April 29, 2006 · Posted in: General

Pre-need planholders join forces

EXASPERATED planholders of at least seven failed pre-need companies today banded together to form a coalition that is calling on the government and the pre-need industry to act swiftly on their demands to be paid the tuition that is due them and to punish wrongdoers.

“We continue to be deeply disturbed by what we perceive to be a conspiracy of sorts between the various instrumentalities of government and…pre-need companies that seem to thrive under the patronage and protection of those who are supposed to uphold the law and promote public interest,” according to a statement, entitled “A Manifesto for Justice,” issued at the First National Assembly of Pre-Need Victims held at St. Paul’s University in Pasig. (click here for a copy of the statement)

The planholders who showed up at the assembly had bought educational plans from Pacific Plans, College Assurance Plan, Platinum Plans, Capitol Plans, The Professional Group (TPG), Asian Diamond Plans and Legacy Plans.

In all, these failed pre-need companies have more than one million education planholders, including 940,603 from CAP, 34,000 from Pacific Plans (traditional, open-ended plans), 20,000 from Platinum and 130,000 from TPG.

Philip Piccio, president of PEP Coalition, which consists of holders of Pacific Plans, slammed the Securities and Exchange Commission for refusing to use its powers under the law and file a criminal case against Pacific Plans even after it declared that the Yuchengco-owned firm had engaged in a “fraudulent scheme.” Pacific Plans, according to an SEC audit, is liquid and solvent.

Piccio also disclosed Speaker Jose de Venecia‘s refusal to sign a subpoena summoning the Yuchengcos to a congressional hearing on the pre-need industry, as well as what he said was Sen. Edgardo Angara‘s “friendship” with Ambassador Alfonso Yuchengco.

He said De Venecia set two conditions before he would sign the subpoena: that Piccio’s group file syndicated estafa charges against Pacific Plans and call for an assembly of planholders of failed of pre-need companies.

Piccio and other holders of Pacific Plans filed a case of syndicated estafa against Ambassador Yuchengco and 24 other directors of officials of Pacific Plans last April 26. Syndicated estafa is a nonbailable offense. (click here for a copy of Piccio’s case)

“Let’s see now if De Venecia will sign the subpoena,” Piccio said.

Piccio also decried what he said was the Bangko Sentral‘s inaction on the administrative complaint planholders have filed against the Yuchengco-owned RCBC and what he said was the “hands-off” approach of the Philippines Federation of Pre-Need Companies on its erring members.

Maricel Lopez, a lawyer representing planholders of CAP, the country’s oldest and the largest pre-need company, assailed how pre-need firms have used the lower courts to stop tuition payments and petition for corporate rehabilitation.

The CAP planholders have brought their case to the Supreme Court. The high tribunal, in turn, has ordered the court and CAP to respond to the petition.

Pacific planholders, meanwhile, have a pending case before the Court of Appeals.

Planholders called on fellow planholders to file syndicated estafa and other criminal charges against directors and officers of the failed pre-need companies in various courts nationwide to send a strong message that they would not let wrongdoers get away scot-free.

Piccio also said the government, politicians and pre-need companies “will never hear us if we are divided.”

Sen. Ma. Ana Consuelo “Jamby” Madrigal made an appearance at the assembly to express her support to planholders.

Data presented at the assembly showed that pre-need companies suffered a 49.32 percent drop in their sales, from 40,674 plans in November 2004 to 20,610 in January 2006. Educational plans experienced the biggest decline, from 10,356 in November 2004 to 3,070 in January 2006, or a 70.3 percent drop.

49 Responses to Pre-need planholders join forces

pnay fr kwt

April 30th, 2006 at 2:25 am

PAANO PO MAG FILE NG CHARGES – NARITO PO AKO SA KUWAIT. ANO PO ANG PROCEDURES. SA SCHOOL YEAR 2007-2008, MAG-START NA PO MAG COLLEGE PANGANAY KO, PERO NGAYON PA LANG NAG-IIPON NA AKO KASI BAKA DI PA RIN MAKONSYENSYA ANG MGA TAGA CAP SA KANILANG PANLOLOKO SA AMING MGA PLANHOLDERS.
SAYANG NAMAN PO ANG PINAGHIRAPAN KONG IPUNIN DITO PARA MASIGURO KONG MAKAPAG-TAPOS ANG AKING 2 ANAK NG KOLEHIYO. IMBIS NA MAKAPAG-IPON NA AKO PARA SA MALIIT NA BAHAY MAN LANG, MAPUPUNTA TULOY SA COLLEGE TUITION ANG KINIKITA KO DITO. KAILAN PA KAYA AKO MAKAKAPAG RETIRO KUNG GANYAN ANG KALAGAYAN KO AT MARAMI PANG PLANHOLDERS NA KILALA KO DITO.
SALAMAT AT MAYROONG TINATAG NA COALITION PARA KATUKIN ANG KONSYENSYA NG MGA PRE-NEED CO’S NA ITO. MABUHAY KAYO. SALI AKO SEN’YO.

Toro

April 30th, 2006 at 8:37 am

Nahabag ako sa sinapit mo, Pnay fr Kwt. Hindi ko pa alam kung may website na ang CAP planholders ngunit kung makakatulong ito sa iyo subukan mong kontakin ang PEP Coalition dahil kasama sila at samahan ng mga planholders. Ito’y Parents Enabling Parents Coalition na tinatag ng mga planholders ng Pacific Plans Inc.upang mabigyan sila ng hustisya at maibalik ang nawala nilang pagasa. Alam kong mahirap para sa iyo na alamin ang mga kaganapan ngayon dahilan sa nandyan ka sa Kuwait. Sana’y sa pakikipag ugnayan mo sa PEP Coalition matulungan ka nila kung saan mo dapat dalhin ang iyong katanungan. Samantala, kung may malaman akong bagong balita ipadadala ko sa yo sa pamamagitan ng email. Hihingin ko ang address mo sa sandaling ito’y kailangan ko. Ito ang link ng PEP Colation. Good luck, kaibigan.

http://www.pepcoalition.com/index.php? option=com_content&task=view&id=21&Itemid=38

Ito naman ang balita mula sa CAP nuon pang Sept 2005.

http://www.manilastandardtoday.com/?page=business01_sept03_2005

Also, send feedbak to Mar Roxas. Mahigpit niyang pinaglalaban ang karapatan ng CAP planholders.

http://www.marroxas.com/feedback.php

scud_1975

April 30th, 2006 at 10:02 am

pnay fr kwt, alam mo ba kung saan napunta ang pera ng mga CAP Planholders? May kwento ako sayo. Dati akong nagtrabaho sa Fil-Estate Properties, Inc. sa Ortigas as one of the engineers sa Subdivision Planning Section.. Real Estate boom nung mga panahon na yon, bago pa mangyari ang Asian Financial Crisis. Bumibili ng malalaking lupa ang Fil-Estate at kami naman ang taga- design ng Subdivisions para ibenta. Hindi lang sa Real Estate ang investment ng Fil-estate, pinasok din ang MRT, Camp John Hay, Forest Hills Golf and Country Club, Manila Southwoods at Fairways and Bluewaters sa Boracay. At ang isa sa may ari ng Fil-Estate ay si Robert Sobrepena… na anak naman ni Enrique Sobrepena..na president and owner naman ng CAP. Kuha mo na ba ngayon kung ano ang mga koneksyon at kung saan pinuhunan ang pera ng mga planholders?

Tama lang ang plano mo, file charges. Sumama ka sa Coalition dahil malakas din ang kapit sa mga politiko ng mga elitistang yan. Mabango ang mga pangalan na Yuchengco at Sobrepena sa mga Senador na kapit nila..ang hindi ko nga maintindihan bakit sa mga ganitong bagay walang imbestigasyon ang senado…investigation in aid of legislation daw? pweh!!

April 30th, 2006 at 11:19 am

That’s correct Scud. I should know too because Bob was a tennis buddy long before we switched to golf. Over extended sila ng nag spread out ng investments at nadisgrasya lahat ito during the Asian financial crises in 1998 that hit us (which also devastated me).

April 30th, 2006 at 11:27 am

pnay fr kwt, tuloy ko kwento ko..tungkol naman ito sa koneksyon ng mga Congressman sa Pre-need industries. Siguro dahilan din ito kung bakit ayaw pirmahan ni JDV ang “subpoena”

Alam mo ba na hindi lang si Sobrepena ang may-ari ng Fil-estate? isa sa mga may ari nito ay isang dating Congressman..at hindi lang ordinaryong Congressman, dahil wala syang ginastos ni piso man sa kanyang “pork barrel”. Nakakabilib ba? eh kasi naman isang araw lang syang nagsilbi sa kongreso..hehe. OO isang araw lang dahil nadaya sya sa eleksyon, at napatunayan nga na sya ang nanalo matapos ang halos 3 taon..kawawa naman. Sikat sya at maraming koneksyon, nasa minority rin sya ng Consultative Commision, at ngayon ay isa nang Chairman ng isang pahayagan. Hindi na “blind item” yan. Bigat ng mga kalaban ng mga planholders, di ba?

Mga dati kong bosing..pasensya na sa pagbubuking ha. Alam na rin naman siguro ng taumbayan ang mga koneksyon na yan. Mabubuti kayong tao pero ang ginagawa nyong pagbibigay ng maliit na pasahod sa mga empleyado, pag gamit sa pondo ng CAP at pagsanla ng mga titulo sa mga bangko ng mga lupang nabayaran na..yun ang mga nakakasuka.

April 30th, 2006 at 11:28 am

Toro, kilala mo pala si Bob Sobrepena? eh di golfing buddy mo rin si FVR?

Alecks Pabico

April 30th, 2006 at 11:48 am

Hmmm, seems like we have here people who used to walk beside the high and mighty along the corridors of power… 😉

April 30th, 2006 at 11:54 am

Alecks, empleyado lang ako ha ..yan kasi ang mga sikreto ng mga dati kong bosing. At hindi lang sa CAP nanggagaling ang pondo ng Fil-estate, gusto mo ba malaman kung paano nila ibitin sa mga Lot buyers ang Titulo ng mga fully paid properties para isanla sa bangko? wag na lang muna..out of topic eh. hehehe

naykika

April 30th, 2006 at 11:59 am

Usually the financial institutions, such as insurance (pre-need plan underwriters) and even commercial banks have secondary insurance to compensate its subscribers or plan holders in case of failures due to business climate or frauds. That it is the obligation of proper government agencies to assures such protection is afforded the public? And that there is a so-called anti-racketeering division in any police system to take care of these cases? Where are they? Now enter the politicians. And you know what going to happen? Nothing.. those cons will be long gone before the even say cheese. Glad we exhausted our babe’s plan before she moved to the u.s.a., otherwise we along with thousands of others, become the pawn of another one of our ingenuities.

April 30th, 2006 at 12:17 pm

I am reminded of a report we did on condominium developer Luke Roxas who got a lot of unsuspecting people to invest in his real-estate company, ASB Holdings Inc. in the mid-1990s. They included two congressmen, lawyer Leonardo Siguion-Reyna and his wife Armida, and about 712 unsecured creditors, or those without collateral from their borrower, who had put their lifetime savings into Roxas’s ASB Holdings.

The 1997 Asian financial crisis also affected Roxas’s firms. By 2000, Roxas has not been able to pay his creditors, and ASB Holdings eventually filed a petition for suspension of payments of claims and rehabilitation with the Securities and Exchange Commission (SEC).

Read the report here for lessons that pre-need planholders might probably learn from.

April 30th, 2006 at 12:35 pm

The one reason why not a single Candadian bank has failed yet, because no person is allowed to own more than 20% of its shares (common, preferred and all), thereby no one person could influence the direction of the bank operations. And I believe the same regulations is also applied to most finanacial institutions. But just in case, it is back up by the Govt. run Deposit Insurance to assure the public that it is safe to trust our life savings to such institutions. I think its about time our lawmakers should take these into considerations and remember that it is always the public that they are suppose to protect.

jr_lad

April 30th, 2006 at 1:06 pm

naykika, they call it Trust Fund. unfortunately, na “hocus-pocus” ang fund and as we all knew most of the money was diverted to other projects and was lost during that 1998 asian crisis. the SEC should be held accountable also because pre-need companies are under the watch of this govt agency and it should have taken care of that fund (properly monitored). i’m a victim also of one of the 7 pre-need companies mentioned above and i fully support the move of the planholders.

April 30th, 2006 at 1:26 pm

Dagdagan ko na rin naykika, pwede ka rin maginvest sa Canadian T-Bill for as low as $500 sa Royal Bank of Canada..kalahating buwan lang na net salary ng minimum wage earners pero malaki ang nagiging epekto sa ekonomiya ng bansa. At kahit maliliit na manggagawa namomonitor kung ano ang galaw ng pera nila dahil hindi sinisikreto ng mga bangko. hindi gaya ng mga Pre-need planholders sa Pilipinas na kada buwan ka maghuhulog pero hindi mo na alam kung saan na dinala ang pera mo..magigising na lang isang araw, wala na pala ang perang inipon para sa College education ng mga anak. Isa pa, ang mga salitang Stock Market, Shareholders, Bonds, T-Bills ay lumalabas na pang mayayaman lang at hindi kayang abutin ng masa o kahit simpleng middle class dahil nga sa laki ng hinihinging investment at masyadong komplikado, wala pa akong nakitang construction worker na may kausap na stock broker.

April 30th, 2006 at 4:40 pm

I won’t call it golfing buddy, Scud. Let’s say nakakasabay ko lang paminsan minsan sa flight. There are certain personalities that I prefer to keep my distance from, you know.

aus_phil

April 30th, 2006 at 10:22 pm

What a useless and hopeless Securities and Exchange Commission the Philippines has? This is supposed to be an independent regulatory body tasked with protecting investors, that includes educational plan holders. If politicians are meddling into the affairs of the plan issuers and holders, they are in the wrong business. Why wait for De Venecia to issue sub-poena? What is his role here? Angara’s name was mentioned as buddy. It has no bearing in this saga but mind you this guy just issued an article today about the plight of nurses and doctors, including teachers who go out of the country for greener pastures. Well, Mr. Angara, the children of the plan holders has no way now even to go overseas because they will have difficulty even financing their college education.

I think the government and its instrumentalities particularly the SEC is dilly dallying this problem which I think will be a big backlash knowing that this hard-earned money by parents is perhaps the only one legacy that they could give their children, and then we have this problem that government does not want to resolve.

If it was found out that a number of the plan issuers violated their mandate and the SEC, in particular does nothing to seek justice for the planholders, then what will be the alternative for these victimized parents?

I think the Senate has a better project which is to investigate this in “aid of legislation” rather than indulge itself to useless investigations that only aim to topple a government that really not intended as a means in aiding legislation. Show your true color Senators! You’re a disgraced institution!

April 30th, 2006 at 11:02 pm

The SEC is an independent body, but they won’t use their powers against the names Yuchengcos, Sobrepenas and Colaycos of Pacific, CAP and TPG respectively. Seems like SEC commisioners are having selective amnesia when they here these names, or maybe they’re just being true to their title “COMMISIONers”.

And for the senators, I remember this has been investigated last year. There were even suggestions from the Senators that the company should be closed, it just ended up there..suggestions, And as usual we are still waiting for their legislation from their investigation. Sobrepena also asked the Senate for two months to pay off their liabilities, it also ended up like that..a promise. Meanwhile, these Pre-need industries are still allowed to operate and continue to dupe Filipinos abroad, a Makati Regional Trial Court even approved the rehabilitation petition of Platinum Plans las November thus allowing them to continue their operations. The judge said Platinum PLans have a chance of being restored “under a viable rehabilitation plan”. Is it faith or influence? your guess is as good as mine

vonpogi

TO LAMOK..
HINDI USELESS ANG SENADO DAHIL MOST OF THE BILL NA PINASA NG MGA KOTONGRESS AY WALANG PONDO. PAPAANO MA AAPPROVE NG SENADO KUNG WALANG PONDO. SABI NG STAFF NG ILANG KOTONGRESS NA KAKILALA KO AY IYUNG IBANG BILL AY PARA SA MGA AMO NILA NA SUWAPANG SA PERA AT HINDI PARA SA BAYAN NATIN. ITO AY PARA MAKA NAKAW ULIT SILA. ISA PA ANG PONDO AY NAPUPUNTA LANG KAY GLORIA PARA MAKANAKAW ULIT. KAYA ANG SENADO AY HINDI BASTA BASTA NAGPAPASA NG BILL DAHIL ALAM NILA NA ITO AY WALANG PONDO AT ITO AY PAGNANAKAWAN LANG. KATULAD NG GUSTO NI KOTONGRESS NOGRARES NA IPASA ANG ANTI TERROR BILL. ITONG BILL AY HINDI PARA SA MGA REBELDE KUNDI PARA SA MGA TAONG NAG RARALLY AT SA MGA POLITIKONG KA AWAY NI MAGNANAKAW ARROVO. ANG MAKIKINABANG LALO SA ANTI TERROR BILL AY SI GLU-RIA MAKAPAL ARROVO PIDAL AT ITO AY GAGAMITIN SA MGA TAONG KUMAKALABAN SA KANYA AT HINDI PARA SA MGA REBELDENG KALABAN NG PAMAHALAAN. INU ULIT KO ANG KARAMIHANG BILL NA PINASA NG MG AKOTINGRESS SA SENADO AY PARA SA KANILANG PANG SARILING INTERES LANG AT HINDI PARA SA BAYAN NATIN. ITO AY PARA MAKAPAG NAKAW SILA.

April 30th, 2006 at 11:17 pm

TO LAMOK,

ISA PA KAHIT NA IPASA NG SENADO ANG BILL OR BAGONG LAW ITO AY WALANG KUWENTA RIN DAHIL ANG BATAS SA PILIPINAS NGAYON AY HINIDI NA NASUSUNOD AT NABABALIGTAD NG MGA HINAYUPAK NA NAKA UPO SA GOBYERNO NATIN. KAYA WALA RIN SAYSAY KAHIT NA IPASA NG SENADO ANG MGA GINAWA NG KOTONGRESS. KITA MO NAMAN ANG PINAPAKITA NI SEC.SIRAULO GUNGONGZALEZ NA MAS KAMPI PA SIYA SA MGA NANG RAPE SA ATING KABABAYAN AT KUNG ANO ANO PA ANG SINASABI NIYA SA MAGULANG NG BIKTIMA. SA MGA HUSGAGO NATIN SA SUPREME COURT MARAMI DIYAN NA BINABALE WALA ANG KAHILINGAN NG BANSA NATIN. PERO ANG GUSTO NG AMO NILA AY NASUSUNOD (GLURIA MAGNANAKAW).

tongue in, anew

May 1st, 2006 at 6:04 am

Aren’t these people barking at the wrong tree? The SEC’s job is basically implementing the Securities Regulation Code, the Corporation Code, and pertinent laws, and regulation of the different exchanges.

The government body mandated to regulate the pre-need industry is the Insurance Comission according to a Presidential Decree which created it, issued by Marcos, but is still valid to date.

Contrary to what have been stated in this thread, the Senate has not been negligent on this issue and is in fact, I think, is on second reading of the relevant bill co-authored by Drilon, Roxas, Osmeña, and one other senator, according to my DDRAM bank above my neck. Likewise, Congress has its own version authored by House economists Lapus and Salceda and about 4 more reps. Both houses seek to replace the Marcos PDs with a new Insurance Code.

Of course the Sobrepeñas and Yuchengcos (and many other people with long family names) are well-connected. They have been “favored friends” during Ramos’ term, and “favored friends” they still are today.

May 1st, 2006 at 9:05 am

The SEC admitted failing to defend their position regarding the valuation of Platinum Plans, they even agreed to issue a permit to Pacific Plans to sell educational plans even when they know Platinum is on the brink of bankruptcy.

http://www.manilastandardtoday.com/?page=business01_dec13_2005
http://www.manilatimes.net/national/2005/nov/12/yehey/business/20051112bus1.html

May 1st, 2006 at 9:31 am

Alecks, ngayon ko lang nabasa ang report nyo about Luke Roxas..I wonder how he is related to Romeo Roxas who is a director of Philippine Veterans Bank and a legal counsel of CAP, ang pagkakaalam ko fraternity brother ito ni Senator Edgardo Angara. Matagal na akong duda sa mga laro ng mga elitistang ito, ang napapansin ko kasi kung meron sila Pre-need company,meron din silang bangko at real estate o construction company. Nililipat lipat lang ang pera ng taumbayan para sa puhunan sa tulong nga mga bangko nila.

Luke Roxas has ASB Holdings, Bank of Southeast Asia and ASB Real Estate
Alfredo Yuchengco has Platinum Plans, RCBC Bank at EEI Corporation
Sobrepenas have CAP, Philippine Veterans Bank and Fil-Estate Group of Co.

Hindi naman yata mayayaman ang mga kumag na ‘to eh..puro pera lang ng taumbayan ang pinapagulong nila.

May 1st, 2006 at 11:37 am

Scud, I don’t think Luke is a family relations of Romeo Roxas. Romeo gained prominence with his entry into the Phil Vet Bank when FVR appointed him to help resurrect this bankrupt bank. It is with the PVB that he expanded his biz reportedly having availed himself of personal borowings in violation of DOSRI banking rules. Consequently, he founded the Green Circle Property which owned vast lands in Quezon and which he tried to swap several thousand hectares of land against shares of stocks of cash-strapped CAP. This fellow is well connected from the Marcos boys to Estrada’s.

May 1st, 2006 at 1:13 pm

Thanks for the info Toro, I still remember Roxas’ Green Circle Party. Isa ito sa mga sinisi nung landslide sa Quezon noon, nasa Real ako noon doing surveys when when I was still working in NAMRIA na attached agency ng DENR..napakaswerte ko nga naman sa mga naging amo ko! Di ko na matandaan kung may naging action ba si Mike Defensor laban sa Green Circle. Sabagay tingnan mo naman ang background ni Romeo Roxas… classmate ni Manuel Zamora, fraternity brods nila Drilon, Enrile, Angara atbp sa Sigma Rho.. talaga nga naman! generous donors like Roxas, Sobrepena, Yuchengcos are political realities, kaya naman kahit saan nila dalhin ang pera ng mga planholders tikom lang ang bibig ng mga politiko.

tulog yata si Alecks, ako na lang magbigay ng link about Romeo Roxas…ang director ng Phil Veterans Bank at legal counsel ng CAP

http://www.pcij.org/stories/2005/logging2.html

May 1st, 2006 at 2:49 pm

Thanks, Scud, for providing Toro the link to our report on the other Roxas. Am covering the Labor Day rallies. Since you mentioned his link to the Philippine Veterans’ Bank, here’s the link to our report on the woes of veterans and how Roxas, who allegedly faked papers showing he is the son of a World War II veteran, used his position in the bank to acquire controlling shares in the PVB and also to give his companies, including those accused of logging illegally in the Sierra Madre, preferential loans in the tens of millions of pesos.

May 1st, 2006 at 3:11 pm

That’s funny how a person connection’s to high places spares him a vacation to windowless cell. Mr. Conrad Black is a member of the house of Lords. Even had to renouce his Canadian citizenship to qualify, but now he stand accused of defrauding his own company. The string of Publishing from Europe to the Americas. And he wants back his citizenship back so he can serve his sentence in Canadian jail which is a Club Med campares to the States. And I believe your Romeo Roxas is still playing Golf with his friends in high places. And this scenario is repeated time and time again.

May 1st, 2006 at 5:18 pm

Sorry, Alecks, I didn’t get my info on Roxas from any of your reports. The fellow used to go out a lot with a cousin during their halcyon days when chicks were easy and money no object. He was the source of my info and quite a bit more enough to fill a book.

baycas

May 5th, 2006 at 9:21 pm

and so the story goes…pffft…

Gov’t extends help to beleaguered pre-need education plan holders

President Gloria Macapagal-Arroyo announced today the allocation of P1 billion to state universities and colleges (SUCs) so they could accept pre-need education plan holders who could not enroll due to problems with the pre-need companies.

The plan is in consonance with the President’s 10-point pro-poor agenda of giving wider access to education.

The funds will come from the Government Service Insurance System (GSIS) dividends, the President said during the courtesy call this morning of the urban poor groups of Quezon City at the Heroes Hall in Malacañang.

“As long as it would not be much of a burden to the national government, we will help students who could not continue with their studies due to problems with their pre-need education plans,” the President said.

The P1-billion GSIS dividends will support the operating expenses of the SUCs so they could accommodate more students.

“These are hard things we have to do but we have to do them because many are affected,” the Chief Executive said…
http://www.news.ops.gov.ph/archives2005/jul20.htm#Gov't%20extends

—–

on pdi today, may 5, 2006 page A20, gil c. cabacungan, jr. wrote:

Bad news for pre-need victims: GMA can’t deliver

PRESIDENT MACAPAGAL-ARROYO ADMITTED yesterday she cannot deliver on a promise to divert P1 billion from the Government Service Insurance System to help over 100,000 victims of failed pre-paid educational plans.

“When we were looking for a solution (to help) pre-need victims because you have the cash, but then therewere legal issues,” said President Arroyo in a televised roundtable forum on the pension fund industry.

At the height of the pre-need debacle last year, when several pre-need companies declared their inability to meet obligations under their pre-paid educational plans, the President hastily announced that she was allocating P1 billion to state universities and colleges so they could accommodate students with failed educational plans. Based on the President’s plan, the money would have come from GSIS dividends due the government.

However, GSIS president and general manager Winston Garcia said in an interview that government rules do not allow the transfer of GSIS dividends to any institution without explicit approval from Congress.

“We wanted to give it (GSIS dividends) to the Office of the President but it requires an appropriation; she (the President) can’t give it directly to the pre-need students,” Garcia told the INQUIRER.

This development is bad news for the more than 100,000 college plan holders…

To make up for her shortcoming, the President ordered Garcia to expand the GSIS’ scholarship program…

yes, to make up for her shortcoming:

PGMA asks SSS, GSIS to help pre-need victims

President Gloria Macapagal-Arroyo ordered today the Government Service Insurance System (GSIS) and the Social Security System (SSS) to beef up their scholarship programs and find ways to help victims of defaulting pre-need companies.

The President issued the directive during a roundtable discussion this afternoon in Malacanang with GSIS president and general manager Winston Garcia, and SSS president and chief executive officer Corazon dela Paz.

“Sisikapin natin maaayos ang scholarship program ng mga pre-need victims. Hopefully, before the school starts we will be able to find a solution. (We will try to find a solution to the problem of pre-need victims),” the President said…
http://www.news.ops.gov.ph/archives2006/may04.htm#PGMA%20asks

why not just ask the sobrepenas, yuchengcos, etc. etc. to pay up or else suffer the brunt of her (gloria’s) pseudo-dictatorial powers? huh, gloria?

May 6th, 2006 at 3:10 pm

agree with you baycas. instead of that usual empty promises, gloria should order her rabid doj chief to investigate and go after the owners of those pre-need co. that’s the best solution the govt can find in solving the problem of pre-need victims.

May 6th, 2006 at 3:42 pm

yup, jr…and now the parents assail gma for breaking vow:

DISAPPOINTED PLANHOLDERS of troubled pre-need firm Pacific Plans, Inc. (PPI) lashed out at President Macapagal-Arroyo for breaking her promise to help them.

Philip Piccio, president of the Parents Enabling Parents Coalition (PEP Coalition) said Arroyo might have only been paying “lip service” to over 1 million affected students when she promised to divert P1 billion from the Government Service Insurance System (GSIS) to help victims of failed pre-paid educational plans.

He said some 150,000 students and planholders will not be able to enroll in June if the problem of the pre-need industry is not solved.

In a televised roundtable discussion, Ms. Arroyo said “legal issues” had prevented the Palace from using GSIS money to help planholders…

the preceding obtained from today’s PDI, may 6, 2006 page A9, written by alcuin papa.

May 7th, 2006 at 6:17 pm

maraming maraming salamat po sa inyo, lalo na po kay Toro sa inyong taos pusong concern, sobra-sobrang info, at pagdamay sa akin at sa libo pang katulad kong masakit ang sinapit mula sa mga ganid at oportunistang kababayan ko.
Ang madama kong may mga kabayan pa akong katulad ninyo ay napakalaking ginhawa na sa katulad kong malayo sa ating bansa.
Kahit papaano, naiibsan ang sakit at hirap na aming hinaharap dahil sa aming kalagayan.
Mabuhay po kayo.
‘Sensya na po ngayon lang ako naka-reply.
Sige po, kayod po ulit ako para makaipon para sa pag-aaral ng anak ko. Tapos pag-nakagraduate na sila, puwede na kong maka-ipon para sa maliit na negosyo at maliit na bahay para naman maka-uwi na dyan……KUNG, may trabaho mapasukan ang anak ko….???? kung hindi eh kayod pa rin ako, para may pondo para makapag-abroad din sila dito so land of gold and alikabok. sabi nila 15 years ago, dito daw sa kuwait mura lang at kinikilo sa lata ang gold…so punta ako pero walang nagsabi sa akin na pag walang dinar, walang ginto….so tulo na lang laway ko.

luis H. Arevalo

May 14th, 2006 at 2:38 pm

AKO PO AY NA-NANAWAGAN SA MGA MAGAGALING NA SENADOR AT KONGRESISTA NA ANG SWELDO AY GALING SA AMING MGA MAMAYAN TULUNGAN PO NINYO KAMI NA MAKULONG NALANG PO NG HABANG BUHAY UNG MGA PINUNO NG MGA PRE NEED COMPANY NA NANLOKO SA MAHIHIRAP NATING MGA KABABAYAN GUMISING PO KAYO DYAN WAG TUTULOG SA PANSITAN ,,,,TIGILAN NA PO NINYO ANG WALANG KA KWENTANG KWENTA NA IMBESTIGASYON KAY GLORIA AT MGA KRONI NITO WALA PONG MANGYAYARI DYAN ,,,, KAMI MUNA PO ANG TULUNGAN NYO PARA MAKAPAG ARAL NA PO ANG MGA ANAK NAMIN,,,,,

i am an ex OFW fron indonesia and singapore since i was graduated from college i spend my life working with the japanese company ,working with this company is sacrifice ,send the staff anywhere they like, para kang laging tinataga ng samurai sa likod working without official time sometimes do the job straight ,,,since 1988 until i stop last 1998 after i finish the payment of my house and the 2 educational plan from PLATINUM nex year mag start na ang anak ko going to college . wala po akong trabaho na ngayon at doing part time job to some engineer friend,,,MAKAPAG AARAL PA KAYA ANG ANAK KO NEXT YEAR ,,, please send me more info on the coalition how i can help, at doon po sa mga taga probinsya na katulad ko dito sa nueva ecija nanawagan din po ako na mag tulong tulong po kami,,, baka sakali po na magtagumpay ang coalition..

May 14th, 2006 at 3:17 pm

Luis, nakikisimpatiya kami sa inyo..tama ka, dapat unahin muna ng mga senador ang pagkastigo sa mga Pre-need companies lalo na ngayon nalalapit na naman ang pasukan. Ang masakit pa sabi ng SEC, pag-aralin na lang daw muna ng mga magulang ang mga anak sa mga unibersidad at kolehiyo na may kababaan ang kalidad para makamura..eh paano pa mapapag-aral kung retirado na, kaya nga kumuha ng PRE-NEED para kung sakaling hindi na makapagtrabaho garantisado na ang kolehiyo..pasensya ka na at may katangahan sila.

At tungkol sa mga senador naman, ipagdasal na lang natin..habang Senate President si Drilon na fraternity brother ng isa sa mga abugado ng pre-need companies malabong maimbestigahan yan. Sana lang maghimala na may Palabra de Honor si Drilon upang tuparin ang pinagusapan nila ni Villar na term sharing sa Senate Presidency, kung si Villar na ang Senate President baka may pag-asa pa. Ang payo ko lang “Hope for the Best, but Expect for the Worst” , ang mga bigatin na gaya nila Tito Al ( tawag kay Ambassador Alfredo Yunchengco) napakahirap kalabanin.

May 14th, 2006 at 4:56 pm

ako ay hindi lang mga senador at mga kongresman ang tinatawag ang pansin. unang-unang dapat makialam ay ang PRESIDENTE, ang SEC, ang DOI (department of injustice), at lahat na ng sangay ng gobyerno na may kapangyarihang mabigyan ng hustisya ang mga kawawang planholders laban sa mga pre-need companies na eto. hindi kailangan ang pangako ng gobyerno na tulong financial o kung ano-ano pang mga ek-ek. ang dapat gawin ng gobyerno kagaya ng ginagawa sa ibang mga bansa, ipakulong ang mga mapagsamantala na may-ari at mga opisyales ng mga kompanyang eto. tama na ang padri-padrino system na yan. IPATUPAD ANG BATAS! hindi lang sa mahihirap kundi sa mayayaman din. eto ay hindi lang solong responsibilidad ng senado (na malapit ng mabuwag pagdating ng july?). IPAKULONG NA! NOW NA!

dagdag ko lang:

tingnan nyo na lang kung gaano kabilis umaksyon ang mga kinauukulan kapag senador or kongresman ang nabiktima. yung nacarnap na sasakyan ni enrile at espino ay mabilis lang na narecover. sana naman ganon din kabilis umaksyon ang mga utoridad pag ordinaryong mamamayan naman ang biktima.

Ellen Tordesillas » Blog Archive » Justice for pre-paid plan holders

May 19th, 2006 at 10:11 am

[…] I have a niece and nephew who have been victims of failed pre-need educational plan. One was the College Assurance Plan and the other was Success Educational Plan. […]

May 26th, 2006 at 6:58 am

Pny Fm Kwi,

I hope you can read this. You may get in touch with the PEP Coalition
http://www.pepcoalition.com/index.php?
Mark Jimenez has contributed 50 million pesos to PEP as his personal contribution to be given to the neediest among the planholders from the pre-need companies that defaulted on their members, these include CAP and Pacific.

Try to inquire from PEP if your children can qualify in view of your economic status as an OFW. You may advise the other OFWs for their info. Thanks. I hope this will help ease your burden. Good Luck.

May 26th, 2006 at 7:03 am

Pls read that – Pnay Fm Kwt. Typo error. sorry po.

TagaLongos

June 8th, 2006 at 8:33 pm

I’ve heard about a group of CAP victims that filed a class suit against the company. Does anyone know I can get in touch with the group?……maraming salamat

soleil

June 10th, 2006 at 9:49 pm

to TagaLongos…please contack me thru email captalk_006@yahoo.com for details. I am a parent volunteer for the CAP plan victims and we are asking CAP plan holders who would like to join the syndicated estafa case against CAP unite. We do request that the Planholder be a member with the CAP Plan Victims Group.I will explain the details if you (or other CAP Plan holders who are not yet members) could kindly contack me thru this email that i provided. Thank you

June 10th, 2006 at 10:02 pm

Please note that the CAP Plan Victims Group is also arm in arm partners together with other collapsed pre-need companies with the PEPCOALITION, however, prior to this “cooperation” and the Gen Assembly in St Paul’s last April 29,’06, the CAP Plan Victim’s group has already made their moved with the kind “pro-bono” assistance of Atty. Maricel Lopez, there had already been a determined moved against CAP and luckily,(please kp our fingers cross) the Supreme Court is not turning a deaf ear to the woes of the Planholders who had already filed collectivelyl. For those who will be joining, the new members will be included in the filing of the syndicated estafa. Thank you again, for those who can contact us at the email provided captalk_006@yahoo.com

nancy carlos

December 1st, 2007 at 8:57 am

I’m one of the problematic parent having financial difficulties sending my 3 kids in college. After what happened to CAP, I’m appealing to someone who can help me find a person who has a golden heart to help us. My son is graduating come March 2008. Please help us find a foundation for us to seek help. Nasira ang buhay At pangarap namin dahil Sa CAP, simpleng pangarap na nauwi sa wala. Sana po ay matulungan nyo kami.
Tnx and God Bless all the victims of CAP

SIPLAT2008

May 29th, 2008 at 9:58 am

Need Help, My wife have maturing and ready for availment (Savings & Investment Plan)SIP from PLATINUM PLANS in the name of my son. We have difficulty contacting their office and nothing was heard from them since. Who can help me get payment and process my claims, which government agency is handling this? How can i get their present address and officers? Which group can i join who is also in the same predicament? Are they running with our investment just like the Educational Plans? We are in financial need and these are our savings.Pls help.

Xera

June 2nd, 2008 at 1:16 pm

Bakit hindi iba namang mga information ang lumalabas sa website ng pepcoalition;?

July 18th, 2008 at 10:35 am

Latest news that Ernesto Salas Sr & 2 others of Paltinum Plans were arrested at Pasig City for Estafa. They posted 1.83Mpesos bail. Thay have the money to post bail but no money for the plan holders.Calling SEC why the delay in action against this firms.

July 22nd, 2008 at 3:13 am

damn! it’s been 2 years since my last comment here. what happened to TPG? i can’t even find their website now. the latest i heard from a friend there’s already a Supreme Court decision. and the decision sucks. compensation is only P10,000 for each planholder(?). i have 2 plans for my daughter 1 for high school and 1 for college. i paid almost P200k and they will pay only P20k? colayco sucks. whatever happened to that trust fund as payment for planholders like myself? and the govt did nothing to punish these companies. damn, that was hard earned money we paid. they should at least put these people in jail.

jcc

July 23rd, 2008 at 1:00 am

jr_lad,

The Supreme Court is the last institution you should go secure justice. Sorry for my bias. but please read this link: http://whotsa.wordpress.com/2006/11/01/supreme-court-cannot-be-above-the-law/

ofw_julio

November 10th, 2008 at 5:19 pm

Isa po ako sa mga ofw (Abu Dhabi, UAE)na naghahangad mabigyan ng magandang kinabukasan ang aking pamilya at mga anak, at dahil po doon ay kumuha ako sa Platinum Plans ng educational plan para sa aking 2 anak at parang insurance o savings plan na after 15 years ang maturity date. Sa ngayon ay nag matured na yung Plan Benefit Value Plan PhP 200K last March 22, 2008 at sa ngayon ay di ko alam kung ano na ang mangyayari, kasi wala ng makontak sa office nila sa Makati. Yun naman pong educational plan ng 2 kong anak ay sa 2011 & 2015 pa mag start ang availability, lahat ng Certificate of Full Payment ay nasa amin pong pag-iingat. May pag-asa pa kaya ma recover yung hard earned money na ipinambayad ko sa mga nasabing plan? Wala man lang balita o notice kaming natanggap sa Platinum kung ano na ba ang kahihinatnan ng aming mga ipinag katiwala sa kanila. Sana po ay may makapag bigay linaw kung ano ang dapat naming gawin, maraming salamat po!

julius d nallos

July 1st, 2012 at 11:12 am

query ko lang po kung panu maghabol na ma claim ung nabayad sa college plan…. nabiktima rin po kasi kami dalawang plan ang nasalihan namin sa kapatid k tapos ngaun wala lang man hustisya…. dami hinihingi na papeles tapos sabihin lang nila nadelete daw pangalan at saka di namin makita opisina ng cap at the profeesional group kung saan membro po dalawa kung kapatid…….

July 1st, 2012 at 11:16 am

panu po ba namin magamit ang coolege plan namin na di na makita opisina nila ung cap at the professional group

RATZ

July 5th, 2012 at 3:30 pm

SA mga Senadores natin:
bigyan nyo naman nga pansin itong mga college assurance namin. maawa naman kayo sa mga magulang na nagpaka hirap para sa magandang bukas ng aming mga anak. darating din ang araw para sa inyo maniningil talaga ang LANGIT sa inyo matakot kayo sa KARMA. buhay pa kayo lublub na ang buhay nyo sa KAWA ng infierno. kaya habang may panahon pa kayo itama na ninyo ang mga pagkakamali ninyo. U deceived innocent people, darating din sa buhay ninyo ang mga malalaking DIMALAS sa buhay ninyo.

SA MGA LEADERS NATIN: Gumawa naman sana kayo nga PARAAN para ang buwitreng ay ma sentensyahan, wala na sayang kumpare, cousin o ano paman, tulungan nyo naman ang mga KABATAAN na sa ngayon ay hindi naka pag-aral dahil sa mga buwetring iyan. ang investment namin dyan ay halos kakain na lang kami isang kainan sa isang araw para lang may magandang bukas ang mga anak namin.

Maraming salamat sa mga leaders namin na may PUSO na galing sa DIOS PAGPALAIN KAYO.

Pre-need planholders join forces

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