VP Noli de Castro admits ties with Legacy's Celso de los Angeles

During the hearing on the state of the pre-need companies by the Senate Committee on Trade and Commerce headed by Senator Mar Roxas, he expressed suspicions that some very high officials are protecting Legacy Plans owner Celso de los Angeles.
"He was previously banned from banking because he ran away from the bank that he formerly owned. How was he able to return? Regulators knew that his financial institutions were weak two to three years ago but did nothing until they closed down," Roxas said.
Then came the time when De los Angeles said in a Senate hearing that it was no less than Vice President Noli "Kabayan" de Castro who appointed him as chairman of the National Home Mortgage Finance Corp. 

So, De los Angeles became head of the National Home Mortgage Finance Corp. upon the endorsement of Noli De Castro. De los Angeles "contributed a lot" to the 2004 campaign of Noli De Castro. Now a group of Legacy plan holders and investors wants Noli De Castro to help them get their money from former illegal gambling operator (according to Chavit Singson), banker and Sto. Domingo, Albay Mayor De los Angeles. According to these people, De los Angeles used the extensive Legacy plan-holder network to campaign for Noli De Castro in several key provinces in 2004.

The Legacy investors were directed by De los Angeles to put up streamers and other campaign paraphernalia of Noli De Castro in a large swath of the south, from the Leyte provinces all the way up to Davao, where the banker’s double-your-money scheme was especially popular at the time. Because De los Angeles’ investors were still awash in cash from what the Senate is now calling an insupportable Ponzi scheme, they happily agreed to campaign for Noli De Castro—who later rewarded the banker by making him head of the National Home Mortgage Finance Corp. after the elections and his subsequent elevation to national housing czar.

And now, Noli De Castro admits that De los Angeles financed his 2004 vice presidential campaign, caused the printing of his campaign materials, and even bought a tabloid to help sell Vice President Noli De Castro to voters. What a shame!

Then there goes the yes-we-were-friends-but-no-one-is-above-the-law tactic. Noli De Castro said that government must see to it that the interests of the plan holders and depositors were protected.
"Personally, I sympathize with the plan holders and depositors of Legacy, and it is important that our government agencies do everything to expedite the resolution of their claims," he stressed.
It's too late Kabayan Noli De Castro. You have been busted. You even tried to brush off thoughts that De los Angeles had any clout with you. That's ridiculous! If this would not have been known, Noli De Castro might had kept his silence while many people are suffering from the failure of his friend Celso' Legacy Plans. How could you do this Kabayan Noli De Castro?

Senator Mar Roxas has been standing-up for the plan holders of failed pre-need companies, Noli De Castro is not. Senator Roxas is the author of the Pre-Need Code of 2008 that would secure the plan holders' future. Why would you trust someone who can't even completely admit they he is a good friend of De Los Angeles and even appointed him to a government position in return of his campaign contribution. Their relationship was more than a casual one.
"In fact, those rural-bank branches were used by Noli De Castro as his headquarters in his vice-presidential campaign. That’s how close these two men were," according to an aide of De los Angeles.
If you are a plan holder who is desperately running after your hard-earned savings that were squandered by certain pre-need companies, please do contact Senator Roxas' hotline at 0919-MAROXAS (6276927), and he would be providing lawyers to attend to their legal needs.

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Kevin Ray N. Chua

Kevin Ray N. Chua is a 19 year-old blogger from Cebu City, Philippines and an IT Student at Cebu Institute of Technology.

He is currently the Secretary General of the CIT-SSG.

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6 Responses So far
on February 14, 2009 at 8:14 PM  

Grabeh ka super duper greedy na mga WALANG HIYANG investors na yan!
Basta may strong political connections, well-protected talaga sila. They can really do harm than good. Stop luring us! Filipinos should wake up!

This is a big slap to VP Noli. You can never expect an action from him... Shame on you Noli "Ka-Bayad" de CASH-tro.

Alison Perez
on March 11, 2009 at 10:59 PM  

nice post. nakakaawa ang mga nabiktima, sila pa talaga ang nagmamakaawang ibalik ang pera nila. sana lang makonsensya ang mga taga-legacy.

Alison Perez
on March 11, 2009 at 11:02 PM  

sana makonsensya naman ang legacy pati na rin ang mga collaborators nila. nakakaawa ang mga nabiktima...

Kevin Ray
on March 13, 2009 at 12:03 PM  

Indeed Alison. The Legacy Group of Companies, headed by Celso de los Angeles, should return the money that they swindled from those who trusted their company. It's really sad to know that Celso de los Angeles is also the cause of its collapse as he was spending the money of the Legacy's stakeholders for his personal use. Bad Celso!

on March 29, 2009 at 6:27 AM  

So, how many lawyers has Mar provided so far?

Kevin Ray
on March 31, 2009 at 8:09 PM  

I am not really specific on it Paul but Senator Mar Roxas has a pool of volunteer lawyers. Like here in Cebu, he is coordinating with the Integrated Bar of the Philippines. He has his chief legal counsel on the pre-need issue, Atty. Eugene Kaw.

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