The Philippine Insurance Commission through Commissioner Emmanuel Dooc has deferred the liquidation of the troubled pre-need firm Prudentialife Plans Inc. on the request of some plan holders particularly the group who formed the Prudentialife Warriors.
The group Prudentialife Warriors called on the Insurance Commission to defer the liquidation process for the reasons that they wanted to study the firm’s records.
Under the liquidation plan, a total of P8 billion in trust funds is to be divided among the 300,000 holders of educational, pension and memorial plans. The trust funds consist of cash and non-cash assets.
The plan holders are expected to receive only a portion of the principal amount they have already paid, and it will depend on the kind of plan they hold. Educational could get back an average of 20%, pension plan holders 43% and memorial plan holders 80%.
Watch the video report from ABS-CBN: