Jump to content

I am legacy group investot at the same time


Recommended Posts

David_LivinginTalisay
Come on David, you are not a victim.

 

But I have to admit, good strategy, keep it going but save the ink this time.

 

.

 

FYI, I have a Php250K Deposit into High Premium 6 Peso Time Deposit for over 2 Years in Oriental Bank and so has my wife.

We have been receiving Php8,333.33pm every months except MAY 2009, as due to be paid into our Peso Savings Account TODAY 29th May)!

 

I chose NOT to pre-terminate due to the penalty charges such as losing 19% from the 20% received for at least 2 Years, than having 20% Withholding Tax applied.

 

Interest received from 2 x Php250K Deposits over 2 Years @ 20%pa = Php200K

Reduced Rate = 1%pa, less 20% Withholding Tax = 0.8%pa Nett, ie 8,000 on 2 x Php250K Deposits over 2 Years, therefore 192K deducted.

There is also the 0.5% DST (Php2,500 on 2 x Php250K) that they might demand, as well as other pre-termination charges.

In other words, it would be a long was short (under half) of the Php200K x 2 = Php400K we expected on Maturity in 2014.

 

I figured it best to leave it there and be entitled to the Interest each month, and if the PDIC do decide to hand over to the PDIC for liquidation, rather than re-halibiltation, then we each get Php200K Nett Deposits back, and a little bit more. We also get this sooner than the Maturity date in nearly 4 years time.

 

This applies to anyone with such High Premium 6 Peso Time Deposits.

 

I personally think the 'victims' are those who panicked and withdrew their Time Deposits, losing a lot of what they had received in pre-termination charges.

 

Typically they would have terminated a Peso Time Deposit paying 20%pa and lost up to 19.2% of all payments received as deduction from theri returned deposit.

 

They wont be able to secure 20%pa with whatever money they did get from such pre-termination, so they are losers not winners. What is more, thie actioon led to the Banks 'Tier 1' cash flow crisis, that prevented them paying the Monthly Interest on the due dates. If not given a loan or injection of cash from rehabilitation, it will leas to liquidation and more PDIC Claims making us ALL victoms of the PDIC delayed payout due to their cash flow problems.

 

Unless the Bank has received a WARNING from the BSP, that a particular Time Deposit product or whatever it is offering, may be considered emanating from 'unsound banking practice', and the Bank ignored this, and subsequently got sent a 'CDO' (Cease and Desist Order), then such Peso Time Deposits are still covered by the PDIC (up to Php500,000.00 from 1st June 2009, retrospectively applied to ALL Deposits in operational Banks, as in 2004 when the PDIC 'MID' was increased from Php100K to Php250K).

 

I imagine, such CDO issued against a particular Peso Time Deposit for example, would only be applied from that date such CDO was issued?

ie anyone who placed such Deposit, prior to any CDO, should be covered up to it's Maturity Date.

 

If you have any questions on this, dont guess the answers, but contact the Consumer Affairs Department of the BSP, and ask them to confirm if a Particular Bank, offering a specific Peso Time Deposit giving x%pa, monthly out, has been issued any WARNINGS advising such product may be considered unsound banking practice, and potentially could have a 'CDO' issued against such Time Deposit?

 

I heard/read that Oriental (Rural Bank of Mabinay) and Cardinal RB, were offering 14%pa on 1 Year Time Deposit.

(this just an EXAMPLE as it could apply to any BANK, and might not be applcable to these Banks if the PDIC asked to liquidate, rather than the Banks be rehabilitated?).

 

This might be considered to be more than 50% Higher than comparable Rural Banks, if such peer Banks are offering less than 9.3%pa.

 

BUT as far as I am aware, no such WARNING has been issued to this Bank offering 14%pa, let alone a 'CDO' to say such 14%pa on a 1 Year CTD is NOT going to be covered by the PDIC.

 

BUT who is willing to risk this, and discover it takes 6 months to get paid by the PDIC, after the Bank offering such product (PDIC covered if such CDO not issued), subsequently gets closed by the Monetary Board, before the Maturity Date is reached?

 

Say you put in Php500K on 1st June and did indeed get 11.2%pa (Nett of 20% Withholding Tax) for 6 months, then Monetary Board closes this Bank and PDIC don't pay out until 1st Jun 2010.

 

ROI = [Php500,000 + (11.2*500000/6) - 500000]/500000 = 28000/500000 = 0.056

APR = 0.056 *100 = 5.6%pa

 

So on Php500K Deposit, you could receive Php4,666.67pm x 6, then Bank might get declared closed by the Monetary Board, so no more income whilst PDIC takes over, and get your Php500K back after 6 months. If this were the case, you would have made 5.6%pa overall.

 

If the PDIC take 3 months to announce Claims, then 6 months to process, this would take the effective rate down to 4.48%pa.

If the Bank only remained operational for 3 months, then 3 months to Claim, then 6 months to pay out, then it becomes 2.8%pa

 

NB: This is still a lot higher than most Commercial Banks are offering!

 

TIP: Don't spend ALL the Montly Interest but save 50% it in case the Bank gets closed and the PDIC maintain this 6 months processing, rather than the 9 x working days, or less to Claims Announcement, then pay out the same day the Claims submitted, like they used to?

Edited by David_LivinginTalisay
Link to post
Share on other sites
  • Replies 81
  • Created
  • Last Reply

Top Posters In This Topic

  • smokey

    17

  • David_LivinginTalisay

    11

  • ckfm

    9

  • Alan S

    8

smokey

All of these investments are a pain in the A?? Your first mistake was thinking you have rights... And your second was investing in this entire hybrid this and that with a free bike and dinner for two thrown in and don

Link to post
Share on other sites
Alan S

Whenever any investment doesnt work out, there are always people to say "I told you so".

Whilst it might be true, it doesnt help the situation.

Link to post
Share on other sites
David_LivinginTalisay
Whenever any investment doesn't work out, there are always people to say "I told you so".

Whilst it might be true, it doesn't help the situation.

 

What gets me, are the ones saying "I told you so", are the ones who never invested in such, in most cases. They would be jealous of our success if it worked out, and ready to jump up and down with glee, apparently, that we lost some money on such investments?

 

My 5 Year Peso Term Deposit with HSBC, paying 8.3%pa matures on Monday 1st June. I have AssetLink Loans amounting to 3 x Php850K against this however, so only Php450K Balance.

 

The Cebu South Hospital Bill from 22nd December up to Mama's death on 27th February, together with Doctors Fees from her admittance back in November 2008, was Php540K approx. Cebu Doctors are slapping 3%pm late payment charge, so this now up to Php590K approx.

 

Clearly I can't afford to pay this bill, but Sha-Sha's sister Maricaina, in Hong Kong promised to pay at least half, but does not have the money. She does own a 216 sq m lot in Corona del Mar, Phase 1. I had alrady given her Php420K as down payment on buying the Title Deeds from her, in my wife's name.

 

Once the PDIC do pay out our Insured Deposits, we will be OK again, financially.

 

It will be a lot harder getting funds from Celso G de los Angeles Jr., but at least we have filed a 'Syndicated Estafa' case in Court, as Witnesses/Complainants in the BSP's prosecution through the DOJ.

 

Our Atty. Ervin Estandarte, has filed cases of Syndicated Estafa against Catherine L. Soronio of V8 Motorcycle & Parts Dealer and Oriental Bank, since she did not spend the funds we had paid in on buying theseV8 (OEM Zongshen) Motorcycles. 900 such 100/110/125cc U-Bone Motorcycles are in the Mandaue warehouse of Toro Motorcycles, with some essential parts missing - not shipped, so unable to complete the full assembly and sell said Motorcycles from her V8 Motorcycle Showrooms.

 

Checks were issued, that have not been honored since 16th January so BP22 has been committed.

The fact Catherine L. Soronio made no attempt to pay Zongshen the missing Php10M, and has misappropriated the funds, to some other purpose/project she refuses to divulge, and colluded with Bank Officers to stop honoring the Bank Guarantee, is evidence of ESTAFA/FRAUD according to our Atty. If he provides enough evidence of at least 5 people having colluded to commit FRAUD (ie Syndicated Estafa), then it is a non-bailable offense, and she will be in Jail, throughout the court Case. The Atty. is confident if that happens there will be quick settlement offer rather go to Court and spend time in Jail.

 

So I have paid out money to try and get my investment back, as well as keeping what we made up to that time the Checks started bouncing. I am also filing for the Checks up to 16th April since these had been lodged for payment of a Micro-Finance Loan with Oriental Bank, as agreed by Chairman Dr. Libre. Since he did not see to it these were honored against the Bank Guarantee that Oriental Banks had agreed to in a special Bank Resolution, he is part of the Syndicated Estafa, along with others that signed such agreement.

 

So any of those who did lose money in PNBB2 and this V8 Dealership, did have the option of paying towards Group Legal Representation Costs, (with Atty agreeing to Contingency Fee of 10% on Award by the Court), less costs and damages, and paying the Filing Fee (not required for the BSP prosecution of Celso, since they are a government organization, but we will have to pay the Civil aspect, of the Court Filing = 50% of the normal Estafa Filing Fee).

 

One does need money to make /get more money, and if one sits around, doing nothing, but trying to blame others for their investment decisions (which they entered into basically we were greedy, if truthful to ourselves?), then they have themselves to blame in reality, and deserve to get nothing (or wait a very long time, for a smaller return)!

 

If the PDIC keep up this delaying tactic, or refuse payout, then we will take the PDIC to Court as well, as Members of DEADBOL.

 

As can be seen by this

Link to post
Share on other sites
smokey

jealous get a grip ... what type of investment pays double your money in one year .... or 3 years ... and they throw in a free car and a washer and drier.. the only one even close to maybe being real was the bank and you see how well that went.. when i am asked about investing i say buy property if your married but no everyone says .. ha ha ha your so stupid i can double my money in one year while you wait many years .. well for everyone who laughed at my stupid investment i still own my 4294 sq meter lot in the hill about pacific view estate and while it does not pay me monthly i am sure MY investment will pay me way more then triple my money in 5 years.

Link to post
Share on other sites
David_LivinginTalisay
jealous get a grip ... what type of investment pays double your money in one year .... or 3 years ... and they throw in a free car and a washer and drier..

 

Robert51, if you are going to bother posting a reply, please get it correct!

 

I said if it did pay off, such people now saying " I told you so" are likely to become jealous!

 

Nobody but YOU Robert mentioned "free car and a washer and drier.." I certainly never said anything of the kind, in my Message Post that you are presumably replying to. Is this your idea of a Joke - you think it clever to make fun of investments we may have lost money with? If so, then that says something about what kind of person you are?

 

That V8 Motorcycle Dealership investment, that I paid Php1M into, on July 26th, paid me Php83,333.33 on 15th Sep/Oct/Nov/Dec/Jan. The payments for Feb/Mar/Apr were supposed to be paid into my Microfinance Loan account with Oriental Bank. They did not return any bounced checks, but have not given me a statement of the Loan having been credited with that amount either.

 

I have posted that many of the V8 Investor/Dealers have filed charges with Cebu City Prosecutor, so until this gets to the Hearing, how do you know we wont get any more from this investment?

 

In the Philippines, when you write out a Check. you should ensure the account has the funding to cover that check on the due date. You have committed an offense under Batas Pambansa Blg. 22 (Bouncing Checks Law), and the penalty was automatic Jail term. It is no longer Jail Term unless 'fraud' is proven now.

 

However, it is indispensable that the issuer/signatory of said Check, must be notified in WRITING about the fact of dishonor, and that person has 5 days from receipt to pay the value of the check or make arrangements for the payment thereof.

 

Our Atty. has issued the Demand Letter, sent by Registered Mail, to the Office of 'V8 Motorcycles & Parts Dealer'.

 

Since no reply or formal offer of payment/acceptable settlement was forthcoming, our Atty. has Filed Charges, and we paid the Filing Fees (Php6,000 in Total for a Php1M Claim).

 

Personally I figure spending Php6K, to get awarded Php1M (as Filed per the Filing Fee) against dishonored checks totaling Php1.25M at least, is worth trying? We might not get Syndicated Estafa Criminal Charge to stick, but it will drop to lesser charge of Estafa, if not; then there is the BP22 Civil Charge also.

 

Just because this investment was too risky for you Robert, you don't have to put down those who did risk such, for the high reward. I only put in what I could afford to lose and got half back, so 50% of my initial investment, is what I will lose at worst case.

 

We researched and did some due diligence, and it looked good. I must admit that starting paying from 15th September from funds I handed in 26th July, seemed good, but hardly being delivered from profits on the sale of the motorcycles not even arrived in the Philippines (but could have been generated from Sales of Zongshen Motorcycles bough wholesale price from Zongshen official Importer, Toro Motors).

 

I would not have gone into it, had we known Catherine Soronio was not going to pay Zongshen in full, for the 1st batch of 'V8 Motorcycles' that arrived in the Philippines in November, and were being assembled in December 2008. We did not know until March, that parts were missing, and did not find out until April, this was due to Zongshen not supplying them on purpose, because of non-payment - they clearly did not trust her!

Edited by David_LivinginTalisay
Link to post
Share on other sites

David... Others

First 'I have no dog in this hunt ' investing and risk is a individual decision. I am sorry for anyone losing $ that they had invested, due to misrepresentation by corporate companies.

I am wondering about the political side of this issue. With all of lawsuites that the Expats are filing, do you think the Philipine's Gov't might start kicking out of the Philippines some/all of the Expats involved in the lawsuits.

Might be easier for the government to deal with the problem and stop most of the negative information before it surfaces. I am sure that there are some very rich and powerful people involved in all of this, and the laws in the Philippines are not always written to protect the poor or visitors (Expats).

Just wondering

Edited by tim
Link to post
Share on other sites

Foreigners need to be careful of investing more than 3 million pesos in the Philippines without the proper investors visa, registered with the sec, and so on. So if you file suite and your not within the law its really easy to throw your side out, then you.

 

this excludes PDIC insured CTD, that falls under the banking laws, I was told by an expert in business law.

 

Something you never think about or that it even maters until a problem arises, so you can get away with it several times, but it only takes one like this to educate us all.

 

no I don't have 22 billion pounds invested in the PI like someone falsely reported.

Link to post
Share on other sites
smokey

So we have a invest and double your money in 5 years

Link to post
Share on other sites

If this question is directed at me? is there even a question in there or just blah blah blah? Since I think it is that it followed my post, No I never gave advice to anyone on this forum or in any other medium,

 

I know the nice man your referring to, its not his nature not to trust anyone like you say, If indeed you know him then you will know that yea it sucks to loose money in any deal, but he also knew that going in, and I an happy to report he is the same trusting happy great guy he was before.

 

My advice was to put money into American real estate, like Vegas that is 50% and below on sale. that is my advice but better hurry the hole is almost full. usually by the time something hits the press its to late.

 

I got a great deal in vegas!

in my opinion, but it to is a risk.

Link to post
Share on other sites
David_LivinginTalisay
David... Others

...

I am wondering about the political side of this issue. With all of lawsuites that the Expats are filing, do you think the Philipine's Gov't might start kicking out of the Philippines some/all of the Expats involved in the lawsuits.

...

 

Tim,

 

I am a Permanent Resident, not just a Tourist. I can legally work here in the Philippines, pay taxes on such earnings, but not vote.

 

I can certainly file Court Cases against bounced checks.

 

The BSP invited myself, my wife and other investors in the Legacy Pre-Needs Buy Back, to write a narrative on how we got into buying such Pension Plan, what documents (or lack of) were presented. They asked us to provided copies of our Official Receipts, copies of the Pension Plan Contract application Forms and the PNBB 'Deed of Assignment'. They wanted evidence to use against Celso G. de los Angeles Jr. to file a Case of Syndicated Estafa against him, which they have done with the DOJ in Manila.

 

The Preliminary Investigative Hearing was here with Cebu City Prosecutor on April 17th.

 

You are right that the Philippines is owned/controlled by the rich and powerful, with political connections.

 

But, if a group of individuals join forces to fight against injustice, crime and wrong doings, and wont be intimidated or bought off, then it can make a difference.

 

Foreigners don't have the same rights as locals. However many Pilipinos, wont stand up, and shout their complaints, and expose the wrong doings. They don't want to be in front of the media, voicing their opinions. This is partially because of their shy nature, culture and upbringing, but they fear retribution from those they are complaining about.

 

PEP Coalition, and Philip Piccio have shown how Groups of ordinary Parents, Enabling Parents can unite and make their complaint heard. Did you see Philip Piccio in action at the Senate Hearing into the Pre-Need industry. Senator MAR Roxas is working with PEP Coalition and offering support with FREE Legal assitance to Legacy Pre-Need victims (including those with buy back plans).

 

Philip Piccio has had 13 arrest warrants for charges of libel. He was offered Php50M to back off, but he turned it down and said pay it to the Childen who never got paid their Tuition Fees from the Education Plans.

 

He received Php50M from a business man who liked the way Philip fough against these rich powerful families/business with big political connections. Philip Piccio took his money but set up a Trust Fund that ensured the money went to Children's Eduction, with both the giver and the fund having to sign the Checks for each and every child that this fund sends to College.

 

I was encouraged by Philip Piccio and we formed PEP Coalit5ion-Legacy, Cebu. PEP Coalition intend to set up an office in Cebu at some point.

 

Those who lost money in the PNBB2, should join PEP Coalition-Legacy, if not already done so.

 

Those who have not yet received their Insured Deposits of the PDIC from Peso Time Deposits in the Closed Legacy Group Banks, should Join DEADBOL, Yahoo Group.

 

 

This is the first DEADBOL MEDIA exposure of the PDIC not having paid out to legitimate Depositors, with clean accounts.

 

When there is an official announcement that the 2 x Rural Banks of the CLS Group, have also been closed, rather than rehabilitated, you can join DEADBOL to learn more about the PDIC's lies, and fight against them.

 

Those who put money into the V8 Motorcycles Dealership Program, should already know what can be done, if they did not like the Option 1 or Option 2, offered by Catherine L. Soronio, with no guarantee it would be honored in any case.

 

At least those who formed Groups of 6 with myself or my wife, will be aware of this action to file Court Case.

 

Some have decided it will be a waste of time spending Php12K in Atty Fees and Court Filing costs, to force payment of Php1M plus damages/expenses.

 

This is up to them and no one forcing them to file charges, just as no one forced them to part with their money for such high rewards, that most equate to high risk.

Link to post
Share on other sites
smokey
If this question is directed at me? is there even a question in there or just blah blah blah? Since I think it is that it followed my post, No I never gave advice to anyone on this forum or in any other medium,

 

I know the nice man your referring to, its not his nature not to trust anyone like you say, If indeed you know him then you will know that yea it sucks to loose money in any deal, but he also knew that going in, and I an happy to report he is the same trusting happy great guy he was before.

 

My advice was to put money into American real estate, like Vegas that is 50% and below on sale. that is my advice but better hurry the hole is almost full. usually by the time something hits the press its to late.

 

I got a great deal in vegas!

in my opinion, but it to is a risk.

 

 

 

 

why would i direct that to you? were you a salesmen for V8 or the pre needs plan or legacy banks? Great you invested in Vegas that is your thing we all have our own ways of investing and way before i moved here i used to hear over and over to make a million in the Philippines bring 3 ... I think the only way to make money in the Philippines is thru property but on the down side you have to be married and hope your wife is really in love with you or you can loose it just as fast .. i am surprised the banks are trying to slide out of their responsibility but then we are not in Kansas anymore.

Link to post
Share on other sites

I sit corrected my apologies,

 

I know that criminal charges were filed against V-8 and all officers and commissioners, that would include the member David if in fact he received profit from his ventures promoting officially this V-8 program, it turns out allegedly several laws were broken, the NBI was in the Metro Bank OFFICE Building Cebu 9th floor yesterday , taking documents and pictures as reported on GMA news. Both the related banks were closed, Just one day before the p500,000 PDIC insurance coverage increased, GREAT TIMING or ????

Link to post
Share on other sites
David_LivinginTalisay
I sit corrected my apologies,

 

Both the related banks were closed, Just one day before the p500,000 PDIC insurance coverage increased, GREAT TIMING or ????

 

And what 'evidence' do you have that Oriental Bank (Rural Bank of Mabinay Negros Oriental Inc.) and Cardinal Rural Bank are officially 'closed'?

 

A 'search' on the BSP website reveals no Circular issued yet giving Monetary Baord Resolution issued indicating these Banks have ceased business and being passed over to PDIC for liquidation?

 

Indeed the search reveals them to still be listed as operational Banks?

http://www.bsp.gov.ph/banking/demand.asp

Universal, Commercial, Thrift and Rural Banks/Cooperative Banks Authorized to Accept Demand Deposits

 

As of April 30, 2008

 

Region VI - Western Visayas

 

 

Negros Oriental

 

1. Rural Bank of Mabinay, Inc. (Oriental Bank)

 

 

http://www.bsp.gov.ph/banking/directory.as...amp;submit=Find

 

Directory of Banks

 

Updated as of 11 May 2009

 

 

No. Institution Type of Bank Contact Position Address and No. of Offices Contact No. Email Fax Website

1. Rural Bank of Mabinay, Inc. (Oriental Bank) Rural Banks (RBs) Catherine L. Soronio President Lumbangan, Mabinay, Negros Oriental No. of Offices: 2 (0912)515-0198; (0919)4126118; (032) 345-0171; 344-1603 Fax: (035)225-4343 [email protected]

 

 

No. Institution Type of Bank Contact Position Address and No. of Offices Contact No. Email Fax Website

1. Cardinal Rural Bank (Cebu), Rural Ramoncito L. Arquiza Poblacion, Naga, (032) 272-8294 / [email protected]

Inc. Banks President Cebu (032)

(RBs) No. of Offices: 1 272-8295/489-9770 Fax: (032)253-6659

 

 

This does not say they won't be closed and liquidated, but until there is an official announcement, I don't think you should be saying they are already closed, when they might be rehabilitated?

 

Well it looks like the lack of an Official issuance/publication of a MBR is not stopping the Cebu Daily News

 

http://cdn.ph/photostore/news_details.php?id=2631

 

PDIC takes over three rural banks 5/30

 

 

 

THREE rural banks in Cebu and Negros Oriental closed down after being taken over by state insurer Philippine Deposit Insurance Corp. (PDIC) yesterday.

 

The closures of Rural Bank of Mabinay Inc. (Oriental Rural Bank) in Mandaue City, Cardinal Rural Bank Inc. in Naga City and Rural Bank of Mabinay Inc. in Negros Oriental is a

Edited by David_LivinginTalisay
Link to post
Share on other sites

David, the fat lady has sung, Do we need to replay Legacy again, History has repeated its self.

 

Did you or your wife receive a commission from promoting the v-8, were you aware of the CRIMINAL case filed? As some here have said?

Link to post
Share on other sites
Guest
This topic is now closed to further replies.

×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use, Privacy Policy and Guidelines. We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue..

Capture.JPG

I Understand...