P150M investment in Legacy from Boholanos

By Kit Bagaipo
The Bohol Chronicle


Money claims of Boholano investors against the bankrupt pre-need firm Legacy Group could reach up to P150 million.

This was bared by the legal counsel of the Bohol Investors Group, Atty. Salvador Grupo, as insolvency claims against the pre-need companies of Legacy will be filed on Monday, April 20.

Grupo originally set the deadline for investors to submit their claims today but decided to extend it five more days as the number of claimants has reached 300.

The Bohol Investors Group has also requested a meeting with Legacy owner Celso delos Angeles before filing its notice claims at the Makati Regional Trial Court Branch 56 next week.

According to Grupo, the local investors will be intervening in the insolvency proceedings in court as a group, not as individuals.

With investments ranging from P200,000 to P2 million, the total consolidated claims of the group handled by Grupo could reach roughly P150 million.

There are other investors who opted to personally submit their investment claims at the Makati RTC.

Boholano investors were among those victimized by Legacy Group's promise of huge returns.

The Pilipino Rural Bank-Tagbilaran Branch which closed down last December also victimized hundreds of Boholanos who were lured by the high interest rate offers of the bank.

Some 14,000 Boholanos are said to be depositors of the rural bank which is an affiliate of the Legacy Group.

The Philippine Deposit Insurance Corporation (PDIC) is currently processing insured deposit claims from the rural bank's clients.