Senator Roxas to planholders: Senate will pursue Legacy scam

The Senate will not bring to a close its inquiry into the financial state of the pre-need business until it has established liabilities of government officials and private individuals in the reported looming collapse of the industry, Liberal President Senator Mar Roxas promised aggrieved plan-holders.
"Makakaasa kayo, hindi namin titigilan ito. Kawawang-kawawa naman ang ating mga kababayang nabiktima nitong mga scam na ito kung ihihinto natin ito (We will not stop this investigation in the interest of the victims of this scam)," he said.

"Malinaw na malinaw, parang bumuka nga langit at lumabas ang kaliwanagan. Nakita natin kung paano minanipula ni Celso de los Angeles 'yung pera ng Legacy para sa kanyang pansariling interest (As if the skies have opened, it is very clear now how Celso de los Angeles manipulated Legacy's funds for his personal interest)," he added.
The senator said he will continue the probe for the sake of the thousands of plan holders and depositors whose dreams have disappeared due to the Legacy mess, and will not let politics compromise this goal.
"That's one vote I don't care losing," Roxas said in relation to a swipe made by De los Angeles that he would vote for "anybody except... you just fill in the blanks."
The chairman of the Senate trade and commerce committee looking into the pre-need business and the collapse of De los Angeles' Legacy group, revealed that the committee has been deluged with calls from other potential witnesses volunteering to testify and bare more information on the illegal transactions of the Legacy group of companies.
"Sinisiguro po muna natin na may dokumentasyon. Nakita naman natin ang nangyari noong Lunes, merong dokumentasyon ang mga witnesses kaya nahirapan si De los Angeles at si (SEC Commissioner Jesus) Martinez na paikutin ang mga senador (We are making sure that these witnesses have documentary evidence to back their allegations. Like the witnesses who testified last Monday, they have documents with them that was why it was hard for De los Angeles and Martinez to contradict their claims)," he added.
Legacy Consolidated Plans Incorporated Chief Operating officer Carol Hinola has testified that Martinez was a "close friend" of De los Angeles who helped the latter with his problems at the SEC. She had also claimed the Legacy Consolidated Plans Inc. (LCPI) had paid for a P3.3 million house and lot which Martinez gave to his son. Martinez is also a second cousin of Paranaque Rep. Ed Zialcita, whom former chief finance officer Santos alleged was paid P1.8 million by LCPI in "consultancy fees."

The two witnesses have claimed that pre-need premiums were diverted to De los Angeles' personal bank accounts and for his mayoralty bid during the 2007 elections.

Roxas said once De los Angeles makes true his commitment to allow senators to examine his private bank accounts, the committee would ascertain if company funds were indeed siphoned off to his personal funds.
"Iisa lang ang alam natin, ang ating mga kababayan, ang mga mahihirap na nagtiwala, nag-ipon, kinapital nila 'yung kanilang pawis, 'yung kanilang dugo, 'yung kanilang luha, wala silang pinanghahawakan ngayon. Susundan natin ang pera, aalamin natin ang buong katotohanan dito para sila naman ay may tsansa na ma-recover ang kanilang mga pera (There is only one truth in all these: those who put their trust in Legacy, those who invested their hard-earned monies in Legacy, they are now holding empty bags. We will follow the paper trail of the Legacy funds and establish the truth so they can recover even just a small amount of their investments)" he vowed.
The Senate trade and committee had provided security and personal protection to the two former Legacy key officers. Roxas said he would coordinate with other committee members and with Senate President Juan Ponce Enrile on the need to also provide security to the other witnesses.

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Kevin Ray N. Chua

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2 Responses So far
David & Salome Whittall
on March 13, 2009 at 12:55 PM  

I can see evidence of MAR Roxas helping the Legacy Pre-Need Plan holders at the Senate Hearings on 'ANC'.

I hope this includes those who SOLD their Pre-Need Pension Plans to Legacy Card Inc. and never got the Contract Value for such Sale!

I get the feeling that nobody is really 'pushing' to get answers on just how much those who put funds into 'PNBB2' especially, really is?

Regardless of us 'Investors' (as the SEC seem to be labeling us, and not worthy of consideration it seems), the TRUST FUNDS should have received 51% of the Pension Plan Contract Value of ALL Plans sold.

Check out this spreadsheet compilation:-

"Currently the compiled PNBB2 data, represents some 54 Investors, with some 149 x PNBB2 Placements, having a 'Pension Plan Contract Value' Total = Php61.38M.
(51% min. of this should be in 'Trust Funds' = Php31,303.800.00).
This is a 'Maturity Value' of Php122.76M, and some 1,474 x Outstanding PDC's, worth Php94,197,000.00"

So if just 54 Investors buying 149 Pre-Need Pension Plans should have Php31.3M in the Trust Fund, then how much from 14,000 Pension Plans (Php3B?).

Don't you think someone SHOULD be looking a lot closer into this?

Should the SENATE not be asking Corolina Hinola and Namana Pasetes Santos for the figures on these PNBB2 placements?

What about these closed Legacy group Banks!

There is supposed to be PDIC cover to protect us Depositors.

We have lost income from these Peso Time Deposits for 3 months now and just EXCUSES and STALLING to pay out those with CLEAN ACCOUNTS and supporting documentation.

The SENATE should be investigating the PDIC and the DELAY of the PDIC to honor those with genuine Deposits. 3 months down the road, and seemingly not ready to pay out yet!

Pay out those who can show PROOF of payments having been made to these Legacy Group Banks(cashed Bank Managers checks, official receipt for CASH payment etc). Those with Bank Certifications matching the CTD's, or SSD's.

Check out this POLL:-

With only 19 Votes cast so far, it is obvious already:-

"Have lost confidence in the PDIC to protect Deposits".

on March 14, 2009 at 10:56 PM  

i hope mar roxas can help get our money back! nagsetup na me ng para mamonitor namin ang updates.

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