PECCI Update (December 8, 2007)

NEXT YEAR, ON DECEMBER 5, 2008, PECCI WILL BE REACHING ITS COOPERATIVE LIFE OF FIFTY YEARS.

SOME OF THE CONCERNED MEMBERS LED BY MESSRS. EMERALDO L. HERNANDEZ, GERARDO M. RODRIGUEZ, DOMINICO F. RATUISTE, NESTOR P. GREGORIO AND ATTY. RESTITUTO M. AREVALO, INFORMED THE MANAGEMENT OF PECCI, IN THEIR LETTER DATED 10 OCTOBER, 2007 (COPY ATTACHED) ADDRESSED TO MR. RIC PASCUAL (PRESIDENT), THAT PECCI WILL BE CELEBRATING ITS 50th ANNIVERSARY ON DECEMBER 5, 2008; THAT PECCI HAD ALREADY BEEN REMINDED AND ADVISED BY COOPERATIVE DEVELOPMENT AUTHORITY (CDA) OF THE NECESSARY PROCEDURES FOR EXTENSION; THAT AS OF OCTOBER 10, 2007 PECCI MANAGEMENT HAS NOT FILED ANY EXTENSION OF THE CORPORATE LIFE OF PECCI; AND THAT THEY WILL ACT ON THE SOONEST POSSIBLE TIME IF PECCI BOARD IS NOT INTERESTED IN PURSUING EXTENSION.

AFTER 41 DAYS WITH NO RESPONSE FROM PECCI BOARD, A FOLLOW-UP LETTER DATED NOVEMBER 22, 2007 (COPY ATTACHED) WAS SENT TO MR. PASCUAL INFORMING HIM THAT OTHER DIRECTORS ARE WORKING ON ESTABLISHING A NEW COOPERATIVE INSTEAD OF AN EXTENSION WHICH IS PREJUDICIAL TO THE INTEREST OF EXISTING PECCI; AND THAT ABOVE-NAMED MEMBERS ARE INTERESTED IN THE EXTENSION OF PECCI COOPERATIVE LIFE FOR ANOTHER 50 YEARS FROM DECEMBER 6, 2008 UNTIL DECEMBERE 6, 2058.

ON NOVEMBER 27, 2007 (COPY OF LETTER ATTACHED), SENSING OF INDIFFERENCE AND DELIBERATE INACTION FROM THE CURRENT PECCI BOARD, ATTY. AREVALO AND MR. RODRIGUEZ INFORMED THE OFFICE OF MR. MANUAL LAPENA, ADMINISTRATOR-CDA, THAT THE CURRENT DIRECTORS OF PECCI IS NOT INTERESTED TO EXTEND THE CORPORATE LIFE OF PECCI FOR ANOTHER FIFTY (50) YEARS AND ARE WORKING FOR THE CHANGE OF NAME OF THE COOPERATIVE (SIMILAR CASE OF TELESCOOP) OR ESTABLISH A NEW COOPERATIVE WITH THE PRESENT MEMBERS OF PECCI; AND THAT THEY BE PROVIDED WITH THE EXACT DATE OF THE EXPIRATION OF THE CORPORATE LIFE OF PECCI BASED ON CDA OFFICIAL RECORD AND THE SPECIFIC PERIOD WITHIN WHICH THE EXTENSION OF CORPORATE LIFE OF PECCI CAN BE TIMELY FILED.

WE ARE NOW PLACED IN A QUANDARY AS TO THE MOTIVE OF THE EXISTING PECCI BOARD REGARDING CURRENT PECCI’S EXISTENCE SINCE THERE ARE ONLY TWO OPTIONS PROVIDED UNDER REP. ACT 6938, (ART. 13. TERM) “A COOPERATIVE SHALL EXIST FOR A PERIOD NOT EXCEEDING FIFTY (50) YEARS FROM THE DATE OF REGISTRATION UNLESS SOONER DISSOLVED OR UNLESS SAID PERIOD IS EXTENDED. (UNDERSTATEMENT SUPPLIED)

THIS DILEMMA WAS REINFORCED BY A TEXT MESSSAGE THAT THE DEADLINE FOR THE FILING OF EXTENSION IS ON OR BEFORE DECEMBER 15, 2007; OTHERWISE, THE COOPERATIVE IS DEEMED DISSOLVED.

WE WANT TO PRESERVE THE LEGACY OF PECCI AND WE ARE LOOKING FORWARD FOR ANOTHER FIFTY (50) YEARS OF ITS COOPERATIVE LIFE FROM DECEMBER 6, 2008, OR UNTIL DECEMBER 6, 2058.



LET US JOIN HANDS TOGETHER TO SAVE THE EVENTUAL DEATH OF PECCI AT THE HANDS OF THE CURRENT PECCI BOARD FOR THE PURPOSE OF OBVIOUS SELF-INTEREST AND MONETARY GAIN.

LET US SIGN THE PETITION FOR THE EXTENSION OF PECCI FOR ANOTHER FIFTY (50) YEARS!