The penniless Prudential Life Plans is ordered by the Government to stop paying all claims except for some terminated plans as suggestions and actions of the Insurance Commission are still being drafted on how to save the company. The company went belly-up when it lost its license to sell new plans last 2009 and now owes at last Php10 Billion to its more than 300 thousand plan holders.
The company has been placed under conservatorship, whatever that crap means, I have no idea. :) All the clients of the company wants to know only one single thing for now, when will they get their money back? So the company owners and the Government better answer that fast or all hell will break loose. These clients are not rich people; these are ordinary, hard working folks who just want to send their kids to college when the right time comes. They don't not have millions of pesos stashed away in secret bank accounts just like most of our Politicians and Government Officials. I suggest that they shouldn't mess or play around with their hard-earned cash or else they'll get into trouble.
Prudential's assets are now at Php9.5 Billion while its liabilities are estimated at Php19.67 Billion. It doesn't need a genius or one doesn't need to use a calculator to figure out the big difference. The company is putting the blame of its bankruptcy to the deterioration of its finances because of events beyond their control. Meaning, it's not always the company's fault that they squandered all their clients' money. Now that their clients are in deep shit, the company will never accept the blame. The classic "It wasn't us that screwed up!" line is now the company's motto. That's what you call, "Corporate Greed". The company should have named itself as, Vermin Plans and not Prudential Plans!
The company has been placed under conservatorship, whatever that crap means, I have no idea. :) All the clients of the company wants to know only one single thing for now, when will they get their money back? So the company owners and the Government better answer that fast or all hell will break loose. These clients are not rich people; these are ordinary, hard working folks who just want to send their kids to college when the right time comes. They don't not have millions of pesos stashed away in secret bank accounts just like most of our Politicians and Government Officials. I suggest that they shouldn't mess or play around with their hard-earned cash or else they'll get into trouble.
Prudential's assets are now at Php9.5 Billion while its liabilities are estimated at Php19.67 Billion. It doesn't need a genius or one doesn't need to use a calculator to figure out the big difference. The company is putting the blame of its bankruptcy to the deterioration of its finances because of events beyond their control. Meaning, it's not always the company's fault that they squandered all their clients' money. Now that their clients are in deep shit, the company will never accept the blame. The classic "It wasn't us that screwed up!" line is now the company's motto. That's what you call, "Corporate Greed". The company should have named itself as, Vermin Plans and not Prudential Plans!
Dear Sir,
ReplyDeleteI am a pension plan holder of Prudential Life Plans and my plan will mature in January 2015. I am very much eager to find out the latest update on the above scenario. You are absolutely right, I worked hard for the money I paid for my plan - and at that time hoped that I will have something when I retire. I would greatly appreciate your advise. Thank you so much. I can be reached at my work e.mail address: info@gulfbrandsinternational.com
I only get my updates from the news Madam so I am also as clueless as what will happen next to Prudential Life Plans Co. and its thousands of plan holders.
ReplyDeleteA lot of big companies are good at attracting a lot people to invest in their businesses but when it comes to assuring their clients about the security of their hard-earned cash, the clients will never get 100% guarantee that their money will never be stolen.
We have to be vigilant and extremely careful where we invest our money these days as there are a lot of companies that rob their clients.
I suggest that you put your savings in a large and stable bank and don't be tempted by large interests offered by smaller and lesser known banks or companies which can easily go bankrupt.
I will try my best to post an update about Prudential Life Plans as soon as there is news about it. I'm sorry to disappoint you but I also rely on TV and print media for my stories.
I hope all clients of these banks and life plans that went belly up get their money back because it's not right to keep victimizing and cheating the honest, decent and hardworking Filipinos....
I suggest that you find other Prudential Life Plan holders and then form an association so that you and thousands of other plan holders all over the Philippines can file a class suit against the company and its owners.
DeleteThat way Prudential Life Plan holders can unite and fight for their rights and for their hard earned investments.
That was what the CAP Educational Plan holders did, they all banded together and filed a class suit against the company and its owners. It may not assure you that you will get all your money back but at least you will not be alone in fighting for your rights.
Good luck and God bless you Madam...