Press Release
March 1, 2009

SENATE HEARING INTO PRE-NEED INDUSTRY PLIGHT RESUMES

Victims of the scheming Legacy pre-need company would have their chance to confront owner and businessman Celso de los Angeles when the Senate Committee on Trade and Commerce resumes hearing into the state of the pre-need industry tomorrow, Monday.

Liberal President Senator Mar Roxas has invited pre-need plan holders to attend the hearing to narrate to senators how De los Angeles and his managers sweet-talked them into investing their hard-earned monies to Legacy Consolidated Inc. and its affiliate businesses, all of which have filed for dissolution.

"Aalamin natin kung paanong nakumbinsi ni De los Angeles at ng mga opisyales niya ang mga magulang at mga retiradong empleyado na ipasok ang kanilang mga pera sa Legacy. Ano kaya ang mga matatamis nilang salita na nagdulot ng mapapait na karanasan sa mga kawawang planholder? (We will find out who De los Angeles and his officers were able to convince parents and retired workers to invest their monies to Legacy. What sweet words did they use that resulted in the bitter plight of these planholders?)," the chairman of the Senate trade and commerce committee said.

The senator met with some 200 Legacy victims on Saturday in Davao City, where he personally listened to their complaints on how De los Angeles and his managers tricked them into investing their savings and retirement pays to Legacy.

One of those who attended the Legacy forum during the weekend had agreed to testify during tomorrow's hearing. The witness was a former ranking officer of Legacy. She will detail how De los Angeles and his minions planned scheming offers to generate money for the company, with the clear intent of misleading their investors and getting their hard-earned savings.

The Ilonggo senator said inputs culled from the discussions would be used as guide by the technical staff of his committee when it comes up with remedial measures on how to more strictly regulate the pre-need industry; and to the legal counsels when it comes to demanding accountability from de los Angeles et al.

"Mahalaga ang edukasyon ng ating mga kabataan kaya kailangang siguruhin natin na makukuha pa ang perang ipinundar ng kanilang mga magulang para rito (The education of our children is important and we must make sure that the savings of parents to send their children to school can still be recovered)," he said.

Legacy has sold more than 50,000 plans for an estimated worth of P1.4 billion. Its trust fund held by its trustee banks only has P350,000, according to De los Angeles.

The committee hearing into the pre-need industry will be at 11 a.m. at the J.P. Laurel room at the Senate tomorrow.

Invited guests include De Los Angeles, officials from the Securities and Exchange Commission, the Bangko Sentral ng Pilipinas, the Philippine Deposit Insurance Inc, players in the pre-need industry and plan holders victimized by pre-need firms.

Roxas has tapped a pool of lawyers to provide free legal counseling to victims of pre-need companies. Those who wish to avail the free legal assistance can text or call 0919-627-6927.

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