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. 

————————————————————————————————————————————–

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. 


– 
Winnie M. Bonifacio

 

 

The PEP Coalition Has a New Set of Lawyers

The letter below is self-explanatory.

We wish to assure the PPI planholders that there was a proper transition to a new set of lawyers.  We are confident that our cause and fight will go on as it would have had under the Ongkiko law firm. As Winnie Bonifacio, one of the Core Members of the Coalition puts it, “We are in good hands.“

The PEP Coalition wishes to extend its heartfelt and deepest thanks to the Ongkiko Manhit Custodio and Acorda Law Firm (spearheaded by Atty. Mario Ongkiko and Atty. Zenaida Ongkiko-Acorda) who had tirelessly given of their time and effort to bring us where we are today. We owe a debt of gratitude to you and will never forget what you have done for the thousands of planholders affected.

We are reproducing the letter of Atty. Zenaida Ongkiko-Acorda below (original signed):

The Promise (Flashback)

Just a reminder in case some of us have forgotten THE PROMISE (underlining done by us for emphasis).

“…funds for the purpose will be used accordingly”

“PEP guarantees your child the completion of a complete elementary or a four-year secondary education or basic four-year or five-year college course…”

“…you have just made certain, no matter what the cost is, no matter what happens, your child is assured of education.”

(click on the image to enlarge)

SEC Flashback

We dug up our old files and saw this picture of Sec. Chairwoman Fe Barin from a magazine, BizNewsAsia, dated May 23-30, 2005.

Note that this was about a month after the PEP Coalition was formed in April 2005 when Pacific Plans filed for rehabilitation.

She was quoted to have said: “the PPI rehab petition is a scheme to force planholders to swap the traditional plans for a new fixed value plan”.

Almost 4 years ago. What has SEC done if this was indeed their conclusion way back in 2005?

The Senate Hearing in Pictures (Feb. 2, 2009)

Sen. Mar Roxas & Sen. Chiz Escudero

A view of Philip Piccio (far end of table, in barong) and the 2 senators

Juan Miguel Vazquez, president of the federation of preneed companies

Some of those who attended the hearing