Planholders want rehab, not liquidation of Prudentialife
MANILA, Philippines - Several angry planholders of Prudentialife Plans marched to the Insurance Commission to demand that the problematic company be rehabilitated rather than liquidated.
Maria Pura Chavez, who has around P2 million worth of various plans, says planholders will be at a disadvantage if the Insurance Commission pushes through with the liquidation of assets of Prudentialife Plans.
"Ang akala siguro kasi ng mga planholder ay kung ano ang investment nila ay maibabalik lahat, hindi ganoon eh!" says an emotional Chavez.
According to the group, the computation they have obtained revealed that some of the planholders will only get a measly P1,000 to P2,000.
The IC is still currently meeting the Board of Advisors, composed of several planholders, lawyers of Prudentialife and the commission.
Commission spokesman John Apatan had earlier said that the computation of the liquidation value will be presented today to the Board of Advisors.
Remy Vidal, who has around P12 million worth of investments in Prudentialife, says the commission must first hold off the liquidation and conduct public hearings to hear the side of the planholders.
The company has around 300,000 planholders of life, education and pension plans.
According to Vidal, the law firm that is in charge of the liquidation of the company must also account for the expenses charged to the trust fund.
Another planholder, Andy Andal says the group will go to court if the IC pushes through with the liquidation.