In a simple ceremony at The Peninsula Manila yesterday, Yuchengco handed a check for P250 million to PPI president Ernesto C. Garcia.
With the additional P250 million, tuition support is increased to give currently availing planholders, regardless of their school category, the balance of their last availment. In addition, tuition support is given to first time availers or planholders who are enrolling their scholars for the first time this 2005 school opening.
Planholders can pick up the check for the additional tuition support starting Monday at the PICC Meeting Rooms 2 and 3 from 8 a.m. to 6 p.m. They are requested to bring a copy of the certificate of full payment and original valid ID.
In a short statement, Yuchengco expressed the hope that the amount will contribute significantly to PPI’s cause to serve the best interest of its planholders.
He appealed to the planholders’ utmost understanding on the difficult situation PPI is facing now. He also reassured the planholders, "We will do everything in our capacity to help ease the problem."
It will be recalled that PPI has already made available to enrollees, the court-approved P341 million tuition support for this school year opening. And with Yuchengco’s contribution, the total fund a available is P591 million.
PPI has filed with the courts early last month, a rehabilitation plan that hopes to solve its problems with its planholders. Under the plan everyone is assured of getting at least 100 percent of their payments plus seven percent net interest compounded annually from year of full payment.
When the rehab plan is approved by the court, planholders, whether availing or non-availing, will surrender their traditional educational plan in exchange for a fixed value pre-need plan or the "New Plan" designed for a specific purpose, which is to realize a return on contributions at or near historical time deposit rates across all maturities.
Part of PPI’s proposed rehabilitation is the setup of a fund of initially P300 million, that will allow the encashment of the "New Plan" for those who wish to do so.