No word from possible Prudentialife investor, says IC

Posted at 02/14/12 1:37 PM

MANILA, Philippines - The Insurance Commission (IC) on Tuesday said it has not yet met with a foreign investor that is reportedly willing to inject funds into troubled pre-need firm Prudentialife Plans Inc. (PPI).

In an interview on DZMM's Failon Ngayon, IC Commissioner Emmanuel Dooc said he wants to see the sincerity of this supposed foreign investor first before making any statements, adding that he does not want to give false hope to PPI's planholders.

"May isang planholder na nag-sabi sa akin last week na meron sila kausap na maaring magpasok ng puhunan. Pero nalulungkot ako pero hanggang ngayon itong foreign entity ay di pa nagkikipag-meet sa akin. Ayaw ko po paasahin ang mga planholders na ito ay mangyayari. Gusto ko makita ang sinceridad ng mamumuhunan," he said.

Earlier this month, the IC issued a stay order on the release of all checks for maturing educational and pension plans of Prudentialife to preserve its trust fund.

The IC will hold consultations on the proposed rehabilitation plan submitted by the PPI conservator on March 2.

"Titingan namin kung may pag-asa pa, if it would work to the advantage of the planhoders to rehabilitate the company, based on the plan submitted to us by the owners and conservator. If talagang wala nang pag-asa, after our consultations, eh ang patutunguhan ang pag-liquidate ng companya. Paghahatiian ng planolders ang kung anong naiwan na trust fund," Dooc said.

The IC chief emphasized that PPI is not affiliated with insurance company Philippine Prudential Life Insurance Company Inc., non-life insurance company Prudential Guarantee and Assurance Inc. and foreign life insurance company Pru Life of UK.

"Kahawig ang pangalan pero walang relasyon, affiliation sa isa't isa... We don't want na may pull-out sa pre-need or insurance companies tulad ng nangyari noon na naapektuhan di lang pre-need pati ang insurance industry," he said.

Meanwhile, the IC advised consumers to be careful when buying pre-need plans.

IC spokesperson Luke John Apatan told Mornings@ANC that consumers should make sure to check if the company offering such products is licensed and is in good financial standing.

A list of licensed insurance and pre-need companies are on the IC website www.insurance.gov.ph.