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Gov't aims to liquidate Prudentialife by next month means BUSINESS

MANILA - The Insurance Commission aims to liquidate Prudentialife Plans Inc within the second quarter of this year.

Commission spokesman Luke John Apatan said the agency is opting for liquidation after no one stepped in to infuse fresh capital into the shuttered preneed company. He said the agency bucked a proposal from Manila Bank to acquire only the life plans of Prudentialife, as the Commission insisted any deal should be "all-or-nothing."

The lawyer said discussions will be held next week to determine how much each of the 300,000 plan holders would get from the trust fund and any asset that could be sold off. Prudentialife still has P7.3 billion in its trust fund.

"Yung contributions makukuha. Kung inaasahang makukuha ang full benefits ng plan, hindi na makakabuo nun dahil hindi na makukuha ang naipangako. Pero kasi kung patatagalin pa, paano na yung iba na kailangan na yung pera," Apatan said.

"Target initial payment ay April or May. Or end ng first quarter," he said. Included in the P7.3 billion is the P3.27 billion trust fund specifically for pension plans, P1.19 billion for educational plans and P2.9 billion for life plans.

Jose Rizal Batiles, a representative of a group of Prudentialife plan holders, said they are amenable to the liquidation provided that the company's other assets are likewise sold off.

"Liquidation is the best way, as long as they cover all the subsidiaries owned by Prudentialife," he said.

According to documents from the Securities and Exchange Commission (SEC), the preneed company has the following subsidiaries: Prudentialife Travel Services Inc, Prudentialife Landholdings, Prudentialife Realty Inc, Prudentialife Information Systems, Prudentialife Tarlac Memorial, La Funeraria Paz-Sucat, Prudentialife Market Resouces Corp, Prudentialife Financial Services Inc, PLPI Finance Inc, Afronsa Phils, Akean Resorts Corp, Asia Pacific Consolidated Landholdings and Vine House Printing Inc.

Prudentialife is only one of seven preneed companies that will be liquidated. The other are Ideal Pension, Permanent Plans, Classic Plans, Edu Plans, Global Family Protection and Holy Life Plans.

The Commission also will close down East Asia Plans, Capitol Plans and Rhine Plans.

Meanwhile, courts are still hearing the rehabilitation cases of College Assurance Plans, PET Plans, Platinum Plans and TPG.