Friday, July 01, 2005

Picking up the Pieces - Initial Round-up of Suggestions

As stated in the previous post, there is a need to continue looking at solutions and suggestions since we cannot live in limbo:

From the posts, we have culled the following comments which could use further exposition:

a) An analysis was submitted which argued that the PPI customers who are worst off are those that still have subscription payments to make, regardless of the plan. And their dilemma is that of continuing to make payments in the face of a company that has already defaulted on its current obligations and may be setting up precedents on the issue of selective default with each passing day. The analysis concluded that the solution to dilemma was to liquidate the company. While it is a depressing prospect, it stops the uncertainty and unquantified risks that are accruing to those planholders.

b) One recommendation was to look into a management takeover of PPI, again as a result of the defaults. There are cautionary opinions regarding the feasibility of such a move if the takeover team will come from the coalition who, presumably, ave existing engagements;

c) Another recommendation was to use the power of aggregation to get better deals on investment products such as government securities. The concept of a cooperative has been put forward;

d) Another observation was to encourage / challenge financial institutions to offer "self-service" investment facilities so that customers can buy investments such as Treasury bills themselves in small amounts with small brokerage commissions rather than the hefty spreads as well as minimum lots that are the industry norm.

Let us see if we cannot continue to develop these and other ideas further. "If you want to get things right, you have to do it yourself" said one of our commentators. We wish that this did not have to be the case with respect to the management of our savings. However, the recurring sentiment is the loss of trust and the abovementioned items are evidence of that.

Have a good week-end.

130 Comments:

At Friday, July 01, 2005 4:05:00 PM, Anonymous Anonymous said...

by what i have understand, since now that the court has ordered that lifetime be reverted to ppi, existing planholders who are paying other plans will now be making their payments to ppi. It is but logical and reasonable that you don't make payments to someone who owes you in return. What kind of a system do we have if we are required to pay a corporation when the corporation have not complied with its obligation to us. I hoped that some talented lawyers can help us make a case out of this. There are instances when disagreements between parties on financial matters results in the opening of a bank account by one party holding it in trust to the other party on the argument that the other party cannot claim that the opposing party was remiss in his payment. This is quite similar to our case in hand, ppi has refused to pay us the rightful amount due us, and we those who are paying for other plans must have the right to question "why should we pay them if they refuse to pay us?" The problem here is that if we refuse to pay them, we stand to lose all our previous installments we have paid during the past years, but if we pay them, we will be risking more of our hard-earned money since we will never know the future. I tend to believe that those who are availing trad. planholders and at the same time planholders who are paying installments for other plans have a very good basis of withholding payments to ppi. We have a valid argument against ppi, the problem here is how to do it the legal way, without us being in default and protecting whatever we have already invested this past few years.

 
At Friday, July 01, 2005 4:18:00 PM, Anonymous Anonymous said...

i am sure that if there is a legal way to hold on to these payments like saying deposit it in a bank holding it in trust for ppi until their obligation to us is resolved, many planholders would favor this option, and if there will be significant numbers, then maybe, ppi will be hard-pressed to either pay what is due us. WE planholders will be able to preserve our investment and ygc cannot declare that our plans has lapse and we will have every right to demand payments for the plans we are supposed to be paying right now when the time comes. Saan ka ba naman makikita na ninakawan ka na, babayaran mo pa kundi nanakawan ka uli?????????

 
At Friday, July 01, 2005 4:40:00 PM, Anonymous vicente said...

What the two previous posters seem to be suggesting is to create an escrow account into which all payments by planholders who are affected by this limbo can be funnelled. That is actually an excellent idea. We just have to figure out who can set this up.

SEC, on behalf of planholders? Maybe. But we of course don't know if they have the authority to do so.

And which bank will have this escrow account? RCBC! No, sorry, just kidding. Anybody but RCBC, right?

The coalition will have to look into this. Will keep you posted.

Thanks and everyone please have a good weekend!

 
At Friday, July 01, 2005 4:50:00 PM, Anonymous Anonymous said...

The above posts suggests that the ones paying for their fixed value plans are PepTrad planholders.

As such, this is such a predicament for them. However, if they can look into the possibility of an escrow account wherein all installments will be deposited during the pendency of the case.

For those planholders without PepTrad plans, it is best that they continue paying for their plans as to avoid any lapsation.

 
At Friday, July 01, 2005 5:25:00 PM, Anonymous Anonymous said...

On the issue of withholding or putting aside payments to ppi in a bank account temporarily, if the coaltion can include paying planholders without any trad. plans so much the better, there are might be many planholders who are undecided whether to continue making payments or not. In their minds are question like 1. What will happen now that lifetime is back with ppi., 2. How good will ppi do in regards to the future availment of the different plans considering that they are trying to default in their payments now 3. How long will the court decide 4. Considering that lifetime corp papers has been revoked and lifetime does not like to go back to ppi as they are appealing the case, who does the planholder turns too in case something happens, who will be responsible, (lifetime whose papers has been revoked or ppi who they claim is a different company from lifetime). The last question can also serve as a basis for planholders who would like to preseve investments to withheld in their payments in the meantime until the issue of lifetime and ppi is finally resolved. If a legal basis can be found for these planholders and a significant memebers makes use of this plan, ygc may have to think twice if their intent was to delay the case and wear the coaltion out. The objective of the idea was to protect the interest of confused planholders who wants to protect their investment withoout defaulting their contracts.

 
At Friday, July 01, 2005 5:43:00 PM, Anonymous Anonymous said...

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At Friday, July 01, 2005 5:52:00 PM, Anonymous Anonymous said...

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At Saturday, July 02, 2005 10:07:00 AM, Anonymous Anonymous said...

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At Saturday, July 02, 2005 3:18:00 PM, Anonymous Anonymous said...

Just a question or 2.

If indeed an escrow account is set up, who determines what portion of the amounts deposited will go to which trust funds? Don't portions of the sums paid by planholders go to the trust funds of their plans?

 
At Saturday, July 02, 2005 5:20:00 PM, Anonymous vagabond said...

I read somewhere in the blog ( i think it was one of vicente's posts) that trust funds for tradplanholders and fixed value planholders are separate,and that in the last audited FS of PPI, trust funds exceeded ARL, and that the trust funds are being held in trust by PPI for the planholders Well, something along that line.

If this is the case, can the tradplanholders form an organization then through some legal means reclaim the trust funds from the trustee and manage the trust fund by itself? or have it managed by another entity other than PPI/YGC since there seems to be a breach of trust between trustor and trustee?

If this is possible, could the trust fund be converted into something like seed money for a cooperative type organization owned by all tradplanholders? From there, the organization can "do things right by doing it themselves".

Just a thought. Can it be done?

 
At Saturday, July 02, 2005 5:35:00 PM, Blogger PopsJ said...

The escrow account is FANTASTIC!. It becomes imperative for the coalition to invite more PPI Planholders, especially those who are paying planholders (whether pension, memorial, etc) to join us. Also, we seek SEC's, or the RTC's approval on setting up the escrow account.

With what happened to CAP, a management committee may also be formed upon SEC's order. If the coalition agrees, we can nominate who will represent.

For a start, the coalition can write to each paying planholder. Offer them the escrow account as an alternative, rather than default. We can ask them to join us.

I think we can work out along these lines.

Peace!

 
At Saturday, July 02, 2005 8:33:00 PM, Blogger PopsJ said...

Vagabond came up with an ingenious suggestion. Why not manage the Trad Plan Trust Fund.

Would the coalition be allowed by SEC? By Makati RTC? By PPI?

But PPI had already purchased the NAPOCOR zero bonds and owe Php 250mm to Yuchengco, aside from the RCBC USD loan.

I know of a foreign bank that sells retail USD denominated bonds without service fee, but they add a little to the Bloomberg's selling rate, example is BSP maturing 2027 is being sold as of June 30, 2005 at 94.50 (discounted 5.50, YTM 9.19%) with coupon of 8.60%

 
At Sunday, July 03, 2005 9:38:00 AM, Anonymous Anonymous said...

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At Sunday, July 03, 2005 6:09:00 PM, Anonymous Anonymous said...

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At Sunday, July 03, 2005 8:14:00 PM, Anonymous Anonymous said...

Have 2 relatives with combined pension and memorial plans of their employees close to 100 plans.

They also do not trust PPI nor Lifetime but are concerned of losing their previous installments if they stop payment.

Please fast track the escrow account possibly with the blessing of SEC so that all planholders can be united in protecting their investments.

 
At Monday, July 04, 2005 7:37:00 AM, Anonymous Anonymous said...

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At Monday, July 04, 2005 9:07:00 AM, Blogger SunTzu said...

To the one that posted:
If these people could only look deeper into the situation and realize that the problem lies in trad educ plan only, then they would continue paying for their installments.

By trying to convince non-peptrad planholders to join you when their plans are not in anyway affected by this concern smacks of moral deprivation on the part of the coalition.

I am curious, have you heard of selective default?

Imagine a company that has limited funds and says I will pay off Bank A, B and C but not Bank D because I cannot afford to pay Bank D.

If you do default on Bank D esp. in the US, your credit record is smeared until you have paid up.

Bank A-C dont come to your defence and say, "...but he paid us."

YGC's name is smeared. Whether fixed or traditional, Pacific or Lifetime, Grepa, Malayan, RCBC etc., how can you deal with someone who has practically defaulted and trust them to make good their obligations?

 
At Monday, July 04, 2005 9:14:00 AM, Anonymous Anonymous said...

"If these people could only look deeper into the situation and realize that the problem lies in trad educ plan only, then they would continue paying for their installments.

By trying to convince non-peptrad planholders to join you when their plans are not in anyway affected by this concern smacks of moral deprivation on the part of the coalition."

The previous poster is trying to take the high moral ground when PPI and the Yuchengcos are nowhere in sight when it comes to moral actions.

Once upon a time, it may have been true that the non-trad and the non-edu planholders were not affected by the crisis perceived by the owners and management of PPI. But when they took the actions they did (the spin-off to LPI, the split of the trust funds, the sales of PPI and LPI to other in-house companies, etc.) and when SEC revoked LPI's incorporation, those LPI planholders became mute but very affected bystanders in this drama. Now, with the coalition being asked to help these disenfranchised planholders, how can this Anonymous poster claim that the coalition is morally depraved? Since when has helping your fellow man in dire straits ever been morally depraved? The hypocrisy of the previous poster is all too glaring.

 
At Monday, July 04, 2005 9:24:00 AM, Blogger SunTzu said...

An escrow is a great suggestion.

However given that PPI will not agree, it would likely require (I am assuming)a recommendation from the SEC and a court order to establish such an account that would serve as the receptacle for present and future payments (a different account broken down by type of plan so as not to commit the same mistake as PPI)

The costs should be minimal as the Trustee bank would make individual accounting via spreadsheet of how much was received and send this to PPI for them to know to keep the plan current provided the correct amount has been placed into the escrow

 
At Monday, July 04, 2005 9:28:00 AM, Anonymous Anonymous said...

"Now, with the coalition being asked to help these disenfranchised planholders, how can this Anonymous poster claim that the coalition is morally depraved? Since when has helping your fellow man in dire straits ever been morally depraved? The hypocrisy of the previous poster is all too glaring. "

Again your hypocrisy is the one showing. Since day one, even SEC has acknowledged that fixed value plans are healthy. Your claims of fraud are but relative to your positions which is but a minority of all planholders even that of the peptrad planholders.

No! I don't think its the coalition being asked by these planholders, it's the coalition asking them to join to improve its numnbers. For one, your calling them 'disenfranchised' is one way to stir up the hornet's nest when there are no complains about benefits being witheld or services not being rendered for these fixed value plans.

Moral high ground? Why don't you look among yourselves and have some introspection as to your claims.

Me thinks, you have lost whatever 'moral high ground' that you've professed to have.

Isolate us fixed value planholders from your problesm. Do not contaminate us with your malady.Fixed value planholders in dire straits? No way! It's you who are in this situation and you alone.

IF YOU ARE WANTING IN NUMBERS, TRY TO CONVINCE OTHER PEPTRAD PLANHOLDERS, NOT US!

 
At Monday, July 04, 2005 10:06:00 AM, Anonymous Anonymous said...

"Isolate us fixed value planholders from your problesm. Do not contaminate us with your malady.Fixed value planholders in dire straits? No way! It's you who are in this situation and you alone."

It's a pity this Anonymous poster can't seem to think straight. He/She does not seem to know the difference between benefits due a planholder and payments due from a planholder.

This particular thread arose from concerns by planholders who still are in the midst of their payments for their plans. They are afraid that if they discontinue their payments, they will lose whatever they have already paid to this point. What shall or can we do? they plead.

Now this Anonymous poster butts in with his/her tirade, centering on the BENEFITS due planholders, trad or fixed value. Hellooo? Are you listening? We are talking about planholder payments, not yet about benefits due any planholder.

We're not here to drum up any other support from trad or fixed value planholders. As the title of this thread says, we are looking for ways to "pick up the pieces". This particular piece is what is left of LPI's existence, meaning the planholders who were moved to LPI without their permission and have now the dilemma of whether or not to continue to pay.

Can this Anonymous poster from his/her high moral ground please make a sensible answer to these planholders, addressing their fears directly? What can you say about the Yuchengcos to persuade these planholders that all is well? (Hint: you won't win any brownie points by attacking the coalition; we're not the enemy of these planholders.)

 
At Monday, July 04, 2005 10:52:00 AM, Anonymous Anonymous said...

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At Monday, July 04, 2005 10:58:00 AM, Anonymous Anonymous said...

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At Monday, July 04, 2005 10:59:00 AM, Anonymous Anonymous said...

In response to:


"As such, this is such a predicament for them. However, if they can look into the possibility of an escrow account wherein all installments will be deposited during the pendency of the case."

Also to.

"Now, who's at a lost here! Benefits of a planholder is contingent on his payment of installments."


I agree that an escrow account will serve as some means to safeguard our money. However, this can only be done for a very short period, maybe a 1 or 2 months at a maximum. Otherwise, it will have a bigger negative effect.

This is because of the following reasons:

1) An extended escrow account will have negative effects on our future benefits. This is because money in escrow account cannot be invested. This means that PPI will most probably cannot consider amount in escrow as contributions to trust fund. However, our account may be treated as not lapsed. The longer it is in escrow, the bigger the gap of investment income and future benefits. Thus we are putting our future benefits in jeopardy.

2) An extended escrow account will most probably affect benefits payout. I am sure they did cash flow projections assuming payments from planholders. PPI investments are based on this cash flow projections. PPI will be forced to make a decision to liquidate investments prematurely, which will affect future benefits, or stop paying until money from escrow is transferred to trust fund.

 
At Monday, July 04, 2005 11:29:00 AM, Anonymous Anonymous said...

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At Monday, July 04, 2005 11:46:00 AM, Anonymous Anonymous said...

Quotes from A Guerilla's Diary:

“We must carry the war into every corner the enemy happens to carry it, to his home, to his centers of entertainment: a total war. It is necessary to prevent him from having a moment of peace, a quiet moment outside his barracks or even inside; we must attack him wherever he may be, make him feel like a cornered beast wherever he may move. Then his moral fiber shall begin to decline, but we shall notice how the signs of decadence begin to disappear.”
—Che Guevara, Message to the Tricontinental

“In a revolution, one triumphs or dies.”
—Che Guevara (farewell letter to Fidel Castro; dated April 1, 1965)

“Hatred as an element of the struggle; a relentless hatred of the enemy, impelling us over and beyond the natural limitations that man is heir to and transforming him into an effective, violent, selective and cold killing machine. Our soldiers must be thus; a people without hatred cannot vanquish a brutal enemy.”
—Che Guevara (message to the Tricontinental; 1967)

“At the risk of seeming ridiculous, let me say that the true revolutionary is guided by a great feeling of love.”
—Che Guevara

“Many will call me an adventurer - and that I am, only one of a different sort: one of those who risks his skin to prove his platitudes.”
—Che Guevara

 
At Monday, July 04, 2005 11:57:00 AM, Anonymous corporate_conscience said...

The escrow account addresses the good faith issues with respect to the planholders' payments and should prevent their plans cancellation.

However the comment that the escrow account cannot be considered as part of the trust account is equally true. Unless managed separately, there will be a shortfall in benefits accumulation. It may be necessary to contemplate a "package deal" where the bank responsible for the escrow is likewise mandated to reinvest the funds prudently.

We just cannot predict at this point about what happens to agents' commissions once the escrow is established. This is because 100% of the subscription payment goes straight to the escrow account.

 
At Monday, July 04, 2005 12:04:00 PM, Anonymous Anonymous said...

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At Monday, July 04, 2005 12:17:00 PM, Anonymous Anonymous said...

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At Monday, July 04, 2005 1:04:00 PM, Anonymous Anonymous said...

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At Monday, July 04, 2005 1:27:00 PM, Anonymous Anonymous said...

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At Monday, July 04, 2005 1:44:00 PM, Anonymous Anonymous said...

"Now, who's at a lost here! Benefits of a planholder is contingent on his payment of installments.

If you witheld payment of installments due to your totally safe fixed value plan because of some prodding from peptrad planholders whose only concern is to contaminate you, then the benefits that will be due you will be at risk.

Need I say more!"

Come on! Is the best you can do? The very best? Isn't there some great confidence-building pep talk you can tell our fellow planholders so that they can continue to pay the Yuchengcos after what the Yuchengcos have done?

Try it again. This one doesn't quite make it.

 
At Monday, July 04, 2005 2:46:00 PM, Anonymous Anonymous said...

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At Monday, July 04, 2005 2:59:00 PM, Blogger SunTzu said...

Going back to what Corp. Conscience and someone else who said that the escrow cannot form part of the trust account...

Would it not be possible it the funds in said escrow is allowed to/or invested with the same portfolio managed by the Trustee Bank handling the funds except that it would be designated as a seperate until the whole issue is resolved.

 
At Monday, July 04, 2005 3:16:00 PM, Anonymous Anonymous said...

FYI to suntzu and all else:

As far as we know, the trustee banks of PPI and LPI are RCBC, China Bank and ING, with RCBC holding the great bulk of all the trust funds.

I leave you to your imaginations and judgments to weigh if RCBC, a Yuchengco company, is still worthy of holding any planholder money in escrow. Please remember that RCBC was instrumental in the shuffling around of PPI's trust funds as well as assets.

 
At Monday, July 04, 2005 4:35:00 PM, Anonymous Anonymous said...

begin quote:
" The act of violence whether done singly or in threes henceforth shall be attributed to the coalition."

JUST A REMINDER TO ALL:

Comments posted are NOT OFFICIAL COALITION STATEMENTS. If there are calls for violence and it does happen, whether done by 1 person or more, it cannot and should not be attributed to the coalition unless such a call was done IN THE MAIN POSTS.

We should be clear on this as there may be infiltrators who pretend to call to violence, then do the violent act themselves, then point an accusing finger at the Coalition. In other words, saboteurs....." end quote

to be drawn into this argument is to entangle oneself in a conondrum. we must each do as our conscience dictates

the purpose of the blog is to draw out ideas, positive or negative...and to discuss the merits or lack of it with the goal of pushing forward the objective of getting the yuchengcos to fulfill their contractual obligations to the disenfranchised parents and their children. it is still a free country after all.

i agree, statements are not official until put in the main posts.

fruitless discussions are, however, just that...fruitless.

wise generals always regularly review their tactics and adjust accordingly. maybe the time to do this for us is now.

it is a historical fact though that the victor in the conflict is the one who gets to define the morality of all actions involved in the resolution of the conflict.

while unjust violence is abhorrent, even the bible is full of examples where righteous violence saved the day for those who were on the side of the just and godly.

i will not argue any further than this as i for once agree with that famous president's line: "less talk, less mistake".

i do however wish to point out that name-calling...using words such as "infiltrators" and "saboteurs" is a form of sabotage in itself as it eventually leads to replication of the tactic. thus leading to further fruitless discussion.

anyone can threaten me and i would normally be inclined to let it slide. but threaten my children's future and all bets are off. i will fight tooth and nail...to the death even (mine or my enemy's)...to defend my children. because they are all i feel is worth living for. that is my stand on the matter.

in the end, we can only do what our individual conscience dictates. thank you and i apologize for my verbosity.

 
At Monday, July 04, 2005 5:51:00 PM, Anonymous Anonymous said...

"in the end, we can only do what our individual conscience dictates."

This is precisely my point. Our individual consciences should dictate our own actions towards YGC.

My terms "infiltrators" and "saboteurs" was not meant for the disenfranchised parent like me. Sorry if you felt I was alluding to you. Tell the truth, I feel like pelting them with paint myself (in my mind). My comment was meant for those on the other side who may pick up from the posted suggestions re violence, commit the act themselves and then turn around and say it was the coalition!! From their actions so far, dirty tricks are definitely up their alley. I would not put it below them.

We all know this blog is watched by them. My comment was reserved for the poster who said "The act of violence whether done singly or in threes henceforth shall be attributed to the coalition." Why should it? Is that a threat? Is he laying the stage for actions that will make it appear as though they were committed by the coalition, and in the process possibly incur the ire of the public and business towards the coalition?

Our emotions, deeply wounded by the actions of YGC, make us feel like getting back at them in anyway we can. You and I can't be faulted for that. Our children's future, as you said, are the ones at stake here. We just need to be sure it does not backfire on us.

To the aggrieved parent like me, we are both on the same side, albeit we may not always agree on the methods or level of how to get back at YGC. I just think that while my whole being is itching to get even with PPI, I need to let my children also see the MANNER by which we, their parents, fight back against the oppressors.

Good day to you and to all!

 
At Monday, July 04, 2005 10:22:00 PM, Anonymous Anonymous said...

Wish ko lang:

Sana for the benefit of future planholders if not us, the proposed pre-need code will include a provision where by a majority vote of all planholders that they have lost trust in the company, the SEC or Insurance Commission will immediately take over management of the company including the trust fund.

 
At Tuesday, July 05, 2005 7:28:00 AM, Anonymous vagabond said...

Can we get back to the topic being discussed? I believe we were on the topic of the escrow account and taking back the trust fund, etc. Are there any other ideas on how to go about picking up the pieces?

 
At Tuesday, July 05, 2005 8:20:00 AM, Blogger SunTzu said...

Vagabond

I would be surprised if Pacific/Lifetime after the "putback" will be able to sell
any new plans given their situation. Therefore what will remain is for the company to start laying off people and eventually close.

Regardless, the trust funds should return and be kept intact. The SEC mandated that the funds be kept in a separate trust since each contract started.

The SEC therefore should be the one
taking control and come up with solutions and we should help them think by opening a dialogue with them and put forth the suggestions in this blogspot

 
At Tuesday, July 05, 2005 9:04:00 AM, Anonymous Anonymous said...

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At Tuesday, July 05, 2005 9:44:00 AM, Anonymous Anonymous said...

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At Tuesday, July 05, 2005 9:49:00 AM, Anonymous Anonymous said...

Absorbing the assets and managing it ourselves may just be self defeating, as I have serious doubts if the coalition has the expertise in the long run. Pls dont get me wrong. I am not questioning the competence or integrity of the coalition but managing the fund will need fulltime attention.

Can the coalition negotiate with a stable preneed group, Philam or Sunlife, to manage the fund (or even take over the contracts between PPI and the trad plan holders)? Whatever the fee this company will require be charged to PPI (of course for mismanaging the trad policies)!

 
At Tuesday, July 05, 2005 10:06:00 AM, Anonymous Anonymous said...

"Can we get back to the topic being discussed? I believe we were on the topic of the escrow account and taking back the trust fund, etc. Are there any other ideas on how to go about picking up the pieces?"

Tuesday, July 05, 2005 7:28:42 AM


For those who are still paying their premiums, I suggest that you inquire from the coalition's lawyers if you can deposit, by way of consignation under the New Civil Code, the premium payments with the rehabiltation court. The deposit shall be subject to the conditions:

1. Should the rehabilitation be denied with finality, the same shall may be withdrawn by PPI or Lifetime, as the case may be. If granted, then it must be returned to the depositors;

2. It can be withdrawn or invested only upon court order, upon motion of either parties and after giving the parties the opportunity to be heard;

3. It can be withdrawn only after the proper payee, either PPI or Lifetime, is determined with finality;

4. PPI or Lifetime will comply with their commitment under your respective policy.

5. The deposits shall be considered as valid payments of premiums.

You may add other conditions which you believe will further protect your rights and interests.

 
At Tuesday, July 05, 2005 11:03:00 AM, Anonymous Anonymous said...

In response to"

"
For those who are still paying their premiums, I suggest that you inquire from the coalition's lawyers if you can deposit, by way of consignation under the New Civil Code, the premium payments with the rehabiltation court. The deposit shall be subject to the conditions:
"

I think you forget that all traditional planholders are fully paid by this time. The escrow being suggested is for fixed value planholders. Rehab plan has nothing to do with fixed value planholders.

Moreover, Escrow for fixed value planholders doesn't make sense because it will impact the viabiliy of the future benefits.

 
At Tuesday, July 05, 2005 11:32:00 AM, Anonymous vagabond said...

I'll go back to my first question.

Is there any legal way tradplan holders can get their collective hands on the trust fund allocated for them and manage the fund themselves through an organization, a foundation, a cooperative, or whatever, for the benefit of their scholars?

Clearly, there are no cut and dried or by-the-book solutions to our problem, we have to make things up and improvise as we go.

 
At Tuesday, July 05, 2005 11:35:00 AM, Anonymous vicente said...

"Moreover, Escrow for fixed value planholders doesn't make sense because it will impact the viabiliy of the future benefits."

This cannot be a perfect solution which addresses all concerns, namely the good faith issues as well as the continuity and viability of the earnings of the existing trust funds. The recent turn of events have put these trust funds in limbo and we can only hope to meet one major concern of paying planholders now, i.e. the continuity of their payments in order to prevent the loss of their previous investments. The earning capacity of the trust funds is out of our hands anyway as the trustee banks are those in control of them.

 
At Tuesday, July 05, 2005 11:40:00 AM, Anonymous vicente said...

To vagabond,

The trust fund for trad planholders is principally in the Napocor bonds which as everyone knows is the stinker in the pot. Assuming trad planholders can get hold of this particular trust fund, there is also no liquidity available there, again because of the nature of the Napocor bonds (zero coupon bonds due to mature in 2010).

 
At Tuesday, July 05, 2005 11:43:00 AM, Anonymous Anonymous said...

"I think you forget that all traditional planholders are fully paid by this time. The escrow being suggested is for fixed value planholders. Rehab plan has nothing to do with fixed value planholders."

Please bear with me, but the way I understood from previous comments, is that Lifetime's incorporation has been revoked and that all the assets and liabilities of Lifetime, including fixed value plans, will be transferred to PPI -at least, this is what i inferred from the rehab court when it ordered PPI to submit a consolidated FS.

The one asking for rehabiltation is PPI as a corporation. Consequently, I believe that fixed value plans will also be affected by the rehab

 
At Tuesday, July 05, 2005 12:34:00 PM, Anonymous Anonymous said...

As stated in the previous post, there is a need to continue looking at solutions and suggestions since we cannot live in limbo:

From the posts, we have culled the following comments which could use further exposition:

a) An analysis was submitted which argued that the PPI customers who are worst off are those that still have subscription payments to make, regardless of the plan. And their dilemma is that of continuing to make payments in the face of a company that has already defaulted on its current obligations and may be setting up precedents on the issue of selective default with each passing day.

I think every PPI customers and plan holders are all worst off! After buying and trusting the Yuchengco Group of Companies and PPI. As an availing plan holder, I have Three PPI scholars who are presently enrolled and supposed to be availing. I was somehow relieved when I read the news that Ambasador Alfonso Yuchengco was infusing Php 250 million for this years tuition availment AND PPI plan holders can enroll at Mapua Institue of Thecnology as PPI scholars. When I cheked with PPI hotline about the availment of my children this year, since one of my child is enrolled in a tri-mester school and the second in a quarter-mester school (Mapua), I was told that their promised “this year availment” ment annual for elementary and high school and ONLY one semester for this year for colleges. It seems that even if you are enrolled in Mapua which is a Yuchengco Group of Company Ownd, your PPI plan will not be honored! I asked if I can apply for a “study now and pay later plan” and have my PPI plan as collateral so as not to stop my child from school, I was told that they’ll bring this up to management. Meaning, they have not yet thought about it yet for their own school and PPI plan holders? I thought the good Ambassador wanted to help the current PPI scholars who are now in the mids of their schooling? How can I have my children continue their schooling? I save and paid all my plans when business was good and now that im out of business and jobless, what do I do now and how do I explain this to my children? Lately, I have instances that misunderstanding and hate feelings have enterd our home because of this. I wish I have a magic wand to work this out in a weeks time so my child can continue to enroll in Mapua IT. Or I wish I am a Yuchengco and just send my children to study abroad and not worry about what happens here in our motherland (battered, raped, abused by the very people who have more to give and more blessed). We all are worst off and our dilemma is continuing to make my children continue going to school!

 
At Tuesday, July 05, 2005 3:04:00 PM, Anonymous vagabond said...

vicente said...

To vagabond,

The trust fund for trad planholders is principally in the Napocor bonds which as everyone knows is the stinker in the pot. Assuming trad planholders can get hold of this particular trust fund, there is also no liquidity available there, again because of the nature of the Napocor bonds (zero coupon bonds due to mature in 2010).

Tuesday, July 05, 2005 11:40:25 AM



I went back thru the blog and found what i was looking for. It is in reviewer 9, YGC Alchemy- Turning Gold into Lead.

As i understand it, before the spin off, the trust funds including that of the tradplans were made up of a variety of instruments which included the NPC Bonds. It was only after YGC spun off PPI that the trust fund of tradplans became composed mostly of the junk NPC bonds because YGC decided to dump it all there. There is even an illustration and this writeup in the main post:

At the risk of being repetitive...CALLING the CENTRAL BANK... What were the trust managers thinking when they agreed with PPI and stuffed the traditional plans pool with Napocor Bonds? They had already declared to the SEC that they were going to put liquid instruments and / or cash to backstop traditional plans. (RECALL THE APRIL 22 DONG PUNO show where Mr. Jose Cuisia stated that his company's policy was to ensure that the majority of their assets were government securities and cash -- sorry NAPOCOR bonds don't cut it).

Does the 'reintegration" of Lifetime back to PPI mean that the configuration of the trust funds are again like they were before the spinoff? Or are we tradplanholders stuck with the NPC bonds? If so, why?

If we are not stuck with the NPC bonds, can the tradplanholders lay claim to an AMOUNT in instruments other than the NAPOCOR Bonds?

Thanks for your patience, vicente. May i call you vic for short?

 
At Tuesday, July 05, 2005 4:03:00 PM, Anonymous Anonymous said...

This comment has been removed by a blog administrator.

 
At Tuesday, July 05, 2005 5:02:00 PM, Anonymous Anonymous said...

This comment has been removed by a blog administrator.

 
At Tuesday, July 05, 2005 5:43:00 PM, Anonymous vicente said...

For vagabond:

"Does the 'reintegration" of Lifetime back to PPI mean that the configuration of the trust funds are again like they were before the spinoff?"

Not as easy as that, I fear. As I posted before, the trust funds are considered, under SEC's new pre-need rules, separate and distinct from the corporate assets. So my layman's guess is the reintegration of LPI into PPI will not necessarily mean the same effect on the trust funds. Unless some major miracle happens.

"Or are we tradplanholders stuck with the NPC bonds? If so, why?"

Because that's all the geniuses at PPI left in the edu trad plan trust funds. Nothing more, nothing less. With the rehab petition still undecided, that's the way it's going to be.

"If we are not stuck with the NPC bonds, can the tradplanholders lay claim to an AMOUNT in instruments other than the NAPOCOR Bonds?"

Not the way the PPI geniuses structured this. Almost all the liquid or near-liquid assets were moved to the LPI-created trust funds, to service only the fixed value plans, which were also moved to LPI. What they left that was liquid was the P341 million which was the first tranche of the "tuition support", remember? After that, they claimed they had nothing more, other than the Napocor bonds. (This is not including AY's P250 million "loan".)

"Thanks for your patience, vicente. May i call you vic for short?"

That's my nom de guerre, just like yours is. Okay lang, as you don't call me "Y-------o" ;-)

 
At Tuesday, July 05, 2005 5:44:00 PM, Anonymous Pandy said...

"Unfortunately, all of these are signs of weak leadership. I am hoping for the coalition to lead the way but it seems it is the blind leading the blind. Everyone here is getting really impatient and desperate without concrete plans in place."

What a horribly arrogant post! This person is sitting back, waiting to be spoon fed what to do and getting very impatient about it, as well. To the core group who have been working FOR FREE and for no thanks from anyone: you have my support and appreciation. I hope you won't let posts like this demoralize you because most of us are grateful for what you are doing. "Everyone here is getting really impatient"? Who is "everyone"? Speak for yourself, Mr. Anonymous!

 
At Tuesday, July 05, 2005 5:44:00 PM, Anonymous Anonymous said...

the purpose of war is to defeat the enemy, takeover his resources so that you can get what you want.

if that is not possible, you should at least aim to overrun his army and demoralize his fighting force enough to make him come to the negotiating table.

have we won the war? we have not, the enemy flag is still flying! neither have we made him come to bargain.

so keep your eyes on the enemy flag, keep moving forward and keep hacking with that sword or bayonet!

we must have singlemindedness of purpose. we cannot be everything to everybody.

this coalition was formed to defeat the fraudulent rehab and make the yuchengcos fulfill their promises.

we won the first skirmish but it is only the beginning battle...one of many yet to come. how do you win a war? you fight it battle by battle, one victory at a time until the enemy concedes.

problema e because we won the first skirmish we have become swell-headed and lost sight of the objective...that enemy flag!

we began dissipating our resources by trying to be everything to everyone. kayabangan! we were good at fighting the rehab. but let's not fool ourselves by thinking we can fight this battle and at the same time build roads and bridges, prop up the economy, convert the pagans, plant bountiful fields, feed the hungry, fight crime, establish high moral order, promote beauty and culture...etc. etc...

we are good at fighting the rehab and exposing all the lies connected with it. we were able to shake the yuchengcos tree and yank their chain. niyanig natin sila...at ang buong industriya. pero umpisa lang yun. let's not get ahead of ourselves, maunahan tayo ng yabang...running here and there thinking we can resolve everything and in the process dissipating ourselves on every little brush fire.

let's get back to doing what we do best. exert more effort at blocking the yuchengcos moves...let's shake their confidence some more...no, lets utterly demoralize them. because only until they fear for their very existence, only unless they are absolutely fraught with jitters anticipating our next bomb explosion...only until even the fleas in their hair are unable to hang on because the yuchengcos are absolutely shivering in fright...only then will they give us any concession or bargain with us.

 
At Tuesday, July 05, 2005 8:49:00 PM, Anonymous vicente said...

Pandy,

There's a prayer that's perfect for the person you just commented about. It goes like this:

"Dear Lord,
Please grant me patience. . . AND I WANT IT NOW!!!"

 
At Wednesday, July 06, 2005 6:58:00 AM, Anonymous vagabond said...

Yo Vic!

vicente said...
"Or are we tradplanholders stuck with the NPC bonds? If so, why?"

Because that's all the geniuses at PPI left in the edu trad plan trust funds. Nothing more, nothing less. With the rehab petition still undecided, that's the way it's going to be."


So what happens if the rehab is junked as we would want it to be? How will PPI pay for next sem's tuition if the only thing in the tradplanholders' trust funds are the NPC Junk? Won't they have to do some sort of reconfiguration of the trust funds in order to get some liquid assets to make those payments?

 
At Wednesday, July 06, 2005 8:42:00 AM, Anonymous vicente said...

To vagabond:

Without the rehab shield, then PPI would have to do what they did in past years: cough up money from whatever sources they could to make the payments due planholders. This was reflected in their FS as "Increase in actuarial reserve liability". Ordinarily, this money would go into the trust fund, where the trustee bank would invest it somewhere to earn a decent return. But at all times, both PPI and the trustee bank were supposed to maintain a certain amount of liquidity in the trust fund in order to meet current liabilities. According to the SEC pre-need rules, that liquidity is supposed to be no less than 10% of the net value of trust fund assets. All that went out the window when they put this scheme into play. So, as a start, they have to come up with enough cash to meet at least the 10% liquidity reserve. That will probably be new money, if they don't instead liquidate some of the Napocor bonds.

 
At Wednesday, July 06, 2005 9:04:00 AM, Anonymous Anonymous said...

SEC monitors 12 pre-need firms offering open-ended education plans


by ANA MARIE MACUJA


The Securities and Exchange Commission (SEC) is closely monitoring 12 pre-need companies that have offered traditional or open-ended education plans.



Of the 12, four have had their dealer’s license suspended or revoked. The four include College Assurance Plan Philippines, Inc. (CAP), Pacific Plans, Inc. (PPI), Platinum Plans, Inc. and Scholarship Plans, Phils., Inc.

The remaining eight include Eduplan Phils., Inc., Eternal Plans, Inc., Legacy Consolidated Plans, Inc., PET Plans, Inc., Prudentialife Plans, Inc., Pryce Plans, Inc., TPG Corp., and Trusteeship Plans, Inc.

To recall, PPI claimed its liquidity problem is caused by its open-ended plans. The company said the deregulation of tuition increases in 1990 placed in peril the company’s obligations under the open-ended or traditional plans.

PPI earlier claimed as a result of the deregulation, its obligation under the open-ended educational plans ballooned to a level not originally projected by the company.

"The deregulation of tuition fees has caused a tremendous rise in the cost of education, which in turn put an enormous pressure on traditional (open-ended) plans and their respective trust funds considering that pre-need companies dealing in such securities could not pass on the additional cost to their planholders," PPI claimed.

PPI stopped selling open-ended education plans in 1992, 10 years ahead of a directive from the SEC putting to a stop the sale of such type of education plans.

The SEC, on the other hand, has been criticized for allegedly not doing its job to prevent the financial turmoil of companies such as PPI and CAP.

The SEC has also received criticisms for not immediately putting to a stop the sale of open-ended plans. The SEC directed pre-need firms to stop selling this type of education plan only in 2002

 
At Wednesday, July 06, 2005 9:07:00 AM, Anonymous Anonymous said...

10 pre-need companies on SEC watchlist
By Zinnia B. Dela Peña
The Philippine Star 07/04/2005

The Securities and Exchange Commission (SEC) is closely monitoring 10 other pre-need companies that offered open-ended educational plans in light of reports that some of them are experiencing liquidity problems.

Apart from Pacific Plans Inc. and College Assurance Plans, other pre-need firms on the SEC’s watchlist are Platinum Plans, TPG Corp., Prudential Life Plans, PET Plans, Eternal Plans, Eduplan Phils., Legacy Consolidated Plans, Pryce Plans, Trusteeship Plans, and Scholarship Plan Phils.

These pre-need firms offered a total of 796,263 open-ended plans worth P30.037 billion. When combined, the actuarial reserve liabilities (ARL) of these companies amounted to P32.76 billion of which CAP accounted for P23.25 billion.

The ARL is the present value of all current and future tuition availments. It is based on inflation, interest rates, and expected tuition fee increases, among others.

A measure of how healthy a pre-need company is whether its trust fund is equal to or exceeds the ARL. The trust fund is the pool of premium payments from planholders that had been invested.

In open-ended plans, a pre-need firm pays the tuition of a beneficiary regardless of the amount. Before 1992, tuition increases were limited to no more than 15 percent each year.

When tuition fees were deregulated in 1992, most of the pre-need companies stopped selling the open-ended educational plans.

An SEC official said complaints have been piling against Platinum Plans for delayed or non-payment of obligations to planholders. Some investors have even questioned the luxurious cars and the frequent travels of the company’s top officials.

There were also reports that Platinum Plans has been remiss in paying its employees.

Following the collapse of Pacific Plans, the SEC has stepped up its monitoring over pre-need plan firms to ensure their compliance with existing regulations.

For one, the SEC will conduct on-site audits on pre-need companies to confirm the veracity of financial information submitted to the corporate watchdog agency as part of additional measures to safeguard the interest of the investing public.

Some lawmakers, however, are blaming the SEC for being remiss in its duty to monitor and supervise the industry, now plagued with controversies arising from the financial difficulties facing pre-need firms.

Nevertheless, the SEC said it remains committed to protecting the interest of investors.

Many fear that Pacific’s Plan filing of a petition for suspension of debt payments and rehabilitation could be a precedent to other pre-need firms encountering cashflow problems to evade their responsibilities to planholders.

The number of pre-need firms licensed by the SEC to sell securities to the public dropped to 33 from 42 last year.

Among the companies that are not licensed to sell pre-need plans are Platinum Plans Inc., Celestial Memorial Plans, East Asia Plans, FCM Plans Inc., Garden of Memories Memorial Plans, Gillamac Life & Pension Plans, Pension & Retirement Plans Corp., Samson Memorial Plans, and Special Plans.

 
At Wednesday, July 06, 2005 9:10:00 AM, Anonymous Anonymous said...

SEC files criminal raps vs officers of pre-need firm
By Zinnia B. Dela Peña
The Philippine Star 07/06/2005

The Securities and Exchange Commission (SEC) has filed a criminal complaint at the Department of Justice against the officers of pre-need firm Asian Diamond Plans Inc. for their fraudulent and manipulative practices in violation of several provisions of the Securities Regulation Code and the Revised Penal Code.

In its complaint, the SEC said Asian Diamond resorted to a series of misrepresentations to make it appear that it has complied with rules on the registration and sale of pre-need plans, including the minimum paid-up capital of P100 million.

"Fraudulent entries were made in Asian Diamond’s accounting books, financial statements and reports presented to SEC with intent to mislead the latter and conceal its paid-up capital deficiency. The general information sheet of Asian Diamond submitted to the SEC on Nov. 27, 2002 declared that its subscribed capital stock amounted to P100 million but an examination of its books showed otherwise," the SEC said.

Per audit findings, Asian Diamond’s capital at the time was only P43.96 million even after the entry of new investors in June 2002.

Respondents to the case are Damaso Magbual, the former president of Asian Diamond, Norman Gonzalez, currently the president and chief executive officer of the company, and directors Bryan Wee Poh Aun, Ennily Pang, and Rommel Aniag.

The SEC Findings also showed that Magbual, during his term, caused the booking and recording of an alleged short-term investment in the amount of P12 million in violation of accounting standards.

The SEC said Asian Diamond sought to conceal this overstatement by crediting its general fund account by P6 million as advances to DOSRI accounts (directors, officers, stockholders and related interests), thereby reducing the overstatement in its general fund by the same amount.

According to the SEC, Asian Diamond’s trust fund contributions from collections have substantially been reduced since the new management took over. Under the old management, there were no withdrawals from the trust accounts in order to maintain the fund level.

With the new management, all claims paid to planholders from prior years were withdrawn to augment the company’s operational requirements.

Apart from this, Asian Diamond was also found to have sold securities to the public despite an SEC order prohibiting the company from doing the same.

Further review of the pre-need firm’s bank statements showed that from May to July 2003, there were several checks which were encashed and cleared but were not remitted to Asian Diamond. In addition, there were unauthorized cash withdrawals.

"In committing these acts, respondents made a false or untruthful narration of facts to conceal acts of misappropriation with intent to cause damage to Asian Diamond and its innocent planholders. The elements of the offense of falsification are therefore present and respondents must be held criminally liable under Article 172 of the Revised Penal Code," the SEC said.

The SEC alleged that the salary scheme of Asian Diamond further drained its revenue collection. Instead of being used to cover the required trust fund contribution and paid-up capital, the collection stream was largely used to pay the exorbitant renumeration of Asian Diamond’s officers and directors, the SEC said.

"The grant of privileges to Gonzalez and Aniag as well as the unrestricted cash advances made by Wee and Pang certainly manifest gross and grave abuse of their position as officers of Asian Diamond and give the impression that all four of them are in collusion with one another, unjustly enriching themselves at the expense and detriment of Asian Diamond," the SEC said.

Asian Diamond was earlier ordered liquidated by the SEC due to its failure to inject the much-needed capital to sustain operations.

The SEC earlier encouraged other pre-need firms to take a look at Asian Diamond to spur consolidation and mergers in the industry. This would allow smaller pre-need firms to cope with the prevailing financial difficulties and meet the minimum paid-up capital and trust fund requirements

 
At Wednesday, July 06, 2005 9:19:00 AM, Anonymous REALITY BITES said...

In response to:


"According to the SEC pre-need rules, that liquidity is supposed to be no less than 10% of the net value of trust fund assets. All that went out the window when they put this scheme into play. So, as a start, they have to come up with enough cash to meet at least the 10% liquidity reserve. That will probably be new money, if they don't instead liquidate some of the Napocor bonds."

I am sure that PPI/Lifetime has not been selling plans like they used to. Where will the new money come from? If they liquidiate some of the napocor bonds, the trust funds is diminished securing the availing and prejudicing the non-availing.

We made noise to make a statement to YGC but an unintended consequence is that LPI/PPI, even as a merged entity, won't have new cash anymore to supplement the traditional planholders unlike before.

 
At Wednesday, July 06, 2005 10:00:00 AM, Anonymous vicente said...

From reality bites:

"Where will the new money come from?"

That is up to the stockholders of PPI and the rest of the YGC. Where they sourced the money in the past had never been fully disclosed either.

"If they liquidiate some of the napocor bonds, the trust funds is diminished securing the availing and prejudicing the non-availing."

This is a bit of disinformation that PPI spread around to create a rift between availing and non-availing planholders. Let me pass on what I have learned from actuaries I talked to about this situation.

Assume this scenario: The trust fund has enough assets to meet the ARL. Therefore, there is no deficiency that the pre-need company has to make up for. Assume further that no new plans will be added to this pool, so no new ARL will have to be added as well. Assume also that the trust fund continues to earn enough to meet the ARL into the future. In this situation, both sides of the equation are being liquidated, i.e. the asset side as well as the liability side. In this best scenario, no planholder, either currently availing or non-availing, will be prejudiced. Each planholder will get what is due him as his plan is due to avail. When the last plan is to be paid, there is enough in the trust fund to take care of it. After that last plan, both sides are zero.

So, can you now see where the fallacy is in the statement "the trust funds is diminished securing the availing and prejudicing the non-availing"? The fallacy is in the assumption that the non-availing is being prejudiced just because the availing plan is being serviced now. But the non-availing plan is not yet due to be paid! That non-availing plan will just have to wait its turn. That is the way the system works. In short, the non-availing cannot jump the queue, otherwise all hell breaks loose.

 
At Wednesday, July 06, 2005 10:29:00 AM, Anonymous Anonymous said...

That is the way the system works. In short, the non-availing cannot jump the queue, otherwise all hell breaks loose.

How do you factor in those pre-terminating their plans as to its implication to the ARL?

 
At Wednesday, July 06, 2005 10:39:00 AM, Anonymous Anonymous said...

In response to Vicente:

"Assume this scenario: The trust fund has enough assets to meet the ARL. Therefore, there is no deficiency that the pre-need company has to make up for."

Please read the local actuary website. ARL is computed at the time of generation of financial statements every year. It only encapsulates the computed present value of liabilities at that time. This is why this computed yearly. Ask again actuaries. I confirmed this logic many times over.

Even if previous, trust fund is greater than ARL, if liabilities or obligations (tuition fees) increase more than growth in trust fund, than the trust fund in 2005 will be less than ARL if no additional funds are added. So, this is where prjudice happens if availing is allowed to receive their benefits and no additional funds will be put in by PPI.

Please educate yourself Vicente before answering.

 
At Wednesday, July 06, 2005 11:12:00 AM, Blogger PopsJ said...

To the Blog Administrator - Can you delete any ANONYMOUS posting from now on? We have to be courageous enough to identify ourselves and thus prevent remarks like above 'Please educate yourself'. It's uncalled for and primitive.

 
At Wednesday, July 06, 2005 11:32:00 AM, Anonymous Anonymous said...

yak yak yakety yak...

so much fruitless discussion

its all mental masturbation and ego inflation

notice how the hacks have stopped posting? its because we've fallen into their trap! putting ourselves in their shoes and trying to solve problems that they started.

you start doing that and you begin to have sympathy for the enemy. ever heard of the stockholm syndrome?

e i-reciprocate naman kaya ng mga yuchengco yang sympathy na yan? i don't think so.

meanwhile we are dissipating our energies, losing our focus, promoting infighting and losing the battle for hearts and minds. we are fading...fading...fading from the public arena.

m not being critical for the fun of it, the malaise is infectious and it will spread like wildfire if we allow it. let's not play into the enemy's hand.

the running priest told us our greatest challenge will be sustainability. we can only sustain ourselves in battle if we keep our anger, keep our edge, keep our focus on the objective.

reparations come after the war. moral philosophizing can happen after the war. comfort and pipe dreams should only be entertained after the war is WON!

in the midst of battle, it's fight or die!

 
At Wednesday, July 06, 2005 11:44:00 AM, Anonymous vicente said...

It seems I can't please everybody.

What I presented was a SIMPLIFIED, HYPOTHETICAL situation which an actuary presented to me. I did not invent that scenario by myself. I couldn't because I am not an actuary myself.

What I was trying to refute is the fallacy that PPI has been promoting about non-availing plans being prejudiced while availing plans are being paid. In essence, I was trying to show the logic of the system. The finer details that the previous Anonymous commenter mentioned do not in any way contradict that logic. Those details complicate the situation, it is true, but the logic remains the same: The non-availing cannot jump the queue.

"Even if previous, trust fund is greater than ARL, if liabilities or obligations (tuition fees) increase more than growth in trust fund, than the trust fund in 2005 will be less than ARL if no additional funds are added. So, this is where prjudice happens if availing is allowed to receive their benefits and no additional funds will be put in by PPI."

This is part of the insidious disinformation of PPI. Any shortfall in the trust fund to meet the ARL is the responsibility of the pre-need company. They cannot not meet that shortfall. In fact, PPI met that shortfall when they coughed up P1.58B in 2003 and P1B in 2002. Now, what PPI is saying instead is: We are not going to put any more money into this trust fund, so it will be the fault of the availing plans if there is nothing left for the non-availing plans after the availing plans are paid for. WHAT??? So, think about it, Anonymous poster who posted this statement. Perhaps it is you who should educate yourself more about this.

From another Anonymous:

"How do you factor in those pre-terminating their plans as to its implication to the ARL?"

This is a boon to the pre-need company. The ARL for the pre-terminated plan disappears but the pre-need company gets to keep at least half of the money reserved for it.

 
At Wednesday, July 06, 2005 11:54:00 AM, Anonymous Anonymous said...

PopsJ said...
"To the Blog Administrator - Can you delete any ANONYMOUS posting from now on? We have to be courageous enough to identify ourselves and thus prevent remarks like above 'Please educate yourself'. It's uncalled for and primitive."

anonymity has its advantages. there are those among us who swim together with the sharks if you understand my meaning. they are sources of inside info and to reveal them is to put them in harms way.

i have a better suggestion, use the complete name of known ppi vice presidents, managers and supervisors as your nom de guerre.

this will sow distrust and suspision in the inner circle of the yuchengcos. it will also protect our spies in a "hide in plain sight" sort of way

 
At Wednesday, July 06, 2005 12:03:00 PM, Anonymous Anonymous said...

First, I am the one who posted about the trust fund & ARL.

"Any shortfall in the trust fund to meet the ARL is the responsibility of the pre-need company. They cannot not meet that shortfall. "

I totally agree with you. My point to the matter is that if rehab plan is rejected, it will be very prejudicial to the non-availing if availing is given full benefits without any GUARANTEE OF PPI/LPI OF PUTTING IN ADDITIONAL FUNDS IN TRADITIONAL TRUST FUND, SPECIALLY NOW THAT NO NEW SALES IN LPI/PPI. The fact is it will be very unlikely now that LPI/PPI will have 1 Billion a year to put in as subsidy. I doubt it if they can get 5% of 1 Billion in sales (not income). This is the reality that we should not avoid. So, I ask you Vicente, do you think it is likely that non-availing will get paid at all once the time comes, if availing is paid full benefits right now?

 
At Wednesday, July 06, 2005 12:06:00 PM, Anonymous Anonymous said...

i have a better suggestion, use the complete name of known ppi vice presidents, managers and supervisors as your nom de guerre.

Okay yan! Agreed! Isama rin natin itong mga pangalan na ito :

ELVIRA CRUZ, CORNELIO ZAFRA, LAHAT NG INCORPORATORS NG PEPCI, ETC.

 
At Wednesday, July 06, 2005 12:06:00 PM, Anonymous Anonymous said...

i have a better suggestion, use the complete name of known ppi vice presidents, managers and supervisors as your nom de guerre.

Okay yan! Agreed! Isama rin natin itong mga pangalan na ito :

ELVIRA CRUZ, CORNELIO ZAFRA, LAHAT NG TAGA PEPCI, TUTAL IILAN LANG SILA.

 
At Wednesday, July 06, 2005 12:36:00 PM, Anonymous vicente said...

To my favorite Anonymous:

You know, my crystal ball is in the repair shop. It's been failing me lately so I had to send it back. Sabi nung repair shop, "Best efforts na lang po, pero marami ho kaming backlog kaya baka next week pa ito. Naka-top priority kasi yung kay GMA."

Seriously, I have to admit that your guess is as good as mine. I actually share your fears and apprehension because I, too, have non-availing plans aside from availing ones. How can I just disregard or disparage the non-availing planholders when I am one myself?

 
At Wednesday, July 06, 2005 12:37:00 PM, Anonymous Simeon A. Lorica, Jr. said...

paano naman kaming taga RCBC?

 
At Wednesday, July 06, 2005 1:44:00 PM, Anonymous Anonymous said...

"i have a better suggestion, use the complete name of known ppi vice presidents, managers and supervisors as your nom de guerre."

hey now! if i remember it right, during the early days of this blogspot, WMB has cautioned another poster who used his/her initials.

Can we not issue the same caution again this time? I don't see any value in above post.

 
At Wednesday, July 06, 2005 2:57:00 PM, Anonymous Anonymous said...

i myself is also a holder of not only both availing and non-availing plans but also in a predicament of whether to continue paying or not to pay newly bought plans, in fact I have been diligently paying for theses new plans for the past three years. The fight of the coalition is not to prejudice other planholders but to make sure that ygc live ip to its commitments. There is no point in planholders going up against one another. It is a fact that most if not all of our plans were purchase before the incorporation of lifetime, yet ygc never informs us that our plans will be transferred from ppi to lifetime. The deceit by which ygc is operating does not guarantee anything be it fixed or trad. From its owners down to most of their agents, they don't care that their clients were able to avail of their benefits or not come maturing time as we are witnessing today, yet they have the temerity to complain that they are losing their source of income when lifetime was reverted to ppi. WHAT ASSURANCE CAN ALL PLANHOLDERS GET FROM YGC THAT THEY WILL LIVE UP TO THEIR COMMITMENTS WHEN OUR PLANS MATURE, WHEN WE NEED TO MAKE FULL USE OF THE PLANS WE BOUGHT. PPI files a plan for rehab, how can they rehab if they don't even have a license to sell plans(read todays newspaper), The fight to make sure that ygc live up to its commitments should start now, for if they will be able to get away from their obligations today, what should stop them from concocting new tales to renege on their obligations in the future. The idea of putting up an escrow account is to protect the interest of paying planholders who needs to protect their investments and assured that their money will go the same way as what the trad. planholders are experiencing. Whatever gains the coalition gets from the enactment of new measures to protect the interest of planholders will benefit all. It is not the fault of trad. planholders that problems are besetting pre-need companies, it is the greed by which these companies oprerates and are able to get way from any legal punishment. To condone them is to make sure that all the plans we have paid are uncertain and unreliable, hoping hope against hope. As i have said, for a trad. planholder, availing and non-availing, fixed planholder, and a still paying planholders guy like me who has a mixture of everything, we should fight now to make ygc they must pay NOW, TOMORROW AND IN THE FUTURE

 
At Wednesday, July 06, 2005 3:12:00 PM, Anonymous Anonymous said...

PPI files a plan for rehab, how can they rehab if they don't even have a license to sell plans(read todays newspaper),

This guy is LOST!

 
At Wednesday, July 06, 2005 3:14:00 PM, Anonymous Anonymous said...

To the above poster:

How about those plans bought from September 2004 onwards?

 
At Wednesday, July 06, 2005 3:22:00 PM, Anonymous xavier said...

"i myself is also a holder of not only both availing and non-availing plans but also in a predicament of whether to continue paying or not to pay newly bought plans, in fact I have been diligently paying for theses new plans for the past three years.

they don't care that their clients were able to avail of their benefits or not come maturing time as we are witnessing today.

WHAT ASSURANCE CAN ALL PLANHOLDERS GET FROM YGC THAT THEY WILL LIVE UP TO THEIR COMMITMENTS WHEN OUR PLANS MATURE, WHEN WE NEED TO MAKE FULL USE OF THE PLANS WE BOUGHT."

As to the first comment, it has been suggested what actions can be made.

On the second comment, i believe your statement is too sweeping which is unfair to those who have been at the forefront in servicing the needs of their planholders.

As to the last comment, I believe you have several plans other than peptrad. Is a Traditional Memorial Plan one of those? Just to prove the point, you can use it and you will be glad that the service will be made immediately. Just let your family inform the associate concerned immediately.

Thanks!

 
At Thursday, July 07, 2005 8:17:00 AM, Anonymous Anonymous said...

From No2Pep Email
an interesting question:

Aside from owning three traditional education plans from Pacific, we also bought one fixed college plan and 13 pension plans for our employees which were all transferred to Lifetime Plans, Inc.

Last month, I wrote Lifetime Plans informing them of our decision to withold installment payments for our pension plans due to the SEC's decision to revoke its incorporation permit. I urged them not to consider our plans lapsed and that we shall revert to paying Pacific Plans Inc. as soon as all assets and trust funds are returned to the original company, and that I shall await their prompt advise on the matter.

Today, I received a letter urging us to continue making our installment payments to Lifetime lest be charged interest on late payments. The letter also states the following:

"The rehabilitation court in its Order dated June 09, 2005 upheld the position of the SEC to fold back Lifetime Plans, Inc. to Pacific Plans Inc.

While management is still studying the legal aspects of the court's order, there is no need to worry about payment of benefits as we will continue to release the funds due to all beneficiaries of good standing. The reason for this is, the stay order issued by the Court with regard to PPI's rehabilitation plan does not cover the Turst Fund of more than 400,000 LPI planholders."

Is this true? If so, then the SEC's revocation and the court's seconding have no impact on the resurrection of PPI and will have no teeth to compel LPI to stick to status quo ante. Would anyone care to clarify and update us on this claim of LPI? Shall I continue paying LPI as the letter states?

 
At Thursday, July 07, 2005 3:14:00 PM, Anonymous Anonymous said...

In response to:

"The reason for this is, the stay order issued by the Court with regard to PPI's rehabilitation plan does not cover the Turst Fund of more than 400,000 LPI planholders."

I believe this is correct. Stay order is for traditional fund only. Fixed value fund is business as usual. Fixed value planholders are receiving benefits like always. Even if LPI/PPI is merged in finality, stay order will only affect traditional planholders fund.

 
At Thursday, July 07, 2005 5:47:00 PM, Anonymous Anonymous said...

"Is this true? If so, then the SEC's revocation and the court's seconding have no impact on the resurrection of PPI and will have no teeth to compel LPI to stick to status quo ante. Would anyone care to clarify and update us on this claim of LPI? Shall I continue paying LPI as the letter states?"

This is my opinion.

First, I commiserate with your predicament. Second, if that letter is with letter head of LifeTime Plans, they are deceiving you. If you must pay, pay to Pacific Plans Inc. I don't think you are asking about the benefits. LifeTime does not exist. Meaning no corporate identity. Fixed value plans is business as usual under Pacific Plans not Lifetime. If I were you I will use that letter and sue Lifetime in court for misrepresentation.

 
At Thursday, July 07, 2005 9:48:00 PM, Blogger SunTzu said...

"The reason for this is, the stay order issued by the Court with regard to PPI's rehabilitation plan does not cover the Turst Fund of more than 400,000 LPI planholders."
To the poster:

"Stay order is for traditional fund only. Fixed value fund is business as usual. Fixed value planholders are receiving benefits like always. Even if LPI/PPI is merged in finality, stay order will only affect traditional planholders fund."

1. The trust funds of both traditional and fixed value were never segregated from day 1

2. When they were segregated, the traditional trust fund was placed in a less liquid position (and riskier) given the Napocor investment vs. that fixed value plans. Up to now, even the SEC, I understand is questioning how the trust funds were separated and what computations were used to separate one type of plan from the other

3. Lifecare license has been revoked - ended - fini - kaput - so how can an SEC order apply ONLY to the corporate entity and not to the trust fund that supposedly the entity established?

How can a corporate entity which will be "put back together again" continue to pay benefits to one set of planholders (regardless of the type of plan be it fixed/traditional, memorial, pension, education etc.) and not to another set? If that is the case, then the SEC order is useless.

Obviously the SEC does not intend for that to continue.

So you are not correct.

 
At Thursday, July 07, 2005 10:30:00 PM, Anonymous vicente said...

From Anonymous last Saturday:

"If indeed an escrow account is set up, who determines what portion of the amounts deposited will go to which trust funds? Don't portions of the sums paid by planholders go to the trust funds of their plans?"

Sorry about this late reply to this query. Other questions got in the way.

According to the SEC pre-need rules, each type of plan has to have its own trust fund. So money for memorial plans go to the memorial plans' trust fund, for pension plans to the pension funds' trust fund, etc. So, just to make everyone's life easier, the escrow account should actually be escrow ACCOUNTS, one for each type of plan. Payments should also be segregated in the same way. More checks to be made but easier to keep track of, don't you think?

The amounts to be paid should be exactly what PPI or LPI was billing the planholder before this fiasco erupted. Depending on how many years the plan has been in existence and have been paid for, a certain percentage of each installment is supposed to go to the trust fund. This is what the SEC pre-need rules specify about how much should go to the trust fund, as MINIMUM contributions:

Collection of the 1st 20% of Contract Price (CP): Life Plan (LP) 5%, Other Plan (OP) 5%

Collection of the 2nd 20% of CP: LP 10%, OP 10%

Collection of the 3rd, 4th and 5th 20% of CP: LP 70%, OP 80%

From this scale, Life Plans trust funds should receive a MINIMUM of 45% of the 5-year payments while Other Plans trust funds get a MINIMUM of 51% of the 5-year payments.

If the planholders' payments go into escrow instead, obviously the above scale will not be followed because what goes into escrow will be 100% of each payment. The implications are sooooo delicious, don't you agree?

 
At Thursday, July 07, 2005 11:06:00 PM, Anonymous vicente said...

Vagabond asked last Saturday:

"If this is the case, can the tradplanholders form an organization then through some legal means reclaim the trust funds from the trustee and manage the trust fund by itself? or have it managed by another entity other than PPI/YGC since there seems to be a breach of trust between trustor and trustee?"

And Anonymous also asked:

"Can the coalition negotiate with a stable preneed group, Philam or Sunlife, to manage the fund (or even take over the contracts between PPI and the trad plan holders)? Whatever the fee this company will require be charged to PPI (of course for mismanaging the trad policies)!"

In insurance, this mechanism is called a "portfolio transfer", where insurer A, for whatever reason, transfers an entire block of business, say its motor car insurance line, to insurer B. (A lot of due diligence spade work has to be done by insurer B, just to make sure that it knows what it is getting in this block of business. A lot of garbage can be in there and it needs to know.) If the two insurers agree to the transfer, insurer B receives a certain amount of money from insurer A and then insurer B folds that business into its own and becomes liable for any and all claims that may arise thereafter from that block of business.

This portfolio transfer is relatively easy for insurer A because it has full control of its business. Our situation is not quite the same because we planholders do not yet have the same degree of control over our "business".

Nevertheless, this idea is intriguing.

Vagabond also asked:

"If this is possible, could the trust fund be converted into something like seed money for a cooperative type organization owned by all tradplanholders? From there, the organization can "do things right by doing it themselves"."

Again from insurance, the type of organization that is similar to what Vagabond is asking about is called a "mutual insurance company", usually a life insurance company. The policyholders themselves are the owners of the firm. This is to differentiate it from a "stock company" which is just like any other corporation organized around shares of stock. The management of both types of companies is essentially the same. But a major difference occurs when a profit from operations is realized. A stock company would distribute that profit to its stockholders as dividends (disregarding for the moment any policies it may have which are dividend earning). A mutual company, on the other hand, distributes that profit to its policyholders in a variety of ways which I don't have to discuss here.

 
At Friday, July 08, 2005 10:19:00 AM, Anonymous Anonymous said...

this story was taken from www.inq7money.net

URL: http://money.inq7.net/topstories/view_topstories.php?yyyy=2005&mon=07&dd=08&file=2




Another pre-need firm files for rehabilitation
Posted: 2:35 AM | Jul. 08, 2005
Elizabeth L. Sanchez
Inquirer News Service


PRE-NEEDA firm Platinum Plans Philippines Inc. early this week sought refuge from a regional trial court to undergo rehabilitation and suspend payment of its tuition obligations.

Branch 61 of the Makati Regional Trial Court on Thursday allowed the company to suspend payments to plan holders and creditors.

Platinum Plans, with over 37,000 plan holders, is the second pre-need firm to ask for court protection this year. In April, Pacific Plans Inc. of the Yuchengco group filed for rehabilitation with the Makati court. It said that it could not pay future claims because school fees had been increasing at a tremendous rate after the government removed the 10-percent cap on tuition hikes in 1990.

Platinum Plans, majority-owned by the Salas family headed by former banker Ernesto Salas, had its license to sell fixed-value and open-ended education plans suspended this year after it ran into liquidity problems.

Platinum has a trust fund deficit of more than P100 million.

In its petition, Platinum asked the court to suspend all claims that would be filed against it and its guarantors. It said it could settle only up to P75 million of its maturing obligations to plan holders.

It has also asked the court to appoint a rehabilitation receiver.

As part of its rehabilitation plan, Platinum said it would not sell, transfer or dispose in any way any of its properties except as requested or incurred in the course of its business.

Platinum said that despite the meltdown in the pre-need industry it believed it should be allowed to undergo rehabilitation and implement a recovery plan to protect the interests of its stakeholders, creditors and plan holders.

It added that the "realizable value of its existing assets can provide a mode of settling all claims of its plan holders which are not yet due at the moment."

It proposed a rehabilitation plan that would run for eight years.

Platinum said in a statement that the filing of its petition to suspend payment to its plan holders and creditors would have a grave impact especially on holders of plans approaching maturity.

It said it hoped that the court would allow it to sell assets to raise enough funds to settle maturing plans.

Platinum began selling education plans in 1983. At the time, it was known as Children's Investment for Lifetime Development Corp. It changed its name to Platinum Plans in 1990.

The company stopped selling traditional open-ended education plans in 1993 and shifted to fixed-value education plans.

It said that from the time it was organized up to 2003 its revenues were on an upswing. It said revenues rose to P553 million in 2003 from P28 million in 1989. During this period, it expanded its distribution network to 132 branches.

In 1999, several senior officers were found to have initiated fraudulent deals by making it appear that the plans were fully paid when they were not. The company dismissed the delinquent officers.

Platinum said that in 2004 revenues fell to P363 million as confidence in the industry was affected by the financial problems of pre-need giants like College Assurance Plan Philippines Inc.

Platinum said that while it has more than enough assets to cover all liabilities, it might not be able to pay for plans as they mature.

Like other pre-need firms that sold open-ended plans, Platinum was adversely affected by spiraling tuition rates.

With INQ7.net

copyright ©2005 INQ7money.net all rights reserved

 
At Friday, July 08, 2005 10:51:00 AM, Anonymous Anonymous said...

THE YUCHENGCOS ARE RICH, WE ARE POOR. THEY ARE POWERFUL, WE ARE NOT. THE YUCHENGCOS ARE FEW, THE PEP PLANHOLDERS ARE MANY. WHY NOT USE THE LATTER TO OUR ADVANTAGE. MAKE POSTERS/ LEAFLETS INDICATING OUR SENTIMENTS AGAINST THE YUCHENGCOS, AND POST IT IN SCHOOLS, MALLS, AND BUSINESS CENTERS. BOYCOTT THE YUCHENGCO GROUP OF COMPANIES. AJA! AJA! FIGHT !!!
1) MALAYAN INSURANCE COMPANY, INC.
2) MALAYAN REINSURANCE CORP.
3) MALAYAN INTERNATIONAL INSURANCE CORP. LTD
4) THE FIRST NATIONWIDE ASSURANCE CORP.
5) MALAYAN INSURANCE CO. (HK) LTD.
6) MALAYAN INSURANCE CO.(UK) LTD
7) MALAYAN ZURICH INSURANCE CO., INC.
8) TOKIO MARINE
9) GPL HOLDINGS, INC.
10) GREPALIFE
11)PACIFIC PLANS, INC.
12) PAN PACIFIC COMPUTER CENTER, INC.
13) GREPALAND, INC.
14) NIPPON LIFE OF THE PHILIPPINES
15) HOUSE OF INVESTMENTS, INC.
16) EEI CORP.
17) PHILROCK, INC.
18) LANDEV CORP.
19) HI-EISAI PHARMACEUTICAL INC.
20) HONDA CARS- FAIRVIEW
21) HONDA CARS - MANILA
22) HONDA CARS- MARIKINA
23) ISUZU MANILA, INC.
24) ISUZU COMMONWEALTH
25) iPEOPLE, INC.
26) MAPUA INSTITUTE OF TECHNOLOGY
27) PEOPLE ESERVE
28) FUNERARIA PAZ, SUCAT, INC.
29) MANILA MEMORIAL PARK CEMETERY
30) FIRST MALAYAN LEASING ANMD FINANCE CORP.
31) ZAMBOANGA INDUSTRIAL FINANCE CORP.
32) RCBC UNIVERSAL BANK
33) RCBC SAVINGS BANK
34) BANKARD
35) RCBC SECURITIES, INC
36) RCBC TELEMONEY EUROPE
37) RCBC INTERNATIONAL FINANCE LTD.
38) RCBC CALIFORNIA INTERNATIONAL INC.
QUESTION: DO YOU THINK THE YUCHENGCOS WILL JUST ALLOW THE PLANHOLDERS TO MANAGE THE TRUST FUNDS OF PEP? EVEN ORDERED BY THE COURT? MAYBE, IN THE YEAR 3000
TALKS ARE CHEAP, JUST LIKE WHAT THE SENATORS AND CONGRESSMEN DO. WE NEED ACTION.

 
At Friday, July 08, 2005 10:53:00 AM, Anonymous Anonymous said...

"PRE-NEED firm Platinum Plans Philippines Inc. early this week sought refuge from a regional trial court to undergo rehabilitation and suspend payment of its tuition obligations."

Puuuu...........na!!!!!

Ganun na lang ba yun?!!

Sama-sama na sila sa panloloko ng mga tao! Nagpakasasa sila sa pera ng mga tao tapos tatakbuhan na lang nila ang mga obligasyon na ipinangako nila?

 
At Friday, July 08, 2005 11:19:00 AM, Anonymous Anonymous said...

nowhere do i see in the newsitem kung magkano ibabalik nila sa mga planholders.

 
At Friday, July 08, 2005 11:48:00 AM, Anonymous Anonymous said...

in india, if a restaurant advertises fine food but is unable to satisfy its customers...the dissatisfied customers simply burn the restaurant to the ground!

 
At Friday, July 08, 2005 11:57:00 AM, Anonymous Anonymous said...

Arroyo finance team leads cabinet resignations
07/09 11:44:11 AM

MANILA (AFP) - Six members of the Philippine cabinet, including the key economic team, resigned Friday and urged President Gloria Arroyo to step down to end a political crisis over vote-rigging allegations.

The group, including Finance Secretary Cesar Purisima and Budget Secretary Emilia Boncodin, criticised Arroyo's management style and said she should step down to spare the Southeast Asian nation from further turmoil.

"The longer the president stays in office under a cloud of doubt and mistrust, and with her style of decision-making, the greater the damage on the economy and the more vulnerable the fragile political situation becomes to extremists seeking to undermine our democracy," the group said in a statement.

The group said Arroyo should make the "supreme sacrifice" for the good of the country and allow Vice President Noli di Castro to take over.

The Philippines has been in turmoil for weeks over allegations that Arroyo conspired with elections officials to fix last year's presidential elections.

Arroyo has apologized for improperly telephoning an election official in the May 2004 election during the vote count, but she has denied cheating and has resolutely refused to step down.

The scandal was sparked by the release of wiretapped telephone conversations which purportedly show Arroyo plotting with a senior election official to fix a one million-vote winning margin.

The others who resigned were Trade Minister Juan Santos, Education Minister Florencio Abad, Social Welfare Minister Corazon Soliman, Agrarian Reform Minister Rene Villa, as well as senior presidential advisers Imelda Nicolas of the anti-poverty commission and Teresita Deles.

The top two revenue commissioners, internal revenue bureau chief Guillermo Parayno and Alberto Lina of customs, also signed the joint statement.

The Philippine stock market and the peso both fell in response to the statement.

 
At Friday, July 08, 2005 12:03:00 PM, Anonymous Anonymous said...

"nowhere do i see in the newsitem kung magkano ibabalik nila sa mga planholders."

kung ako teacher lamang na isang-kahig isang-tuka...tapos inutangan ako ng isang milyonaryo ng pang negosyo nya at nangako na bilang kabayaran e pag-aaraling nya sa kolehyo ang aking anak. at kung pagkatapos ng ilang taon na naging bilyonaryo na yung nangutang at ako naman e ganun pa rin, e sabihin sa akin na di na nya kayang pag aralin ang anak ko kasi malulugi si bilyonaryong sugapa at swapang...at isosoli na lang daw pera ko...me konting tubo naman daw e!

makatarungan ba yun?

 
At Friday, July 08, 2005 1:09:00 PM, Anonymous Anonymous said...

at isosoli na lang daw pera ko...me konting tubo naman daw e!

makatarungan ba yun?

Eh sa newsitem ng platinum, wala silang sinabi kung magkano matatanggap. may platinum din kasi ako eh maliban sa peptrad ko,

 
At Friday, July 08, 2005 2:48:00 PM, Anonymous Anonymous said...

this is the sad part of every sruggling citizens like us, we who have to pay all the taxes even before we get hold of our hard-earned pay, yet during times like this, governement is nowhere to be found in protecting the less privileged. Instead government exists only to be tools for the rich as is what is happening in our court case. The state gives importance to education yet as the state cannot guarantee quality education to its citizens, worst people who spent their hard=earned money to assure their children of a quality education cannot even get a sympathy from the governement during these times when big companies are deliberately defaulting on their obligations and reneging on their promises without fear for any punishment or sanctions from the government.
It is tragedy that ppi can afford not to pay their obligations to their planholders but require planholders to continue paying their annual installments under the pain of interest on late payments and/or to make it worse, to lose everthing you have invested for the past few years. Escrow is the answer to all of these, you ppi starts paying your obligations before you require others to pay on time their obligations to you. They dare us that we may lose almost everything if we fail to pay on time, where is the justice here??
Sad to say, they can even brag they are paying and will pay all fixed planholders, kahit anong sabihin nila. balasubas at magnanakaw pa rin ang ygc. Come to think of it, its all in the family, uncle al and gma.

 
At Friday, July 08, 2005 10:55:00 PM, Anonymous Anonymous said...

Masiyado na tayong kinakawawa. I think its time for people like Yuchengco to pay, Im so in favor of boycotting the Yuchengco group of companies. If we do give out leaflets about what the Yuchengcos have done to all of us, maybe somehow, something can happen, we have to try for the sake of our children.

 
At Sunday, July 10, 2005 9:29:00 AM, Anonymous Leaflets! said...

" If we do give out leaflets about what the Yuchengcos have done to all of us, maybe somehow, something can happen, we have to try for the sake of our children."

I am game for that! We should fix on one day on which groups, wearing the PEP T-shirt, will walk through all the malls, handing out leaflets calling for a boycott of all Yuchengco businesses. No shouting or making noise, but groups of 5 or 6 handing out leaflets. We should do all the malls simultaneously. Of course, it should be done when the political situation is stable and people can give their attention to our issue. Maybe groups could do the same in the provinces ... simultaneously with Manila. That should get attention.

 
At Tuesday, July 12, 2005 7:25:00 AM, Anonymous book hunter said...

I've been advocating a boycott but I realize now that even without any formal campaign, there will be a de-facto boycott. I read in a newspaper the other day that sales of preneed plans are down 27.8% YTD and down 50% if you compare May 2005 to May 2004.

Wala na, the preneed industry is doomed, no matter what they do from now on. The only way for it to recover is to wait for the present generation to die out.

With this in mind, we cannot expect any of the companies to behave as if they had anything to lose. They will not do anything to retain or restore good will. They will just try to survive and minimize losses. Anything we get from them will have to be forced out of them.

That's the bitter truth.

 
At Tuesday, July 12, 2005 9:14:00 AM, Anonymous wallace said...

With this in mind, we cannot expect any of the companies to behave as if they had anything to lose. They will not do anything to retain or restore good will. They will just try to survive and minimize losses. Anything we get from them will have to be forced out of them.

That's the bitter truth.

Tuesday, July 12, 2005 7:25:49 AM

And we owe it to the next generation to make them aware of schemes of the people behind the preneed scams so they will not fall into the same traps we fell into. We need to warn the public about the devious nature of so-called "reputable" companies backed by prestigious names in business. Let's come out and say it, the YUCHENGCOs are not to be trusted-EVER.

Here's another bitter truth for you to think about. It looks like ningas cogon is setting in. Little by litle, interest seems to be waning. If the volume and frequency of posts in this blogsite and the e-group is any indication, it would seem so. If that's the case, then Yuchengco has already won.

Are we giving up the fight?

I sure hope not.

As for myself, i will continue to carry my home made anti Yuchengco sign pasted on my back windhield. And i will continue telling people what cheaters the Yuchengcos are and convince them to pull out of any yuchengco company they happen to be doing business with.

I won't make a dramatic impact overnight. But i will have chipped away at he mighty Yuchengco empire. That small chip will develop into a crack. With many others chipping away, we can all witness the downfall of the Yuchengcos.

Sooner or later, it will happen.

 
At Wednesday, July 13, 2005 2:41:00 PM, Anonymous Anonymous said...

"We have made it clear that we will only allow well reasoned and unemotional comments from both sides of the debate. Posters are urged to think through their comments before hitting the publish button.

From the above points, there is actually commonality of interest FOR ALL PLANHOLDERS. We are all now dealing with a single company...one which is behaving badly and which is creating serious questions about its viability as a going concern."

I believe the arguments on contradicting the clarion call to augment the size of the coalition is well-reasoned and unemotional.

Why do you have to delete comments contradictory to your position when all we want to do is to voice out our opposition in calling us to your side!

 
At Wednesday, July 13, 2005 2:43:00 PM, Anonymous Anonymous said...

"Due to the fact that the Yuchengco PR machine is spamming this site again, I regret to inform all of you that posting of comments
has been temporarily suspended for this post. "

I do not belong to the Yuchengco PR Machine.

I'm just a planholder like you but differing in opinion.

Respect me as I respect you.

 
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