Plan holders demand PPI shares as compensation

A group of plan holders of Prudentialife Plans Inc. (PPI), which has stopped servicing claims of its clients since February due to the bankruptcy of its preneed business, is demanding equity shares of the company as compensation.

Although its preneed business had failed, PPI is believed to still be earning decent profit from its life insurance business.

“We want the net present value of our plans to be converted into equity shares of the company so that we can be compensated,” said Roland Ocampo, organizer of the group of plan holders who call themselves “Prudentilife Warriors.”

The group held a protest action in front of the Insurance Commission’s office Monday morning, asking the agency to push PPI to heed the request of the plan holders.

Ocampo said plan holders earlier urged the owners of PPI, the Alba family, to infuse fresh capital to help rehabilitate the business.

“But they said they do not have the resources to do so. What we want, therefore, is to be given equity shares of the company,” Ocampo said.

Ocampo and other representatives of the Prudelife Warriors were met by Insurance Commissioner Emmanuel Dooc.

In the meeting, where the Inquirer was allowed to observe, Dooc said his office was reviewing the merits of all proposals on how to best address the interest of the about 300,000 plan holders of PPI.

Dooc said that beside the proposal of the group of plan holders, there were two more being considered by the commission.