The Insurance Commission has ordered the liquidation of Prudential Plans trust fund amid the protests and probes.
The cash component of educational, pension and life trust funds amounting to a little over P2 billion pesos will be distributed through checks among plan holders.
The commission however admitted that each plan holder will get back less than the premium paid and about 50,000 plan holders might get nothing.
“We honestly believe that liquidation is the most beneficial option, given the circumstances,” said Insurance Commission Commissioner Emmanuel Dooc.
The checks will be released in alphabetical order. Starting August 15, plan holders can claim them at Prudentialife’s main office in Makati City. Another batch of checks will be released on August 24, September 3, and September 12.
The law firm taking charge of the liquidation proceeding advised plan holders to call the office before going to Makati.
Aside from personally picking up the checks, plan holders also have the option of having it deposited through their bank accounts.
Claimants should bring with them their government issued ID and a special power of attorney if a representative will be sent to claim on their behalf.
According to the Insurance Commission, assets forming part of the trust fund will be liquidated next. The proceeds will also be divided among plan holders.
The commission is also set to file a case to run after the Prudentialife’s corporate assets.
“Kung mayroong kapabayaan ng na nangyare, pwede tayo mag-file ng civil. But inuulit ko, depende yan sa makukuha nating ebidensya,” said Atty. John Apatan, spokesman of Insurance Commission.
Meanwhile, Prudentialife released a statement saying rehabilitation is still the best option.
"Prudentialife Plans Inc. maintained that its proposed rehabilitation plan featuring the "balik-bayad Program" is still the best option for the plan holders," said in a statement.
The Commission however said there was no credible rehabilitation plan. Liquidation must be done immediately while there are still assets left for all plan holders, they said.
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