat us. We will not sue you, for the law in this country is too alow. We will ruin you, all the way down to your childdren and grandchilkdren.

 
At Friday, June 24, 2005 8:07:00 AM, Anonymous Anonymous said...

Sorry, soaring fuel costs and land prices make us unable to serve you because our suppliers are giving us the ax!"

Your line of argumentation is totally off-course! Magbasa ka muna TOTOY! Baka nman hindi ka book_hunter kundi COSMOPOLITAN HUNTER. hehehe!

 
At Friday, June 24, 2005 8:34:00 AM, Anonymous Book Hunter said...

Hay naku...

Nabara na. Wala nang maisagot. Nang-insulto na lang.

Once someobody starts breaking promises and contracts, the chain will not end. You are, in effect, telling us that we should trust the preneed companies. That they will deliver even if their suppliers say that they cannot. After what Pacific has done, can we wtill trust anyone?

 
At Friday, June 24, 2005 4:19:00 PM, Anonymous Anonymous said...

Your trust has been relative to what your needs are. The way I see it, kahit na anong ganda ng kumpanya, ng plano, wala ka ng pakialam. Kasi may plano ka talagang manira na lang ng industrya.

 
At Saturday, June 25, 2005 2:11:00 PM, Anonymous Anonymous said...

In response to
Anonymous said...

Your trust has been relative to what your needs are. The way I see it, kahit na anong ganda ng kumpanya, ng plano, wala ka ng pakialam. Kasi may plano ka talagang manira na lang ng industrya.

Friday, June 24, 2005 4:19:38 PM

Ano? maganda ang plano? Maganda ang kumpanya? E, diba yun ang sabi nila nung binebenta nila yung tradplan ng PPI/Yuchengco? Trust was never relative, and the aggrieved planholder was not the one who violated the TRUST. It was your masters,Fido. Kung merong nanira ng industrya, it was not the planholders who fought back, it was the greedy PPI/Yuchengco who blew up the foundation of TRUST by pulling this stupid stunt of theirs. But then again, why am i arguing with numbskulls like you? go back to your own blog. shoo.

 
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