Latest Stories

Liquidator denies complaints of delays in payments

MANILA, Philippines—The designated liquidator of Prudentialife Plans Inc. (PPI) has denied allegations that plan holders were finding it difficult to get payments.

The San Diego, Ycasiano, Macia, Estroc, Castañeda, Sanchez (Symecs) Law Office said the allegations came from a few disgruntled plan holders.

Contrary to the allegations, personnel of Symecs were able to properly service plan holders despite their huge numbers. PPI has 245,000 holders of education, pension and memorial plans.

“While the system is imperfect, all the staffs have entertained the plan holders cordially, even if they themselves were subjected to much verbal abuse,” Symecs said in an e-mail sent to the Inquirer by Dionne Sanchez, one of the partners.

Symecs also belied reports it was being paid an enormous amount out of the remaining trust fund of PPI. It said it was getting P200,000 a month.

A group of plan holders, called Prudential Warriors, claimed that Symecs would be paid more than P200 million, equivalent to at least 4 percent of the amount to be liquidated.

“Symecs only receives a mere P200,000 a month, VAT-inclusive, for a seven-lawyer office that has basically taken over what remains of Prudentialife. (It) has implemented a liquidation and distribution of this magnitude, and has spent countless hours liaising with plan holders, complying with IC directives, etc.,” the law office said.

Chris Rafal, head of the public assistance department of the Insurance Commission (IC), said payment to the liquidator was not being charged to the trust fund of PPI. The trust fund is meant to service only the claims of plan holders, he said.

Rafal said the IC was tapping other remaining assets of PPI to cover the payment to Symecs.


He also clarified reports on the amounts as a percentage of their total premium payments that plan holders were scheduled to receive.

Rafal said the 19 percent to be received by educational plan holders, the 40 percent by pension plan holders, and the 80 percent by memorial plan holders were based on the total amount that can be recovered from the liquidation of both “liquid” and “nonliquid” assets of PPI.

The IC defines the nonliquid assets of PPI as its securities investments, including stocks, corporate bonds and government securities.

The IC said PPI’s nonliquid assets were last valued at P3.085 billion. But it said the amount to be raised from the sale of these assets would depend on how much potential buyers would be willing to pay.

Rafal said plan holders should not be surprised if the value of the checks they received in the first installment did not match the announced percentage plan holders ought to get out of the liquidation.

He made the clarification amid queries from plan holders who had already gotten checks and who thought they received the wrong amounts.—Michelle V. Remo

Follow Us

Follow us on Facebook Follow on Twitter Follow on Twitter

Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: liquidator , Philippines , preneed , Prudentialife Plans , Symecs law office

  • Mark

    Dapat talaga bantayan ang mga lawyers when it comes to their tax, ang lakas pala kumita pero ang hina magbayad ng tax

  • see_you

    i received my check yesterday. it was not even 10% of my total premium payments. so what is the 19% they are talking about for educational planholders. the liquidator or the insurance commission should explain the computation so we are not clueless about the whole thing. as i understand it, the 19% payback represent the liquid assets while the next payback will happen after the non-liquid assets are disposed.

    • marinero

      hold-up sa harapan or rip-off!

Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94


  • What Went Before: Malacañang allies alleged involvement in pork scam
  • Timeline: Napoles tell-all
  • 12 senators on Napoles ‘pork’ list, says Lacson
  • Napoles surgery in Makati hospital successful
  • Save the queen? Aide takes fall for Enrile, Gigi Reyes
  • Sports

  • Mixers trim Aces; Painters repulse Bolts
  • Donaire junks Garcia as coach, taps father
  • ’Bye Ginebra: No heavy heart this time
  • UAAP board tackles new rules
  • Baguio climb to decide Le Tour de Filipinas
  • Lifestyle

  • The best flavors of summer in one bite, and more
  • Homemade yogurt, bread blended with pizza, even ramen
  • Visiting chefs from Denmark get creative with ‘ube,’ ‘ buko,’ ‘calamansi,’ mangoes
  • Salted baked potatoes
  • A first in a mall: Authentic Greek yogurt–made fresh in front of diners
  • Entertainment

  • Return of ‘Ibong Adarna’
  • Practical Phytos plans his future
  • In love … with acting
  • From prison to the peak of success
  • ‘Asedillo’ location thrives
  • Business

  • Philippine Airlines to stop shipment of shark fins
  • PH banks not ready for Asean integration
  • Stocks down on profit-taking
  • Banks allowed to use ‘cloud’
  • SMIC to issue P15-B bonds
  • Technology

  • ‘Unlimited’ Internet promos not really limitless; lawmakers call for probe
  • Viber releases new design for iPhone, comes to Blackberry 10 for the first time
  • Engineers create a world of difference
  • Bam Aquino becomes Master Splinter’s son after Wiki hack
  • Mark Caguioa lambasts Ginebra teammates on Twitter
  • Opinion

  • Editorial cartoon, April 24, 2014
  • Talking to Janet
  • Respite
  • Bucket list
  • JPII in 1981: walking a tightrope
  • Global Nation

  • PH seeks ‘clearer assurance’ from US
  • China and rivals sign naval pact to ease maritime tensions
  • What Went Before: Manila bus hostage crisis
  • Obama arrives in Tokyo, first stop of 4-nation tour
  • Believe it or not: Filipinos love US more than Yanks
  • Marketplace