"It is a clear case of harassment against PPI, which seeks to revive its business of selling fixed plans and serve its remaining planholders," spokesperson Jeanette C. Tecson said.
Tecson said the court does not prohibit PPI from pursuing its line of business and the application for a license is in fact in conjunction with the spirit of its rehabilitation petition that the company should stay afloat, continue with its business, go on with its corporate life and serve its remaining planholders.
She said the small group of oppositors within PPI’s 34,000 open-ended planholders wants to destroy the majority of the planholders’ welfare, who has chosen not to oppose the plan for rehabilitation now pending before the Makati Regional Trial Court.
On the issue of fraud, Tecson said, "the Securities and Exchange Commission) SEC "merely made an allegation of fraud before the rehabilitation court and hence has not been established."
"It has no basis in fact or in law as this allegation of fraud is yet to be decided on by the rehab court," Tecson said.
Moreover, Tecson said PPI remains firm in its position that there is no fraud in the spin-off into Lifetime Plans.
She said that it was necessary to separate the fixed value plans from the 34,000 open-ended plans otherwise the whole body of fixed value and open-ended plans would have suffered.
Tecson said PPI’s main objective is to secure the rights of the 16,000 non-availing traditional education planholders as funds would have run out by continuing to pay the availing planholders, especially as those in exclusive schools were disproportionately eating up the available funds.
The other 400,000 fixed planholders, who have nothing to do with the educational planholders, should also be segregated from the problem, Tecson said.