DOJ clears Pacific Plans of syndicated estafa

MANILA, Philippines - The Department of Justice (DOJ) has dismissed the criminal charges filed against executives of Pacific Plans Inc. (PPI) and the Yuchengco Group of Companies (YGC).

In an 11-page resolution released yesterday, the DOJ dismissed the complaint for syndicated estafa and swindling filed in 2009 by plan holder Victoria Gomez Jacinto against former ambassador Alfonso Yuchengco, Helen Yuchengco-Dee, Alfonso Yuchengo III and Yvonne Yuchengco.

Jacinto is a member of Parents Enabling Parents (PEP) whose members are mostly plan holders of defunct pre-need firms with undelivered claims.

“A perusal of the complaint shows that there is no probable cause to indict respondents for the crimes charged… since complainant failed to prove that respondents committed any unlawful act or carry out transaction of soliciting funds from the general public by way of investments through fraudulent scheme,” assistant state prosecutor Eden Wakay-Valdes said.

The DOJ explained that since many of the PPI’s clients had benefited from their plans, “it cannot be gainsaid that PPI merely solicited funds from the general public in the guise of education plans without any intention of honoring the same.”

It stressed that even Jacinto “tremendously benefited from PPI’s traditional plans” amounting to over P1.2 million or about 300 percent of principal.

The DOJ also cleared the former ambassador of the charges, saying he was not part of the PPI management when the pre-need firm was offering education plans from 1986 to 1992. He was ambassador to China from 1986 to 1988. He was a director of the firm from 1989 to 1991 but did not actively participate in the operations of the company.