PEP Coalition sends a follow-up letter to SEC
In our post last Feb. 27, 2009, we informed you that the PEP Coalition has moved to rescind the sale of Pacific Plans Inc. to the Onate Group because it is becoming more and more apparent that this move was simply an exit plan by the Yuchengcos.
We sent a follow up letter to SEC Chairperson Barin requesting for an active stance on our case similar to what they are providing Legacy. We have also requested from Sen. Roxas a Senate Hearing on the trustee banks of the preneed companies together with BSP and SEC after the Holy Week and Senate recess. This should provide the venue to look into the violations of the trustee banks in the management of the trusts funds of the preneed planholders and the negligence of BSP and SEC in exercising their regulatory and supervisory mandate.
Below is the letter sent by the PEP Coalition.
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The “PEP Coalition” stands for “Parents Enabling Parents,” a group of parents empowering other parents to stand up for their rights and demand what is legally and morally due them.
The Coalition is committed to assist its members in their quest for justice and to continue its advocacy for good corporate governance.
The PEP Coalition was formed when Pacific Plans, Inc. (PPI) applied for rehabilitation with the Makati Regional Trial Court, and earned a Stay Order allowing it to discontinue payment of tuition fees to holders of traditional, open-ended plans. In lieu of payment, the planholders were forced to accept a patently disadvantageous scheme, which had been designed without their knowledge, and took effect without their approval.
The reaction to this unexpected and unconscionable move was an immediate mobilization of outraged parents, culminating in the First General Assembly held at St Paul Gymnasium in Pasig City, April 25, 2005 attended by some 2,000 disenfranchised and furious plan holders.
SEN. MAR ROXAS’ HELPLINE NUMBERIn a recent radio interview (Feb. 11, 2009), Sen. Mar Roxas offered affected planholders free legal assistance. The PEP Coalition currently has no details on the nature of the legal assistance and the extent but for those interested, kindly call: 0919-6276927
LAWYER FOR CAP PLANHOLDER GROUPAtty. Tony Syquia is currently the lawyer for the CAP planholders. The most recent contact info we have on Atty. Syquia is: Address: Unit 1902 Security Bank Center 6776 Ayala Ave., Legaspi Village, Makati City Telephone: (63 2) 817-1095, 817-1096, 817-1098 or 817-1742 Fax number: (63 2) 817-1089 or 817-1724 E-mail: syquia@intlaw. com.ph
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