by Ben Serrano
BUTUAN CITY- I had a chance to meet two sales agents of failed Legacy in 2006 and earlier part of 2008 respectively, one with acquaintance businessman in Davao City and the other one in 2008, in Surigao Cty. This time a prominent elected public official who even asked me if I do have some wealthy acquaintances or friends or whatsoever so that I will accompany them (the two) to introduce LEGACY.
They recruited me even to become sales agent saying it really give them good income. By the looks of it and in the way the two already acquired luxury vehicles, the other one a Big Horn Nissan Patrol while that of public official was a Pajero he told me. They must achieved something else, something big.
I jokingly told them never mind I have already my BMW (BAKTAS MINTRAS WALA a Visayan word which means you have to walk while you are still zero) they laughed as I was hiding my rear because my dilapidated blue jeans had huge hole on it (courtesy of the tricycle accidentally slash when I disembarked).
Ashamed from the two friend investment takers with my rubber shoes already worn out (as its soles leaking) I just presume nothing happens in me. Thus I listen and listen to the two while explaining LEGACY.
Actually the public official is an ex-seminarian who was aggressive then about LEGACY, What you hear from his mouth is always LEGACY..LEGACY and the brilliance of investment banker his idol Celso Delos Angeles who was already then elected Mayor of Sto. Domingo.
He extolled the brilliance of Delos Angeles as the one who recently acquired Legacy Motors and other big businesses one can’t imagine. He explained that in credit card investments of Legacy alone, the double your money in three years investments is already assured, a done deal as the sun rises in the East.
He said that Delos Angeles is personal friend of Vice President Noli De Castro and the VEEP himself is very much appreciative of the investment genius of their Legacy boss.
They claimed the minimum investments is P100,000.00 which is ideal for retirees.
When they presented to me the scheme and how it will earn as they showed to me checks after checks (postdated actually) which will be issued to investors as guarantee of the return of investments, I raised some questions;
First, I queried, there’s no such thing as 25% to 30% per annum interest and even time deposits in the bank is not that big as it depends on the amount one will deposit..
Second. Where in the World or in the business of investment you can triple your money in three years? Unless it is illegal? Illegal logging or mining hehehe, They both laughed but still serious in explaining their stuff.
I was not actually convinced besides that I don’t have money and if I have maybe I am interested.
I told them I have some friends and acquaintances who may have money and might be interested to invest. Maybe also I can earned commission if I can sell. I showed enthusiasm to them in order to not let them down as I know they are prominent persons.
And so together with another newsmen who have just arrived as we eat our lunch, they invited us to go their office which is located ground floor (the second floor was actually DTI Provincial Office).
I don’t know if my colleague who is publisher of a local weekly newspaper with whom I convinced to invest because he is already wealthy as I have seen his bank book with long list of deposit items than withdrawals, have invested or not. He however secretly told me that her wife may have invested to LEGACY.
After that meeting I was supposed to e-mail for inquiry to respective websites of Securities and Exchange Commission (SEC), Central Bank of the Philippines and the PDIC or Philippine Deposit Insurance Commission). But time caught me up, and even if I have I should have wasted my time because I knew the beforehand some defect which give some degree of doubts.
I was wondering why such scheme go on for years right smack on the faces of lawyers who invested on it, bright and intelligent people and right in front the eyes of government agencies as investors out of their hard earned savings withdraw it and invest it to LEGACY.
The rest is now history I said to myself secretly I feel vindicated. I sent text messages to the sales agent. He replied at first but in the following text messages I sent just to say hello he never replied again.
Senator Mar Roxas, Chair of the Senate Committee of Trade and Investments have clearly explained to Butuan victim of investors during March 19 forum that the whole thing was a SCAM and the possibility of return of investment is remote. I admire Roxas for telling the truth even how inconvenient it is.
I then recall in the early 80’s where similar scam do happened in Agusan and Surigao provinces that even reached to some urban areas in Mindanao where a certain Menel invented the alleged Pyramiding Scam.
Menel who hails from Surigao City guaranteed times six or seven return of investments (if my memory serves me right) The very enticing scheme of Menel created a bandwagon effect that farmers, even soldiers and their officials, traders, teachers had to mortgaged their salaries just to invest to Saidecor. (I don’t know where did Menel coined that word)
As a high school student then, I was curios how it works. I was valedictorian then in my elementary days at Santiago Central Elementary School, I studied how it works. I discovered it was pure and simple pyramiding that at the end of the chain the losers are those who invest at the tail end whose chain will already be mess up thus it is called pyramide.
I presented it in one of my classes in high school but they just ignore it (I told o myself I will have my last laugh). I was informed then that some of classmates’ parents invested heavily to SAiDECOR.
Those who invested early got appliances instead of money and invested more after collecting profits.
I just keep quiet then as my father told me to keep quiet because I was then young to know its intricacies.
The last thing I’ve heard from SAIDECOR was that a bank of a prominent family here in Butuan City where investment of SAIDECOR where brought for safety was hoarded by lots of complaining investors who cried they already did not received their return of investments after 45 or 90 days of waiting for their money to mature.
When it was about to collapse, I accidentally accompanied my father riding in his old American U.S, Army Willis private jeepney (as we were then living in Santiago, Agusan del Norte then) to take a look at the troubled Rural Bank where SAIDECOR investments were kept.
A relative of his (if memory serves me right was allegedly right hand man of Menel). Concerned of what will happen to his cousin my father visited him but we never saw him again.
At the Rural Bank, we saw many people mostly farmers, retirees crying with some arguing with the bank’s personnel and security guards.
.I recalled my father then saw a military man carrying a sack (allegedly filled with coins and other currencies with his armalite tucked in) alighting from the bank. That military man with uniform who looks like an official was heard murmuring he invested that’s why he has to get his investment back.
When somebody from the huge crowd outside the bank shouted how about us? The military man with armed escorts replied “BAHALA NAMO DIHA” (Take care of your selves now!)
During Senator Mar Roxas’ forum with Legacy Investors of Butuan City and some parts of Caraga Region at SJIT school auditorium March 19, 2009 evening by which a public school retiree nearly got collapse after losing P600.000 of her husband’s retirement benefits.
I saw same military man again (now retired) who losses his more than P1-M cash money to LEGACY. Call it Karma, I don’t know! He may have not gotten a sack this time!
According to Leah Medado, Butuan Chamber’s secretary general who is helping the Legacy victims, more than 600 investors (the lowest investment is P100-T) were allegedly duped by Legacy and 60% of it were from Butuan City.
Filipinos really never learned lessons.
This is maybe because our basic foundations of being a nation and people which is education, church and family that are suppose to glorify, honor value of hard work, patience , perseverance and industry, be proud of sweat and toiled labor and simple living with no end are maybe marred with uncertain values and crampled realities.
Unfortunately, what is now left with us is the Legacy of False Hope and harsh realities of false dreams in the investment of no return.
My sympathy to those who lost their hard earned money and may justice served upon them the soonest as I pray their hard earned currencies be return to them ASAP.
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