From the PEP Coalition (Feb. 27, 2009)

The letters recently sent by Pacific Plans to its traditional planholders confirm the worst fears and suspicions of many members in the Coalition — that Onate is only willing to honor what is in the modified rehabilitation plan and nothing more and that this move was merely an exit plan by YGC. The original rehab plan as well as the modified rehab plan were both rejected by the PEP Coalition because it is our contention that Pacific Plans always had the money but was merely made to appear as though it could no longer pay its planholders.

Therefore, the PEP Coalition is taking the necessary steps now to rescind the sale. Below is the announcement by Winnie Bonifacio (Core Member) as well as the letter to the SEC from the PEP Coalition. 

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Attached is the letter we sent to SEC re PPI sale to Onate.  Our lawyers are now preparing the necessary documents to move to rescind the sale.  The sale is an obvious exit plan to protect YGC from meeting its contractual obligations to us when we win the SC case.  Onate can simply file for bankruptcy and say his group does not have the funds to pay us per our plan.  We will be in a better position if PPI remains within the YGC corporate fold which is awash with cash.  RCBC is buying banks left and right while parents and their families continue to languish!!!
   
Note that the SC has already requested for the filing of the Final memorandum from the lawyers which is PREPARATORY TO MAKING A DECISON ON THE CASE.  Pray they decide soon.

We will have a new office up and running by next week in Makati.  We will post the address and number soon. Applications can be processed and updated too. Gilbert will be our man Friday in the office. 


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Winnie M. Bonifacio