Showing posts with label celso de los angeles. Show all posts
Showing posts with label celso de los angeles. Show all posts

Roxas to GMA: Use power to waive filing fees for Legacy victims

Liberal President Senator Mar Roxas today urged President Arroyo to use her influence over the justice department and order the waiving of filing fees for pre-need plan holders victimized by the fraudulent operations of Legacy owner Celso de los Angeles and his cohorts.

At the same time, Roxas filed a petition with the Supreme Court seeking the exemption of victims of failed pre-need companies and investment scams from the payment of filing fees, which he stressed have become "stumbling blocks" in the victims’ quest for justice.

Roxas, chairman of the Senate trade and commerce committee, lamented the inability of Legacy victims from paying the required filing fees with the DOJ and the corresponding legal fees with the courts have delayed, if not blocked, the recovery of their claims and the prosecution of De los Angeles and his cohorts for fraudulent transactions.

The fees include filing fees, which are paid to the DOJ if complainants want to institute criminal actions, and court fees, which are paid if planholders lodge criminal complaints against fraudulent investment entities and pre-need companies.
"Itong mga fees na ito ang isa sa mga pinakamalaking hadlang sa pag-pa-file ng kaso laban dito sa Legacy at kay Celso de los Angeles," he said in his opening statement during Friday’s committee hearing on the collapse of Legacy companies and the plight of the pre-need industry.

"Nananawagan po ako sa Pangulo, nananawagan po ako sa administrasyon: Imbes na pag-aksayahan po ninyo ng panahon iyang mga political parties, ‘yang pagsasama-sama ng mga partido po ninyo, imbes na pag-aksayahan po ninyo itong mga birthday at iba pang mga okasyon, siguro dapat pag-aksayahan ninyo ng panahon, bigyan ninyo ng oras, itong mga naging biktima ng Legacy. Kayo mismo, Pangulong Arroyo, DOJ, at administrasyon, kayo mismo dumulog sa Supreme Court at tumulong sa ating panawagan na i-waive na itong filing fees na ito," he appealed to President Arroyo.

"Pangulong Arroyo, kung sinsero ka sa pagtulong sa ating mga kababayan, alam mo ang kabigatan ng iyong impluwensiya sa DOJ, alam mong makikinig sa iyo ang secretary nito kung iuutos mo ang pagtigil ng paniningil ng mga filing fees para sa mga biktima ng Legacy," he added.
In his petition with the Supreme Court, the Visayan senator said the high bench, like Congress, has the duty to "reduce social and economic inequalities in order to further improve and uplift the lives of Filipino people."
"One such way of lessening social and economic inequalities is an outright exemption from filing fees for victims of failed pre-need companies and investment scams, which filing fees can just constitute as a lien on whatever monetary award that said victims may receive in the event of a favorable decision," he said.

Friday, May 29, 2009 | posted in , , , , , , , , | 0 comments [ More ]

Roxas urges caution in purchase of new pre-need plans

Liberal President Senator Mar Roxas today advised the public to be very careful when buying new pre-need policy plans in the midst of the continuing financial dilemma gripping the industry spawned by the closure of various companies due to effects of the global financial meltdown
"Mahirap ang buhay ngayon, mahalaga ang bawat sentimo na ating kikitain. Kailangang mag-ingat tayo sa mga investments na ating gagawin," said the chairman of the Senate trade and commerce committee, which is looking into the financial plight of the industry and the circumstances that led to the collapse of the Legacy pre-need group of companies.

"Hindi tayo maaaring maging kampante na okay ang mga kumpanyang pinayagang magbenta ng mga policy plans ng SEC (Securities and Exchange Commission)," he added, noting acknowledgements made during Wednesday's hearing that permits to sell issued to 22 pre-need companies are not guarantees of their financial stabilities.
Non-Traditional Securities and Instruments Department Assistant Director Merle Joy Pascual told senators permits to sell pre-need policy plans this year were issued to 22 firms in December last year. Three of these have admitted deficiencies in their trust funds, of which two have submitted build-up plans to correct the deficiencies. The last has yet to present its proposed financial plan.

Roxas grilled Pascual and other SEC officials on whether the issued permits to sell could be taken by the public as a warranty that the 22 companies would not go the way of the Legacy pre-need group of companies owned by businessman Celso de los Angeles.

The Legacy companies were authorized to sell premiums until December 7, 2008 but they stopped selling plans as early as November last year. It then applied for dissolution of the firms on December 8, causing panic among its pre-need planholders.

It was a similar situation for Permanent Plans Inc., whose 2009 license to sell premiums was suspended by the SEC last month after planholders complained about a questionable return-of-payment scheme offered by the management to its clients. A review by the Commission has shown deficiencies in Permanent Plans' trust fund.

SEC chairperson Fe Barin and Commissioner Juanita Cueto claimed it would be difficult to determine what would happen to the industry at any given time and, therefore, would be harder for the Commission to warn the public about the financial standings of the companies.

But Pascual, contrary to her superiors, confessed: "Personally, Mr. Chairman, sasabihin ko sa kapatid ko kung may plano siyang bumili ng pension o educational plan mula sa isang kumpanya na may problema sa trust fund, sasabihin ko huwag muna kasi may deficiency. Pero kung wala naming problema, sasabihin ko sige lang bumili siya."
"SEC is an institution which the public looks up to, binabantayan iyan ng publiko. Kinailangan pa ang isang Merle Pascual para aminin, though personally, na itong kumpanyang ito, mukhang okay kaya sige bili lang pero ito mukhang hindi okay, kaya iwas muna ng bili diyan. 'Yan ang matagal ng hinihintay ng publiko," Roxas said.

The Visayan senator added: "Ang masakit kasi dito, yung katahimikan ng SEC na kahit alam naman nila na may problema na ang isang kumpanya, wala pa rin silang aksyon para sabihan o warning-an ang publiko."
Barin said a review of the updated financial statements of the 22 licensed pre-need firms is now on-going to find out if they have the financial requirements to continue operating. The companies have until May 14 to submit their financial statements.

Roxas said SEC officials should acknowledge and accept the weight of their fiduciary responsibilities and exercise the broad powers granted to them under the Securities Regulations Code to protect the interests of the public.
"Hindi pwedeng maulit ang sitwasyong ito in six months, one year's time tapos nag-iba lang ang kumpanya at ang mga nagrereklamo. Hindi ito ang unang pangyayari sa industriyang ito. Kailangang ipakita ng SEC na karapat-dapat ito sa expectations ng ating mga kababayan, na kaya nitong pangalagaan ang interest ng taumbayan at hindi ang mga kumpanyang ito," he stressed.

Wednesday, May 6, 2009 | posted in , , , , , , , , | 1 comments [ More ]

Roxas: AFP launches info drive among soldiers on Legacy scam

The Armed Forces of the Philippines leadership has began an information dissemination drive among its field officers to inform them of the fund mess that Celso de los Angeles' Legacy group is involved in, Liberal President Senator Mar Roxas said today.

Roxas, chairman of the Senate trade and commerce committee, said the move would give soldiers the chance to recover their hard-earned investments in the Legacy-owned Scholarship Plan Philippines Inc. (SPPI).
"Nagpapasalamat tayo kay Gen. Alexander Yano sa tulong na ibinigay niya sa aking opisina upang ipaalam sa ating mga sundalo kung ano na ang estado ngayon ng mga pre-need plans na binili nila mula sa Legacy (I would like to thank Gen. Yano for helping us inform our soldiers in the field about the status of their pre-need plans bought from Legacy)," he said.
The Armed Forces and Police Savings Loan Association (AFPSLAI) said more than 12,000 of its members are planholders of SPPI's educational, pension and memorial plans, with a total investments of more than P300 million.
"Hindi natin pababayaan ang ating mga sundalo at kapulisan na niloko din nitong si Celso de los Angeles. Tutulungan ko silang habulin si Celso hanggang maibalik sa kanila ang mga pinaghirapan nilang pera (I will never turn my back on our soldiers and policemen who were duped by Celso de los Angeles. I will help them run after Celso until they get back the monies they have invested in Legacy)," the Visayan senator said.
He lamented that the government, until now, has not lifted a finger to help victims of Legacy's illegal pyramiding scheme,
"Hanggang ngayon ay wala pa rin tayong nakikita mula sa Office of the President, mula sa Pangulo mismo, para parusahan ang mga opisyal na nagkamali o nakipagkuntsabahan para magawa ng Legacy at ni Celso de los Angeles ang panlolokong ito. Walang utos na ibinibigay sa sa DOJ para maisampa na ang mga kaso, walang mga sinisibak sa pwesto na mga at walang tulong na nakukuha ang mga kawawa nating kababayang niloko ni Celso (Until now we have not seen any action from the Office of the President, or from the president herself, to punish the officials who have erred or who connived with Legacy and Celso de los Angeles for him to be able to carry out this grand scam. There is no existing order for the DOJ to file cases and there is no dismissal order for anyone)," he noted.
He added: "Pero kahit na wala tayong makitang hustisya mula sa pamahalaang ito, hindi tayo susuko, lalaban tayo. (But even while justice seems slippery, we will not give up, we will carry on.)"

He vowed to run after De los Angeles until all the investments made by his planholders have been returned.
"Kung ang akala ng mga nasa kapangyarihan ay mapapagod na lang tayo at hahayaang mamatay ang isyung ito, nagkakamali sila. Hinding hindi tayo susuko hanggang makamit ng taumbayan ang katarungan. Lalaban tayo! (If those in power think our interest on this is short-lived and that eventually the whole thing would die a natural death, then they are wrong. I will never give up until I get justice for our people. I will fight for them)," he said.
Yano has written the senator to inform him that radio messages have been sent to "all the major services and other subordinate commands/units nationwide in order to widely disseminate" information about the dissolution of Legacy's pre-need firms.
"The leadership of the Armed Forces of the Philippines deeply appreciates your concern for all the affected soldiers, especially those who are serving in the field and unaware of the implications of their inaction regarding their claims as plan holders of the said company," he said in his letter dated April 13.
He added the senator's move "means a lot to the financial needs of the concerned soldiers and will certainly uplift their morale to further serve our country."

Roxas has asked Yano to help inform soldiers in the field about the closure of the Legacy pre-need firms and the deadline set by the Securities and Exchange Commission (SEC) for the filing of claims against De los Angeles' companies.

It was detained Marine Col. Ariel Querubin who called the senator's attention to the plight of the soldiers, saying that thousands of AFP officers like himself have bought SPPI shares as early as 1999 while they were assigned in various camps throughout the country.

Tuesday, April 21, 2009 | posted in , , , , , , , , , | 0 comments [ More ]

Roxas: 12,000 soldiers and cops victimized by Celso de los Angeles' Legacy

More than 12,000 uniformed personnel are among the victims of the dubious pre-need plans of controversial businessman Celso de los Angeles' Legacy group of companies, Liberal President Senator Mar Roxas yesterday revealed as he announced the resumption on Monday morning of the Senate inquiry in the status of the pre-need industry.

Roxas, chairman of the Senate committee trade and commerce, said the total pre-need payments made by soldiers and police officers through mandatory salary deduction amounted to P317,556,356.
"Kawawa naman ang ating mga sundalo at kapulisan. Pati sila ay hindi pinatawad nitong ganid na si Celso de los Angeles (I pity our soldiers and police officers. This greedy Celso de los Angeles did not even spare them)," he said.

"Tutulungan ko silang mabawi ang mga perang ibinayad nila sa Legacy para sana sa edukasyon ng kanilang mga anak at sa kanilang mga retirement. Kasama nila ako sa labang ito (I will help them get their monies back, monies intended for the education of their children and for their retirement. I am with them in this fight)," he added.
Roxas said data submitted by the Armed Forces and Police Savings and Loan Association Inc. (AFPSLAI) showed that 12,047 soldiers and police officers paid monthly premiums for their Scholarship Plan Philippines Inc (SPPI) policies through AFPSLAI.

It seems that AFPSLAI secured education pre-need plans for its members through the Legacy Group and collected payment through salary deduction.

AFPSLAI Executive Vice President and General Manager Lt. Gen. (ret.) Christie B. Datu, in a letter-response to Roxas, said their office has yet to finish segregating how many of the total affected personnel came from the Armed Forces of the Philippines and how many from the Philippine National Police.
"Rest assured that we will assist our affected members in filing their claims with the SEC (Securities and Exchange Commission)," Datu said.
Detained Col. Ariel Querubin had written the Visayan senator and informed him that thousands of soldiers had bought SPPI claims through monthly payments made through AFPSLAI. Querubin bought his SPPI plan when he was assigned to the Sofronio Espanola camp in Southern Palawan in 1999.

Monday, April 20, 2009 | posted in , , , , , , , , | 0 comments [ More ]

Senator Roxas, 6 Legacy victims sue Celso de los Angeles, 19 other Legacy officers

Liberal President Senator Mar Roxas today promised he will protect the welfare of victims of the financial scam of discredited businessman Celso de los Angeles as he blamed the Arroyo Administration for coddling him and allowing his scam to victimize thousands of hapless citizens.

Roxas made the commitment as he and six victims of the Legacy scam filed a case of syndicated estafa against De los Angeles and 19 other board members and directors of the dissolved Legacy Consolidated Plans Inc. (LCPI) before the Makati Prosecutors’ Office.

Syndicated estafa is a non-bailable crime.

Roxas, chairman of the Senate committee on trade and commerce, joined the 6 Legacy pre-need plan holders in suing De los Angeles and his cohorts after a short march and a rally in front of the Makati City Hall attended by almost a hundred Legacy victims.
"Ngayong umagang ito kasama ninyo ako para tumindig laban sa katarantaduhan ni Celso at ng pamahalaang kumukupkop sa mga kagaya niya (Today, I stand with you to fight against the criminal acts of Celso and the government that has protected him and others like him)," Roxas declared angrily before leading the group of complainants in filing of the case.

"Hindi ko kayo pababayaan. Itigil na ang panloloko sa taumbayan! Ipaglaban ang karapatan ng lahat ng mahihirap na ninakawan ng pangarap! Patuloy tayong maninindigan na isiwalat ang pagnanakaw ni Celso at mga kapwa niya ahas, at ikulong ang lahat ng nagsasamantala sa taumbayan! (I will not abandon you! I promise to stop this grand scheme to mislead our people! I will fight especially for the right of the poor robbed of their future by this thievery! I will continue to stand up and expose the shenanigans of Celso and others like him! Let us jail all those who continue to abuse the rights of our people!)," he promised the Legacy victims and members of their family who joined him in the short rally.
In leading the list of complainants, Roxas represented six of the Legacy victims who are Mrs. Jovita "Nanay Beth" Calleja, Mrs. Aurora "Nanay Au" Soriano, Mrs. Arlene Basco, Mrs. Corazon Villon, Mrs. Lolita Duria and Mr. Antonio Evangelista, who all executed a Special Power of Attorney (SPA) for Roxas to represent them in the case.

The 6 Legacy victims lost a total of PhP 705,101.40 in premium payments because of the collapse of the Legacy pre-need companies following the exposure of De los Angeles’ financial mismanagement, wanton abuse of company funds and a convoluted financial scheme that lured thousands to invest billions of pesos in a Ponzi-type business operation.

Named as respondents in the complaint were Legacy owner De los Angeles, his wife Maria Concepcion de los Angeles, son Niccolo Martin de los Angeles, Purita de los Angeles, Victorino de los Angeles, Atty. Christine Limpin, Madeline Cobbarubias, Atty. Norman Tiongson, Bishop Ignacio Soliba, Ladho Chugani, Ricardo Solomon, Arcatomy S. Guarin, Elvira P. Garcia, Cecille Invencion, Monina Vierneza-Dio, Edgardo Marasigan, Elvira Nebre, Teresita Tica, Josefina Castaneda, Agnes Santiago.

The Ilonggo senator said De los Angeles and his cohorts are liable for syndicated estafa, which the Revised Penal Code defines as the deliberate misuse of funds generated from the public committed by five or more people. He said there was clear deceit and misrepresentation by the respondents as shown by the fraudulent and deceiving financial products and promises of highly unusual and irregular returns, like the double your money scheme, with no intent to pay the policy-holders.

He said it had also been established during the Senate hearings into the Legacy plight that De los Angeles and his partners misappropriated the funds for the planholders, with evidence presented to the committee pointing to millions of pesos being diverted to De los Angeles’ personal benefits and other non-company related expenses, such as yacht repairs, utility and medical bills and his own campaign expenses during the 2007 elections.
"The respondents evidently conspired and confederated with one another to achieve a common purpose, which is to misappropriate and convert the pre-need funds for their personal benefit. The totality of the circumstances as previously narrated clearly shows that they are united in this criminal design. The fraudulent scheme could not have been perpetrated without the knowledge and direct participation and cooperation of all the respondents who are all officers of the Legacy Group of Companies," the complaint stated.
It likewise alleged that "the funds of the pre-need companies were commingled with the funds of other companies belonging to the Legacy Group of Companies" to the detriment of planholders, whose investments were used for purposes other than that for which they were invested by the policy-makers.
"Legacy funds, like all other pre-need funds, are held in trust on behalf of planholders. Such funds were disbursed by Celso de los Angeles with grave abuse of confidence," it added, stressing: "The intricate and elaborate organizational structure of the companies coupled with the existence of interlocking officers and interrelated services show that the Legacy Group of Companies is a vehicle intended to illegally amass funds from the public without drawing suspicion that these funds are actually intended to be converted to personal and other uses of herein respondent Celso de los Angeles and his cohorts."

Wednesday, March 25, 2009 | posted in , , , | 0 comments [ More ]

Senator Roxas in Cebu

Senator Mar Roxas was in Cebu yesterday and was able to be with his staff for the whole day. It was a privilege to be with Senator Roxas in Cebu as this was my first time to see him here.


First stop in the morning was the Pre-Need Forum hosted by the Parents Enabling Parents (PEP) Coalition, headed by Philip Piccio, together with Senator Roxas in the Kalambuan Hall of the Cebu Normal University. The forum was jampacked with people who were lured by Celso de los Angeles' scam. Senator Roxas was committed in making this liable of this scam, be imprisoned, not only Celso de los Angeles but also those judges from the Regional Trial Courts and Court of Appeals to tried to protect Celso de los Angeles by issuing a Temporary Restraining Order (TRO). He noted that only the Supreme Court can issue a TRO and not the lower courts.

Roxas understands the situation of the Legacy victims and he wants to resolve this issue. He said that unlike other Senate investigations, that after a few months are already forgotten, he would continue to support the Legacy victims until they get back the money the Celso de los Angeles illegally used. The money that these people invested for the future of their sons and daughters, for the future of their business and for the future of their jobs.

Concerns were raised about the filing fee that the Department of Justice (DOJ) is asking for every case that is filed. Roxas told the audience that he had already waived for the filing fee in order to encourage more victims to file a case against Celso de los Angeles and his company, but it seems that the DOJ is acting on it slowly. He said that DOJ formed a Task Force on Bank Fraud last 2005 but until now, the Task Force wasn't able to file a case to anyone. It was disappointing to know this. What the hell is the DOJ doing?

Someone also wanted to clarify the services offered by Roxas on the Legacy victims. Roxas clarified that he would provide only free legal support from lawyers. He said he was not a "bolero". He admitted that he can't support the filing fees and other fees of all the Legacy victims. He suggested that the victims would file a "class suit" so that they can save from the cost instead of having everyone filing the case separately.

The last person who asked a question in the Pre-Need Forum was an interesting one. It was her who made Roxas exclaimed "This Legacy was a scam since day one!" I forgot to list her name, but Roxas will be inviting her to the Senate hearing on the Legacy scam.

After the forum, I was off the meet Ma'am Ines Delfin, one of Roxas' media staff whom I contacted for this. When Senator Roxas left the forum, the team went straight to Café Laguna in Ayala Terraces. But I and Ma'am Ines opted to be left behind from the convoy. So, we thought that it was going to be at the Cebu City Hall, but we were informed that it was in Café Laguna. OMG!

A few minutes later, we arrived in Café Laguna for lunch. In there were the Cebu City councilors and Roxas. We waited for Cebu City Mayor Tomas Osmeña to arrive. Around 12:35 PM, Osmeña arrived. Only a few media were allowed to enter. I was privileged to shot some pictures. Together with the Mayor was his wife, Margot and son Miguel.


It was supposed to be a private lunch but a few media sneaked in. Another surprise visitor who came in was no other than Dra. Vicky Belo! In the other room was the Belo Launching in Cebu Press Conference. I'll talk about this later. Belo had a little chat with Osmeña and Roxas.

After the lunch, we immediately proceeded to Cebu State College of Science and Technology. Roxas was about to give an inspirational speech on the graduates. He challenged them not to believe in destiny. He urged them to write their own destiny and to be prepared with the real world. He also told them that the problem was not on the people, but on the leaders.

There were a lot of people around the gym where the graduation was held but Roxas has to go back home before ending the graduation rites. He told the graduates that he has still another appointments to attend.


It was my first time to ride a convoy of a public official. I joined the convoy from the school to the Mactan Cebu International Airport. At around 3:30 PM, Roxas bid goodbye to the Cebuanos as he returns to Manila. He promised that he would still be coming back.

This experience is so memorable. I loved it. How I wish it could happen again! Senator Roxas in Cebu.

Click to see more photos on Senator Roxas in Cebu at my Friendster Album.

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Senator Roxas saves life of Legacy investor in a Butuan forum yesterday

Ben Serrano wrote this article in his blog during a forum in Butuan City, Agusan del Norte. He reported that Senator Mar Roxas noticed a 67-year old public school teacher retiree named Lita Miranda, who invested in Celso de los Angeles' failed Legacy plans, went red and sweating after he high blood pressure soared high at the school auditorium of the St. Joseph Institute of Technology (SJIT) Thursday evening (March 19):
It took Senator Mar Roxas, chairman of the Senate Committee on Trade and Industry to notice 67 year old public school teacher retiree Lita Miranda’s face gone red and sweating after her high blood pressure soar high during forum about Legacy at the school auditorium of the St. Joseph Institute of Technology (SJIT) here in Butuan City Thursday evening (March 19).

Roxas was the first to notice Miranda trying to catch up with her breath as the senator immediately called the attention of his staff and the school medical authorities to rescue the 67 year old teacher retiree from San Francisco Pilot Elementary School in San Francisco, Agusan del Sur.

Roxas was at the middle of his speech before victims of Legacy’s double your money in three years scheme in a jampacked crowd mostly Legacy investors at SJIT school auditorium when he noticed something went wrong with Miranda.

"She is fine now however we recommended her confine at a hospital for a thorough medical check up", school nurses Rey Pacaya and Rea Murillo told this writer in an interview.

The two school nurses of St. Joseph Institute of Technology (SJIT) were the ones attending Miranda whom they claimed suffered sudden soar of blood pressure due hypertension.

"She suffers sudden soar of high blood pressure as she was sweating cold and look pale, it would be another story if took sometime before she was rescued", SJIT nurse Rey Pacaya told this writer.

SJIT President Dr. Leticia Cebrian Salas was present when her two school nurses give Miranda medical attention and try to console the retired public school teacher.

After resting for thirty minutes Miranda, later, told this writer she lost some P600,000 from Legacy’s double your money scheme in three years that gone haywire.

A companion of Mrs. Miranda, Hilda Herdes Lahi, 66, also a retired public school teacher from San Francisco Pilot Elementary School in San Francisco, Agusan del Sur who seated beside Miranda at the forum told this writer in an interview she didn’t noticed Miranda already suffered mild stroke but noticed her hands were cold and sweating.

"It was after Senator Roxas speaking in microphone took noticed of my seatmate then I comforted her and asked for help", Lahi who claimed she too lost her all her retirement benefits in the amount of P675,000 to Legacy.

She noticed Miranda’s face gone red when Senator Roxas was explaining difficulty of Legacy victims to retrieve back their capital investments in the way things are going now with the Senate Inquiry by which Senator Roxas was initiating as chair of the Senate Committee on Trade and Industry.

Roxas explained to forum participants, he is only telling the truth saying sales agents of local Legacy offices could have explained to their clients or would be investors the consequences of the double your money scheme while telling the investors they could have seek advises from lawyers in the business they are in.

But somebody from the crowd replied some lawyers too were victimized allegedly by Legacy.

Roxas further explained he don’t want to give false promises and sound like a politician as frankly told forum participants the chances of getting back their money is remote but raises hope when he told victim investors he will exert efforts and will do everything he can to help.

Lahi revealed many of her co-teacher retirees from San Francisco, Agusan del Sur also losses all the money they got from their retirement benefits. Another co-teacher of hers also suffered a stroke and couldn’t hardly buy sustaining medicines now.

Lahi told this writer an estimated one hundred government retirees from San Francisco, Agusan del Sur alone were duped of Legacy’s double your money scheme in three years and losses all their hard earned money.

"Each one of these retirees have invested P600,000, P500,000 to low P100,000 each to Legacy" Lahi said.

The forum with Senator Mar Roxas was initiated by the Butuan Chamber of Commerce and Industry who is helping victims of Legacy Investment Scam.

BCCI Secretary General Leah Medado told this writer the chamber is doing everything it can and has even offered an office space for the newly formed Association of Caraga Legacy Claimants to give victims a venue to ventilate their problems in a forum like the recently concluded one with no less than Senator Mar Roxas conducting.

Medado explained sixty percent of the more than 600 victims of the Legacy Scam are coming from Butuan City mostly traders, professionals and retirees.

When asked why said investment scam that victimizes more than 600 Caraga residents, practically all of them professionals be made public so that it will served as warning by telling the public all what had happened, Medado explained the investors begged not to be identified.

"They don’t want to be mock or pre-judged by the public", Medado explained.

But when explained, the scam has already been made public anyway except local details how and why and even a Roman Catholic priest in Southern Leyte, admitted in nationwide television he too was victimized by Legacy, Medado just replied with a smile while thanking this writer for attending the forum.

Medado invited this writer to attend the chamber-sponsored forum.
I hope Celso de los Angeles would realize the damage and hopelessness that he has afflicted to everyone who trusted their future to de los Angeles' Legacy.

To Celso de los Angeles, please don't leave a legacy of false promises. Give their money back!

UPDATE 3:00 PM: Here are the pictures of Senator Mar Roxas and Lita Miranda during the Legacy forum.

Friday, March 20, 2009 | posted in , , , , , , | 1 comments [ More ]

Senator Roxas to POEA: Dig deeper into how Legacy schemes affected OFW trust fund

Liberal President Senator Mar Roxas today urged the Philippine Overseas Employment Administration (POEA) to dig deeper into how Legacy's double your money scheme put at risk the stability of the trust fund of overseas Filipino workers (OFWs).
"Walang patawad itong si Celso. Pati ang ating mga overseas workers ay niloko din niya (Celso de los Angeles would not even spare OFWs!)," lamented the chairman of the Senate trade and commerce committee, which is looking into the Legacy fund mess.

"Kailangang masiguro natin na may kakayahan ang mga recruitment agencies na nagpadala sa mga OFW sa abroad sakaling magkaroon sila ng problema sa kanilang mga trabaho (We have to make sure that these recruitment agencies can address the problems of these OFWs, should any arise)," he added.
The Ilonggo senator noted testimonies during the last committee hearing revealing that at least 144 recruitment agencies entrusted their escrow deposits at the Asia Trust bank, which in turn had inked an internal agreement with De los Angeles' Bank of Paranaque to double the amount of deposits.

POEA Dir. Melchor Dizon had told senators the agency requires all recruitment agencies to put up a P1 million escrow deposit in a bank, in this case the Asia Trust, to secure claims of workers in case the workers encounter problems or difficulties with their foreign employers. He said they have discovered that escrow deposits of Asia Trust's 144 agencies were all transferred to the Bank of Paranaque for a 20% per annum interest, with the authorization of the recruitment agencies.

The time deposits with Bank of Parañaque were secured by government securities, but Dizon said the securities have turned out to be insufficient, thus now forcing recruitment agencies to cough up additional money to complete their respective escrow funds.
"Sa huli, ang biktima dito ay ang mga OFWs (The OFWs are the victims here in the end)," he stressed.
He said the POEA, with the assistance of the Department of Justice, should determine if the recruitment agencies could be held liable for the insolvent state of the OFWs' trust fund.
"Kailangan nating malaman kung may kasalanan din dito ang mga recruitment agencies. Nakakolekta na sila ng 20% na interes sa kanilang mga deposito (We need to know if recruitment agencies are also at fault. After all, they already collected the 20% interest on their deposits)," he said.

Tuesday, March 17, 2009 | posted in , , , , , | 0 comments [ More ]

Senator Roxas condemns Manuel Gaite appointment to SEC

Liberal President Senator Mar Roxas said today President Gloria Macapagal-Arroyo's appointment of Deputy Executive Secretary Manuel Gaite to the Securities and Exchange Commission (SEC) reflects the administration's lack of decency and concern for public opinion of its conduct.
"Wala talagang malasakit ang administrasyon sa iniisip ng publiko (This administration does not care for what the public thinks). At this time that the SEC's reputation is crumbling down, President Arroyo has appointed someone whose own credibility is as low as the one he's replacing," Roxas said.
The Ilonggo senator said Gaite's appointment was also apparently a reward for his role in Malacanang's attempts to silence NBN-ZTE broadband deal whistleblower Rodolfo "Jun" Lozada Jr.
"Anong patunay ni Gaite na meron siyang 'good moral character'? Isa ito sa mga itinakda ng batas na kwalipikasyon para sa mga SEC commissioner (What proof could Gaite show that he has 'good moral character?' This is one of the qualifications set by law for SEC commissioners," he stressed.
The Chairman of the Senate Committee on Commerce and Trade cited Section 4.2 of the Securities Regulation Code on the qualifications for SEC commissioners, which states, "The Commissioners must be of good moral character, of unquestionable integrity, of known probity and patriotism, and with recognized competence..." SEC commissioners are Presidential appointees.
"Kung seryoso talaga ang Pangulo na linisin ang SEC at ibalik ang tiwala ng publiko sa mga institusyon, i-atras niya agad ang appointment ni Gaite at maghanap siya ng taong hindi matatawaran ang integridad (If the President is really serious in cleaning up the SEC and recovering the public trust in our institutions, she should immediately cancel Gaite's appointment and headhunt for a person whose integrity cannot be assailed)," he said.
Gaite had been selected by the President herself to replace former SEC Commissioner Jesus Enrique Martinez, who took flak for allegedly receiving a house and lot and a sports utility vehicle, among others, from Legacy Group owner Celso de los Angeles.

Monday, March 16, 2009 | posted in , , , , , , , , , | 0 comments [ More ]

Senator Roxas to gov't: Move fast to attach Legacy assets

Liberal President Senator Mar Roxas last Friday asked three government agencies to move fast to attach the assets of businessman Celso de los Angeles and his failed Legacy Group of Companies to protect planholders and investors from losing their investment.

Roxas made the call after transmitting to the three government agencies copies of documentary and testimonial evidence gathered by the Senate in its investigation into the Legacy mess triggered by an inquiry into the financial problems of the pre-need industry.

Senator Mar Roxas comforts a crying Bernadette Raymundo who told Roxas that she lost her life's savings because of the collapse of the Rural Bank of Subangdaku, one of the 13 Legacy banks that collapsed because of mismanagement by controversial businessman Celso de los Angeles. Roxas met Raymundo at the assembly hall of Siliman University in Dumaguete City yesterday during a forum with victims of the Legacy collapse organized by the Parents Enabling Parents (PEP) Coalition.

He said the documents from the Senate hearing transmitted to the Philippine Deposit Insurance Corporation (PDIC), the Securities and Exchange Commission and the Department of Justice (DoJ) are more than enough to cause the attachment of De los Angeles' assets, many of which are part of the trust fund of the two collapsed Legacy pre-need companies and the assets of the 13 Legacy banks that declared bankruptcy late last year.

He said the evidence also prove allegations that De los Angeles engaged in illegal business transactions and diverted Legacy funds for his personal use.
"Considering the seriousness of these allegations, we trust that your office will conduct an in-depth investigation on the matter and expeditiously act to cause the attachment of all assets that may have been acquired using the trust fund and deposit accounts of Legacy policy holders and depositors," he said in separate letters sent to PDIC president Jose Nograles, SEC chairperson Fe Barin and Justice Secretary Raul Gonzalez.
Documents transmitted to the PDIC includes copies of the Transcript of proceedings of the four committee public hearings (February 2, February 10, March 2 and March 9) and the sworn affidavits of former Legacy chief executive officer Carolina Hinola, chief finance officer Namnama Pasetes-Santos, Paul Montenegro, Myrna Axalan and Jeannette Ortiz.

The SEC and the DoJ, on the other hand, were given copies of the Transcript of proceedings of the 4th public hearing last March 9 and sworn affidavits of Hinola and Santos.

The Ilonggo senator said the affidavits of Hinola and Santos are relevant to the investigations being conducted by the three offices, particularly on De los Angeles' alleged misuse and misappropriation of the trust funds and bank deposit accounts of the Legacy group of companies.

Also, the Senate committee wrote House Speaker Prospero Nograles and furnished his office certified true copies of the sworn affidavit of Santos and vouchers and checks showing the disbursement of a total of P1.8 million to Paranaque Rep. Eduardo Zialcita drawn from Legacy' pre-need trust fund.

Santos had testified that Legacy Consolidated Plans Inc. (LCPI) paid Zialcita a consultancy fee of P100,000 monthly on the instructions of De los Angeles. The checks, she claimed, were received by the congressman's former secretary identified as one Leila Omana.

Zialcita is a second cousin of SEC Commissioner Jesus Martinez, who has been accused of "protecting" Legacy's interests within the SEC. Witnesses have alleged the Legacy group paid for a P5 million house and lot in Paranaque that Martinez gave his son.
"In observance of the inter-parliamentary courtesy customarily practiced by members of both houses of Congress, I transmit herewith (these documents) for your reference and in support of whatever action you may deem appropriate under the circumstances," Roxas said.
He added members of the House can examine and verify the original vouchers and checks, which are in the custody and safekeeping of the Senate Blue Ribbon Oversight Office Management (BROOM).

Sunday, March 15, 2009 | posted in , , , , , , , , , | 0 comments [ More ]

Senator Roxas: Celso de los Angeles has yet to present waiver on bank accounts

Senator Mar Roxas said yesterday that Albay town mayor Celso de los Angeles, owner of Legacy Consolidated Plans, Inc., has yet to issue the waiver on the confidentiality of his private bank accounts as he promised at the Senate hearing last Monday.

Roxas said De los Angeles also has not submitted yet an official copy of his Statement of Assets and Liabilities as a public official, which he promised to provide during the February 20 hearing by the Senate committee on trade and commerce.

The waiver would allow senators to examine De los Angeles’ bank accounts and determine the veracity of allegations that Legacy funds were diverted for his personal use.
"Is this another empty promise? Where is the waiver? Has he changed his mind? Or perhaps he is buying time to again trying to falsify bank documents?" said Roxas.
He said the Senate can’t dip its hands in the Legacy owner’s accounts without the waiver - a requirement under the Bank Secrecy Act.

The senator challenged De los Angeles during the March 9 public hearing to waive all his rights under the Bank Secrecy Act.

This, after De los Angeles made a blanket denial of the allegations and even said he would open his active personal accounts at the Philippine Rural Bank and the Philippine Countryside Bank as well as his closed account at Metrobank Bicol.

Legacy group’s former chief finance officer Namnama Pasete-Santos had testified during the public hearing that P38 million in company’s funds were given to De los Angeles supposedly to bankroll his mayoralty bid in Sto. Domingo, Albay, during the 2007 general elections. Another P30 million was also paid out in 2006 and a total of P22 million in 2008.

In the Senate inquiry, Legacy chairman and president Carolina Hiñola also said that P25 million was paid to De los Angeles by Legacy for the purchase of the Punta Engano property in Lapu-Lapu City in Cebu.
"It’s important for us to review the movement of money in and out of his accounts, because what’s involved here is the money that his plan holders and depositors entrusted to him," Roxas said as he assured that he will not let Celso go "until we exact justice for your victims."

Friday, March 13, 2009 | posted in , , , , , | 0 comments [ More ]

Senator Roxas prods Department of Justice to act swiftly on Legacy complaints

Liberal President Senator Mar Roxas yesterday prodded the Department of Justice (DoJ) to act swiftly on the complaints filed against officials of the Legacy Group led by owner Celso de los Angeles, to bring justice and relief to the victims of the company's schemes.
"Pupukpukin natin ang Department of Justice, kakalampagin natin hanggang sa mag-file na sila ng kaso laban sa Legacy, lalo na kay Celso (We will continue to pound on the DoJ for them to immediately file cases against Legacy officials, especially de los Angeles)," the chairman of the Senate Committee on Trade and Commerce said.

"Ang lahat ng ito ay nasa kamay ngayon ng Department of Justice dahil ito ang mag-fa-file ng kaso laban kay Celso de los Angeles. Babantayan natin ito. Hindi natin papayagan na na idri-dribble lang ito hanggang sa magkalimutan na lang (All these are now in the hands of the DoJ because it will be the one which would file cases against Celso de los Angeles. We will watch them closely. We will not allow them to sit on the cases until the public forgets about them)," he also said.
Complaints have been filed before the DoJ against the Legacy owner and his cohorts by the Securities and Exchange Commission, the Bangko Sentral ng Pilipinas and various investors, all of which have been referred for preliminary investigation to the "Task Force Legacy."

Members of the task force have told senators that the preliminary investigation into the complaints would begin on March 21 after all pleadings and counter-pleadings have been filed by concerned parties.

The Ilonggo senator said it was imperative for the Justice department to employ fast action on the cases so aggrieved pre-need planholders and bank depositors and investors could recover the investments they made to the various Legacy companies, such as the Legacy Consolidated Plans Inc., Legacy One Card and its 13 rural banks.

He exhorted prosecutors not to follow the path of the 2005 Task Force against Bank Frauds, which until now has yet to file a single case in relation to the complaints referred to it when it was created.
"Ang tanong ngayon, paano si Nanay Beth? Si Nanay Mila? At iba pang biktima? Paano ang pera nila? Paano mananagot ang dapat na managot dito? Kailangang agarang kumilos ang DoJ para makakuha ng hustisya ang mga kawawang biktima ng Legacy (The question now is, how about Nanay Beth, Nanay Mila and the other victims? How about their savings? Will the persons responsible for this scam be held responsible? DOJ should act swiftly so justice will be served for sake of Legacy's victims)," he said.

Thursday, March 12, 2009 | posted in , , , , , , | 0 comments [ More ]

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.

Tuesday, March 10, 2009 | posted in , , , , , , , | 2 comments [ More ]

Senator Roxas' second ambush interview transcript during the break in the Pre-Need Financial state hearing

MAR: ...Alamin kung makakayanan ba nila na tugunan ang lahat nitong mga pinangako nila, ano pa ang dapat idagdag nila sa kapital ng kanilang mga kumpanya, ano pa ang mga dapat na pagbabago sa kanilang pagtatabi ng pera lalong-lalo na sa trust fund. Para makasiguro tayo na kung anuman ang mga binebenta nila ay matutugunan at masasakatuparan ang mga pangakong ito.

Nakita natin dito sa Legacy at sa iba pang nabangkaroteng pre-need plans, iba ang treatment diyan. Dapat ang SEC, dapat ay i-attach ang lahat ng mga assets, ikandado ang lahat ng mga assets na iyan para may chance tayo na ma-recover anuman ang pagkukulang dito sa trust fund na ito. Nang sa ganun mabayaran man lang iyong capital, yung binayad ng mga plan holders.

Dito naman sa mga buhay pa na kumpanya, dapat malaman kung maglalabas ba sila ng capital? Dedepensahan ba nila ang kanilang kumpanya? Nang sa ganun ay malaman kung itong mga plan holders ay magpapatuloy sa pagbayad. Ano ba ang sitwasyon ng trust fund nila? Kaya ba nilang punuan ang kakulangan diyan?

At dito sa SEC, dapat mag-resign yang si Aquino, mag-resign sino pa. Itong mga commissioner na nagtatakip.commissioner na kasama...Sa tingin ko kasi, itong mga bagay na ito ay isang fraudulent scheme, kasama talaga ito sa isang fraudulent scheme na maloko ang mga plan holders natin, itong mga bumili ng mga plan na ito. At ang ibang opisyal ng SEC ay either negligent o kakutsaba. O sa kanilang katamaran o sa kanilang incompetence napasama sa pagpayag na magpatuloy itong fraudulent scheme na ito, itong panlolokong ito.

Q: Anong pwedeng i-rekomendang kaso laban sa Legacy?

MAR: Ang pag-file ng kaso. Pwedeng estafa, at kaya nga pinapa-attach natin ang lahat ng assets. Halimbawa, itong lupa sa Ayala Alabang, binenta ito, dinispose ito isang lingo bago sinabi na hindi na naming kakayanin yung pagbayad nitong mga plano na ito. Bakit pinayagan ng SEC ito? Dapat habulin ng SEC ito para ma-attach yan dun sa halaga ng trust fund. Ang pinakamahalaga ditto ay ang mga magulang, lalong-lalo na yung mga nagsakripisyo, yung mga mahihirap para lamang makabayad ng tuition ng kanilang mga anak, masiguro lamang ang edukasyon ng kanilang mga anak. Yan ang binabantayan natin, pinapahalagan natin.

Q: Kung ginawa ng SEC ang kanilang trabaho, hindi tayo aabot dito?

MAR: Kung ginawa ng SEC ang trabaho nila, lalong-lalo na nangkaroon ng ganitong pangyayari nung 2004 at 2005 dun sa CAP at sa Pacific, hindi tayo darating dito. Naghigpit sila ng maaga at yung mga napag-bentahan noong 2005, 2006, 2007 at 2008 sana hindi na sila napagbentahan ng mga plano na ngayon nakikita natin hindi naman pala makakapag-deliver ng kanilang mga pangako.

Q: Additional powers for SEC?

MAR: Hindi na. In fact, sobrang lawak nga ng kapangyarihan ng SEC sa pre-need. There is one line, halos one provision in that Securities Regulation Code na ang pagsubabay, pag-monitor sa pre-need industry binibigay sa SEC. Kahit anong regulasyon pwede nilang ilagay diyan. Kahit anong paghihigpit, kahit anong prudential measures para masiguro ang trust fund, masiguro ang paggastos ng pera ng mga plan holders ay nasa kamay nila. Nakita natin either ayaw nilang gamitin itong kapangyarihang ito or nagbubulag-bulagan sila, nagbibingi-bingihan sila. Or nakikita natin na talagang willful participants sila, kasama sila dito sa willful negligence para maka-eskapo itong mga nagloko sa ating mga kababayan.

Q: What will you recommend versus SEC?

MAR: Kitang-kita mahihina ang mga opisyal ng SEC. At hindi naman personal ito, pero 2 years na itong global financial crisis umaalingawngaw ito eh. Sa Bloomberg, sa CNBC, sa international. Hindi naman ito surpesa ito. Pero bakit ang SEC natin nabigla? Bakit ngayon naghahabol? Kawawa naman ang ating mga plan holders. Kawawa ang mga magulang, kawawa yung mga pensiyonado, kawawa yung mga namatay. Dahil wala na ngang pera na pambayad dito sa mga binili nilang plano.

Q: Negligence lang?

MAR: Negligence, yes, but it's criminal eh. Isang bagay ang kahinaan, katamaran, incompetence. Pero hindi ito yung pangunang pangyayari na ganito eh. Nangyari na yung CAP, yung Pacific, ngayon yung Legacy naman. Kawawa naman dahil hindi sila umaksyon, dahil hindi nila nilinis at inayos, ang industriyang ito...ilang magulang, pamilya ang bumili ng mga planong ito na ngayon ay nasa alanganin?

Q: Clarification lang...P3.6 billion ang total obligations nila for the plan holders and investors and creditors (Legacy)?

MAR: Yes, P1.1 billion sa trust fund and P2.5 billion sa kanilang principal na tinanggap na nangako sila ng times two, doblado, tapos meron pa silang pinangakuan, tinanggap na bibigyan ng pera. So this is on top of the banks and apart from the other schemes. Dun lang ito sa mga pre-need holders and dun sa mga doblado. Wala pa tayo dun sa mga banks, dun sa mga depositors

Q: P1.1 billion?

MAR:Sa kanilang trust fund, ang suma total na dapat bayaran is about P1.1 billion. Ang pera sa kanilang assets is about P330 million.

Q: Chain of assets...?

MAR: Iba yun. Yun ang pag-aari dapat, halimbawa dito sa Mastercard Franchise, na ang value ay P300M pero right now ang value na lang is P85M. So, itong P330m na nasa trust fund maaaring lumaki yan pero maaarin din na ampaw din ang iba diyan.

Q: Can they pay the plan holders?

MAR: The P350M is owned by the planholders. Ang tanong is, they will get 30 cents on the peso, roughly lang ha. Kasi kungP1.1 billion, eh P350 million ang nasa trust fund, palagay mo nasa P400m, eh di you will get 40 cents per peso owed. That is under the BEST circumstance ha. Kung everything is okay. Pero palagay ko hindi...palagay ko may marupok na asset sa loob eh.

Q: Anong assets ang pwedeng habulin ng SEC?

MAR: Itong lupa pwede. Palagay ko hindi lang ito ang asset nito. Palagay ko meron pang iba diyan eh. Sabi ni Delos Angeles meron pa daw siyan P1 billion na free and clean na assets eh. Eh bakit hindi pa siya ipatawag ng SEC? Nasan ang P1 billion na ito? I-attach natin lahat yan para ma-conserve lahat ang mga ito para sa interest ng mga plan holders.

Q: Yung recommendation na i-freeze lahat yung mga assets, san manggagaling?

MAR: The SEC can freeze motu propio, they don't have to wait for us.

Q: Order or priorities for the payments, sino mauuuna: plan holders o investors?

MAR: Para sa akin plan holders. By the nature kasi, kasunduan ito. Yung investor, investment kasi iyan. Pwedeng manalo, pwedeng matalo. Pero mag-aagaw na lahat yan.

Q: Wala sa list si Delos Angeles pero dumating siya? Summoned siya? Pyramiding ito?

MAR: Yung kay Delos Angeles? Oo. Yung doblado, nagging times 3, times 5. Yan paghahabol na lang ng pera yan eh. Para may cash flow, anuman ang pumapasok yun ang binabayad para sa nakaraang mga obligations...

Tuesday, February 3, 2009 | posted in , , , , , , , | 0 comments [ More ]

Senator Roxas: SEC guilty of willful negligence, incompetence

Liberal President Senator Mar Roxas yesterday chided officials of the Securities and Exchange Commission (SEC) for their "willful negligence" and incompetence in protecting the interests of pre-need plan holders and investors during a hearing conducted by the Senate on the state of the pre-need industry.
"The weakest charge against the SEC is that it has been negligent. That's the kindest assessment. They have been negligent, lazy and passive. 'Yan ang pinakamagaan. Pero dahil hindi ito ang pinaka-unang pangyayari na ganito, masasabi that the SEC was not only negligent but they have been willfully aiding and abetting the defrauding of the people by turning a blind eye, by willfully ignoring all of these signals or signs that they should have been stricter," the chairman of the committee said.
He noted the statement of SEC Chairperson Fe Barin that while the Commission made sure that the interests of the pre-need plan holders were protected, it likewise tried to balance the concerns of the pre-need companies.

She likewise blamed supposed restrictions in the SEC Charter, which she said tied them down in stopping the financial problems of the industry.
"I am really saddened by your response. Talagang nalulungkot ako. Naghuhugas kayo ng kamay. Umiiwas kayo sa responsibilidad. Kayo ang chairperson ng SEC. Sumulat na kami ng batas, iyong Pre Need Code, naipasa na ito sa Senado pero hindi pa na-a-aksyunan sa Kamara. Pero hindi ito excuse para sa ginawa ninyo. The SEC has been given the widest latitude to regulate this. Kung nung 2005 nakita na ninyo ang problema, at na-analyze na ninyo ang problema, maaaring nagpatigil na kayo ng pagbebenta ng mga plans pero tuloy-tuloy ang ligaya kaya ngayon meron na namang ganito," Roxas reprimanded Barin.

"Hindi ito ang unang pangyayari na ganito, nagkaron na tayo ng CAP, ng PEP, ng maraming kumpanya na preneed na pare-pareho ang nangyayari. Masasabi na natin na captured na sila (SEC), may sabwatan na sila. Hindi na nila nakikita ang mga interests ng planholders," he added.
Roxas also chided Director Jose Aquino of the SEC's Non-Traditional Securities and Instruments Department for failing to protect the public's interest in the cased of Legacy Consolidated Inc., owned by businessman Celso delos Angeles, when it had reported its woes already three years ago.

Aquino told senators he "met with (Legacy shareholders) and gave them directives" but admitted that only "some" of these directives were complied with by Legacy Consolidated.

Delos Angeles said his company continued to sell pre-need plans until November 2008, and shortly thereafter, in December 2 last year, applied with the SEC for corporate dissolution, claiming that the company has become insolvent.
"Nagsabi na nga sila na nagkaka-problema na sila pero pinayagan niyo pa rin silang magbenta ng mga plans. You, SEC, you're supposed to be the bantay of the interest ng lahat ng magulang na namili nitong Legacy na ito. Tapos matutuklasan natin na nalaman niyo ito 3 years ago pero wala kayong ginawa kundi sumulat, mag-miting o kaya mag-direct. Pero toothless, fangless, walang ngipin kasi tuloy ang ligaya. Hanggang first week of December na sabi ni Mr. Delos Angeles, hindi na namin kaya ito. Kasi yung mga bangko na pag-aari din niya, bangkarote na din. Ito din ang pinag-invest-an ng mga trustee na ito," Roxas said.

"Malinaw na malinaw na hindi lamang malambot, hindi lamang katamaran, hindi lamang incompetence, pero mukhang willful negligence na talaga. Talagang nagtatakip mata sila, talagang tinitingnan ang side ng kumpaya laban sa side ng mga preneed plan holders," he stressed.

He added: "Parang lagi na lang silang nabubulaga, lagi na lang silang naiiwan sa kangkungan. Dahil hindi nila talaga alam ang trabaho nila. O kaya, dahil hindi ito ang kauna-unahang pangyayaring ito, talagang nagtatakip mata sila, nagpapa-inosente sila kasi ayaw nilang disiplinahin, ayaw nilang proteksyunan ang interest ng mga planholders dahil ang proteksyon na kailangan ng planholders ang siyang sasagabal o magpapahigpit sa mga operasyon ng mga kumpanyang ito."
Asked what charges could be filed against SEC officials, Roxas said they could be slapped with negligence, dereliction of duty and violation of the Anti-Graft and Corrupt Practices Act.

The Senate committees on trade and commerce and banks will resume hearings on the pre-need industry's financial woes next week.

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Senator Roxas' ambush interview transcript during the break in the Pre-Need Financial state hearing

Q: What is the liability of the SEC?

MAR: The weakest laban sa SEC is that it has been negligent eh. That's the kindest assessment. They have been negligent, they have been lazy, they have been passive. Yan ang pinakamagaan. Pero dahil hindi ito ang pinaka-unang pangyayari na ganito, masasabi that the SEC was not only negligent but they have been willfully aiding and abetting the defrauding of the people by turning a blind eye, by willfully ignoring all of these signals or signs that they should have been stricter.

Meron ng pagsasara ng CAP, ng Pacific, at may iba pang maliliit.

Q: Anong mga remedial legislation can come out of this?

MAR: It's not remedial legislation that we need. It's the enforcement. San ka nakakita nang hindi naming aaksyunan ang isyu na 'yan hanggang walang dadating dito sa amin na mag-complain.

Q: Can you expand dun sa sinasabi mong sabwatan between SEC and pre-need companies?

MAR: Ang pinaka-mild na masasabi natin sa SEC ay negligent sila or incompetent sila. Pero hindi naman ito ang unang pangyayari na ganito, nagkaron na tayo ng CAP, ng PEP, ng maraming kumpanya na preneed na pare-pareho ang nangyayari...masasabi na natin na captured na sila, may sabwatan na sila. Hindi na nila nakikita ang mga interests ng planholders. Dun nga sa unang statement ni (SEC Chairman) Fe Barin, ang kanya binabalanse pa niya ang interest ng pagpapalago ng industriya laban dun sa mga interest ng planholders. Eh ang ahensiya ng gobyerno nandiyan iyan para proyteksyunan ang interest ng mga planholders. Ito yung mga inosente, ito yung mga mahihirap na nagtabi ng pera para mailigtas ang mga edukasyon ng kanilang mga anak. Kung ang SEC hindi na nila maasahan bilang panangga dito sa mga umaabuso, dito sa mga nagdidispalka ng kanilang mga pera, sino pa? San pa sila tatakbo? Kaya nga may SEC.

Q: Yung harassment daw ng BSP?

MAR: Hindi ko alam sa BSP, pero ang sumusubaybay naman dito ang SEC. Pero malinaw na malinaw na hindi lamang malambot, hindi lamang katamaran, hindi lamang incompetence, pero mukhang willful negligence na talaga. Talagang nagtatakip mata sila, talagang tinitingnan ang side ng kumpaya laban sa side ng mga preneed plan holders.

Q: Bakit nagtatakip ng mata?

MAR: Eh sa laki ng perang pinag-uusapan dito, abot na ng bilyon, maaari ng mag-espekulasyon.

Q: Anong mga kasong pwedeng harapin ng SEC?

MAR: Meron silang negligence, dereliction of duty, meron ding under the graft and practices act na batas natin na maaari na silang kasuhan dito. Pag-aaralan natin.

Mabuti sana kung ito yung unang pagkakataon na nangyari ganito. Pero meron ng mga 700,000 na mga magulang dun sa CAP, nagkaroon na ng Pacific at ibang kumpanya na nagsara, halos 50 na na pre-need ang nagsara. Tapos ngayon nabulaga na naman ang SEC na meron Legacy at iba pa. Parang lagi na lang silang nabubulaga, lagi na lang silang naiiwan sa kangkungan. Dahil hindi nila talaga alam ang trabaho nila. O kaya, dahil hindi ito ang kauna-unahang pangyayaring ito, talagang nagtatakip mata sila, nagpapa-inosente sila kasi ayaw nilang disiplinahin, ayaw nilang proteksyunan ang interest ng mga planholders dahil ang proteksyon na kailangan ng planholders ang siyang sasagabal o magpapahigpit sa mga operasyon ng mga kumpanyang ito.

Q: May liability ang Legacy?

MAR: Talaga. Yung unang pananagutan talaga ay Legacy. Pero ang SEC, bilang siyang tagapagtanggol, bilang panangga sa mga pang-aabuso nitong mga katulad ng Legacy, may pananagutan din dahil hindi nila ginawa ang trabaho nila.

Q: Yung harassment daw ng taga-BSP?

MAR: Take up din natin. Tawagin natin Mr. Espenilla at iba pang nasa BSP.

Q: Tuloy pa ang hearing?

MAR: Oo, tuloy-tuloy ang hearing.

Monday, February 2, 2009 | posted in , , , , , , , | 0 comments [ More ]

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