50k Prudential plan holders could get nothing

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.

Read more here.

ANC RECOMMENDS

  • Bonifacio High Street exhibit commemorates Christ's suffering

    Bonifacio High Street exhibit commemorates Christ's suffering

    Bonifacio High Street exhibit commemorates Christ's suffering

    Spirituality is at the core of Holy Week when the faithful commemorate the life, passion, and death of Jesus Christ. For five years now, 'Walkway' has drawn people from all walks of life to God, and each other. 'Walkway', which features a representation of the 14 Stations of the Cross, offers pilgrims and observers alike, a meaningful path to reflection. Church Simplified, the team behind the project managed to transform the busy street of Bonifacio High street to a ful blown art installation that is meant to bring you the passion and message of Christ. Bebo Bharwani, Spiritual Director of Church Simplified says they try to create serenity in an active environment, as art is a big factor for reaching out to non Christians. "Art has a way of surpassing critical art defenses. It iscrucial for expression, has a role in culture, and can be used to narrate the story." Organizers note, one of the people's favorite stations is Station 7, The Cross. There, visitors can actually lift a replica of the cross Jesus had to carry to give them a better idea of what He went through. Another favorite is station 9, where visitors are asked to write down a personal problem or worry on a piece of paper, and then nail the paper to the cross. Representatives from Church Simplified say, this part represents giving the pain to God, and leaving the problems in Gods' hands. "Walkway 2014: Reflections On the Stations Of The Cross" will run from today until Easter Sunday (April 19) along Bonifacio High Street.

  • House bill to require registration of airsoft guns

    House bill to require registration of airsoft guns

    House bill to require registration of airsoft guns

    Owners will need to register airsoft guns with the PNP

  • Skin Care 101: Amid the fun, be careful with the sun

    Skin Care 101: Amid the fun, be careful with the sun

    Skin Care 101: Amid the fun, be careful with the sun

    Summer is always the best time of year to be outside. But you must not forget that amid the fun, you must be careful with the sun. The skin is a very delicate organ that gets harsh exposure to the sun every day. Dermatologist Dr. Mary Jane Torres says her fundamental principle is to live a healthy life, as healthy skin always follows. Torres said you should eat the right food this summer, make sure you’re drinking at least 15 glasses of water, and never forget your sun block! Torres recommends SPF (Sun Protection Factor) 30 for a regular day to day basis. She also recommends using water based sun block or gel sun block to avoid the stickiness commonly found in thick creams. However, for a day on the beach, or at a sports event, Torres says you should go for a titanium dioxide cream or lotion. It acts a mask to protect you from getting burned by the harsh rays. Meantime, be sure to hydrate your skin regularly, and exfoliate to get rid of the dead skin cells. Make sure your skin enjoys summer as much as you!

  • Camarines Sur bus crash leaves 5 dead, 15 injured

    Camarines Sur bus crash leaves 5 dead, 15 injured

    Camarines Sur bus crash leaves 5 dead, 15 injured

    Among the fatalities was a 2-year-old boy.

  • MMDA to Holy Week motorists: Avoid EDSA

    MMDA to Holy Week motorists: Avoid EDSA

    MMDA to Holy Week motorists: Avoid EDSA

    A massive road reblocking project is set to begin in EDSA, which affects 94 segments going through Quezon City, Mandaluyong, and Makati.

MOST POPULAR ON ANC