Showing posts with label sec. Show all posts
Showing posts with label sec. Show all posts

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 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 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 PGMA: Order probe of FG Mike

Liberal President Senator Mar Roxas today stressed President Gloria Macapagal-Arroyo should now act to save the country's "corrupt" image in the international political arena, and she can begin by ordering an independent investigation into the numerous anomalies involving her husband, First Gentleman Mike Arroyo.
"Mahalagang linisin natin ang imahe ng ating bayan. Nakakahiya na tayo sa buong mundo. Ang tingin nila ay puro korap ang mga opisyal natin. Kailan pa ba kikilos si GMA? (It is important to clean our country's image. We are really in a very embarrassing situation now. The world thinks all Philippine government officials are corrupt. When will GMA act to stop this?)" he asked.
He said the president can prove her sincerity in removing corruption by subjecting her husband to an independent investigation and by allowing the long arms of the law to be served on him, when he is found guilty of pocketing millions of pesos in bribe monies and for masterminding multi-million peso fund diversion scams.

He also said President Arroyo should not ignore testimonies given to World Bank investigators that her husband and an unnamed former senator received millions of pesos in bribe monies in exchange for favorable endorsements to local and foreign contractors for them to be able to bag infrastructure contracts with the government, particularly the Department of Public Works and Highways.

The WB had conducted an investigation into irregularities that tainted projects that it financed in the country. As a result of the probe, seven firms - three from the Philippines and four from China - were banned from participating in any WB-funded projects here after they were found to have engaged in "collusive practices" in the bidding of a road project.
"Hindi pa ba sapat na ang WB na mismo ang nakakuha ng testimonya na milyong-milyong piso ang ibinayad ng mga kontratista kay Mike Arroyo para lamang manalo sa bidding ng mga projects sa DPWH? Kailangang kumilos na si GMA ngayon na (Isn't it enough that no less than the WB has been given testimonies that contractors had to pay millions of pesos to Mike Arroyo to get government contracts? She should act now)," he stressed.

"Gloria should make a clear statement that her husband is not beyond the law. She should not use her position to influence the findings of any investigating body. And if her husband is found guilty of any of the allegations against him, then she should not think twice about him going behind bars for his corrupt acts" he added.
Roxas warned the WB findings could affect relations between the Philippines and the United States, especially following the anti-corruption pledge that new US President Barack Obama made during his inauguration last month.

Also, the Ilonggo senator said it was not a surprise that the Philippines has been lumped with Nigeria, Pakistan and Bangladesh as among the nations with failing democracies due to rampant corruption in government.

He said controversies like the NBN-ZTE bribery, the P728 million fertilizer fund diversion, the "Euro Generals" money laundering and the most recent, the collusion between the owner of the Legacy Group of Companies and the Securities and Exchange Commission (SEC) to rip off hundreds of pre-need plan holders and bank depositors of their hard-earned savings have left an impression of widespread corruption in the nation.
"She should act to clean up the graft gangs in her government. She must spearhead this war against corruption by starting in her own backyard. Only then can she prove her sincerity," he said.

Thursday, February 5, 2009 | posted in , , , , , , , , , , , | 0 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.

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Senator Roxas: GMA to blame for pre-need woes

Liberal President Senator Mar Roxas last Friday said President Gloria Macapagal-Arroyo is to blame for the impending loss of billions of pesos in investments by Filipino parents in pre-need companies because of her inaction and lack of concern on the pre-need companies' financial abuses these past years.
"Where is Gloria – the economist that she is – in this catastrophe? Where is her leadership? This just shows that Gloria's not really minding the store," he said.

"Ang talo dito ay ang mga kababayan natin (The losers again are our people). Gloria has compromised their children's future," he stressed.
The Chairman of the Senate Committee on Trade and Commerce said he will file a resolution seeking to reopen the investigation into the pre-need mess that started three years ago with the collapse of College Assurance Plan (CAP), Inc., a company formerly co-owned by the family of Arroyo.

He noted that when the industry first showed signs of distress three years ago, the government did not even take any step to strengthen regulation of the pre-need business, at the expense of 800,000 plan holders who lost their hard-earned money.
"Noon pa man ay sinabi na natin na kailangang paghandaan ng pamahalaan ang anumang krisis pinansiyal na maaaring harapin ng pre-need industry. Nakita naman nating lahat kung ano ang nangyari sa CAP (I have already warned the government about preparing safety nets for the pre-need industry. We have seen what happened to CAP)," he said.

"Ang mahalaga ay protektahan ang pinaghirapang pera ng daan libo nating kababayan. Mahalaga ang kinabukasan ng mga batang siguradong mas apektado ng krisis-pinansiyal na ito (It is important that we protect the hard-earned monies of our citizens. It is important that we ensure a good future for our children and make sure they are not affected by this financial slump)," he said.
Industry figures show that as of end-June 2008, the industry's trust fund deficit has ballooned to a whopping P46.83 billion, which is extremely opposed to a surplus of P6.8 billion as of end-December 2007. Pre-need firms have also reportedly written the Securities and Exchange Commission (SEC) in August 2008 and warned that if urgent solutions are not implemented, the industry's financial woes could lead to the demise of the industry and many unfulfilled promises to plan holders.

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