Roxas to meet plan holders of Legacy in Cebu this a.m.

CEBU, Philippines – Senator Manuel A. “Mar” Roxas III will be in Cebu today to meet several disgruntled plan holders and investors of Legacy Consolidated Plans Inc. and others who invested in other closed pension and educational plan companies.

Roxas, chairman of the Senate committee on trade commerce, has been in the forefront in the effort to pin down Legacy owner Celso de los Angeles for defrauding investors of their hard-earned savings.

Philip Picchio, president of Parents Enabling Parents or PEP Coalition said, next to Metro Manila, Cebu has the biggest number of plan holders who were victimized by de los Angeles’ “double-your-money” scheme.

“I am confused on why Cebu is so silent and to think Cebu has the biggest number of victims. They should come out in the open and do something instead of just sitting down on their chair and wait something (sic) to happen,” Picchio said in an interview with The FREEMAN yesterday.

Picchio is inviting not just the plan holders and investors of Legacy, but also plan holders of the College Assurance Plan, Pryce Plans Inc. and Pacific Plans Inc. to join the forum today at the Cebu Normal University from 7:30 in the morning until 10:30 in the morning.

Picchio said that Legacy alone has about 50,000 planholders and investors nationwide, wherein about 15,000 are from Cebu with a total combined claim of an estimated P22 billion.

Picchio added that with such magnitude of claims, he doubts all the assets of de los Angeles would be enough to pay the disgruntled plan holders and investors.

As of now, Picchio said that the government is still in the process of looking for all the assets of de los Angeles including those that are in Cebu.

“I doubt if he can pay everything. But the victims should stand up and do something. Hindi ko maiintindihan kung bakit ang mga Cebuanos ay masyadong tahimik. Maraming na biktima dito, dapit kumilos din kayo instead of just waiting for somebody to do it for you,” said Picchio, who is himself a victim.

The “PEP Coalition” is a group of parents empowering other parents to stand up for their rights and demand what is legally and morally due them.

The coalition organized in 2005, is committed to assist its members in their quest for justice and to continue its advocacy for good corporate governance.

Picchio lamented that there are “rich and famous” Cebuanos who have been victimized by de los Angeles but are so ashamed to come out in the open.

Picchio said that he knows of one Cebuano who invested P49 million and another put in P35 million in the Legacy Group. — Mitchelle L. Palaubsanon/NLQ (THE FREEMAN)