Secretary of Foreign Affairs Perfecto Yasay, who used to be the former Securities and Exchange Commission , put the blame on Mar Roxas for killing the P27-billion pre-need industry by prioritizing the revival of the International Group, Inc. which is a life insurance .
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“The P27-billion pre-need industry was the direct of the lackadaisical P5-billion life insurance industry. Mar Roxas, who was then an official of AIG, wanted life insurance to be resuscitated and the only way to do that was to kill the pre-need industry, in which he succeeded being then the secretary of the Department of Trade and Industry, which had nothing to do and had no jurisdiction over SEC. Roxas did it while I was suspended as SEC chairman,” Yasay said during a forum.
According to Yasay, he felt the need to put this issue into light to present Roxas from taking a presidential post in the guise of helping the poor. He said that Roxas’ abuse and misuse of powers during his term as the DTI secretary can be felt by 500,000 policy holders who are now unable to the money they invested
Yasay claimed that he was suspended so that Roxas could lobby for the entry of the AIG, sacrificing the pre-need industry in the process.
There was also an with the probe by the USAID study, which showed that Yasay supposedly ordered the recommendation of the prioritizing of the life insurance business.
“No. I was under suspension at the time. Further probe showed it was Roxas that ordered the study...”
According to him, it is unlawful to collect money from Filipinos and to bring it . He suggested that it should stay in the Philippines to be used for investment on blue-chip companies.