Philippine Prudential Life Insurance Co. (PPLIC)

July 18, 2020

Here’s an update from Mr. Antonio Queja Jr. on Philippine Prudential Life Insurance Co. (PPLIC). He sent an email inquiry to PPLIC and he received a reply on July 1, 2020.  Thank you very much, Mr. Queja Jr.

Philippine Prudential Life Insurance Co.

Reply from PPLIC:

Dear Mr. Antonio Queja, Jr.:

Pursuant to the designated Liquidator’s proposed Interim Liquidation Plan, the IC approved the selling of all the assets of PPLIC, to which the proceeds thereof will be distributed proportionately and based on the Liquidation Value of each of the policyholders and creditors’ claim against the company, as approved by the IC.

Hence, we are in the process of selling the assets of PPLIC now. The public was notified of the PPLIC’s assets to be sold in a Notice of Sale published in the Philippine Star on 26 April 2020. To date, we had not yet sold one property.

You will know the status of PPLIC by checking the website of the Insurance Commission (https://www.insurance.gov.ph). If there is no information regarding PPLIC, that means that the sale of assets and computation of the Liquidation Value has not yet been finalized and approved by the IC.

We will do our best to hasten the sale of the assets so that policyholders can be immediately paid.

For further inquiries you may reach us on the following numbers:
PPLIC Office : 7902-2330 Local 4034/4009/3700
Liquidator’s Office : 8638-76-18
Insurance Commission : 8523-84-61 to 70 Local 105 or 8354-0991

Or through the following official email address:
philippineprudential@yahoo.com
crl@insurance.gov.ph

Sincerely Yours,
Customer Service – RGB

June 8, 2018:

Thank you very much, Jun P., for patiently replying to all those asking about PPLIC.
You’re a big big help to them and to me. We can’t thank you enough. 

Updated  March 3, 2018:

Thank you very  much, Jun P., for updating us here:

Latest NOTICE to the Public from the Insurance Commission, published in the March 2, 2018 issue of Philstar:

Notice is hereby given that Phil. Prudential Life Insurance Co. Inc. (PPLIC) previously placed under conservatorship and receivership for cause by the Insurance Commission is now due for liquidation. The Insurance Commission appointed Atty. Iris Sylvia Lucero Bonifacio as liquidator effective Feb. 7, 2018.Parties having claims against the company are hereby notified to file their claims under oath with the liquidator not later than 180 days from the date of the last publication of the notice on Mar. 16, 2018 or until Sept. 12, 2018 together with all supporting documents detailing the character, basis, and amount of each and every claim either personally or by mail directly to the liquidator’s address at 5th floor, AIC Burgundy Tower, ADB Ave. corner Garnet and Sapphire Roads, Ortigas Center, Pasig City or the Insurance Commission 1071 UN Avenue Manila, for consideration in the company’s liquidation pursuant to pertinent provisions of the Amended Insurance Code.Claims filed after Sept. 12, 2018 shall be barred forever and shall not be allowed to participate in any manner whatsoever in any kind of disposition, partition, distribution or settlement in the liquidation proceedings against the abovementioned insurance company.

EVERYBODY, PLEASE TAKE NOTE OF THE DEADLINE. Good luck to all !

According to Jun P. who has been contacting the Insurance Commission about  Philippine Prudential Life Insurance Company (PPLIC), the Insurance Commission has started the LIQUIDATION process for PPLIC on February 7, 2018.

LIQUIDATION of PPLIC means  tuluyan nang magsasara ang PPLIC at ibebenta na ang lahat ng natitirang assets and properties para merong pambayad sa mga claims against the company (claims ng planholders at creditors).  Thanks, Jun, for the definition.

According to Fel M, she emailed Atty. Iris Bonifacio, the liquidator of PPLIC, on Feb 21, 2018, and this email below was Atty. Bonifacio’s response. I am guessing that this email below is the standard email that Atty. Bonifacio emails to anyone emailing her asking about PPLIC. Thank you, Fel, for sharing with us Atty. Bonifacio’s response:

Dear PPLIC Policyholder,
Philippine Prudential Life Insurance Corporation (PPLIC) had been placed under liquidation by the Insurance Commission and appointed the undersigned as the Liquidator of the company. The Liquidator took her oath of office on 07 February 2018.

With the current financial position of PPLIC, it is in the condition of insolvency as defined under Section 200 of the Amended Insurance Code, that states:

xxx “The term Insolvency means the inability of an insurance company to pay its lawful obligations
as they fall due in the usual and ordinary course of business as may be shown by its failure to maintain the solvency requirements ” (emphasis and italics supplied.)

It is for this reason that PPLIC was placed under liquidation since the Insurance Commissioner had determined that it is insolvent as defined in the Insurance Code. It cannot resume business with safety to its policyholders and creditors and as public interest requires, ordered its liquidation. The Commissioner had designated a Liquidator who, with convenient speed, reinsure its outstanding policies, convert the assets of the PPLIC to cash, sell, assign or otherwise dispose of these to the policyholders, creditors and other parties for the purposes of settling the liabilities or paying the debts of PPLIC. The Liquidator may also institute such actions as may be necessary in the appropriate court to collect and recover accounts and assets of PPLIC and to do such other acts as may be necessary to complete the liquidation as ordered by the Commissioner.

As Liquidator, I have to hire an IC-accredited external auditor to audit the financial statements of PPLIC and hire an accredited Actuary to determine the liquidation value of PPLIC’s liabilities to its policyholders and other creditors.

I must also take control of all the assets of PPLIC and convert the same to cash for its distribution according to the approved Liquidation Plan. Note that properties of PPLIC must be sold in a public auction or negotiated to at least three (3) prospective buyers so publication of the sale must be made. For club share to be sold, preferential rights of the club must be observed. For shares of stocks, the current market value will be the basis for the selling price.

In accordance with CRL Memo No. 10-2009 of the Commission, liquidation must should be finished within two (2) years from the date of appointment or within six (6) months from the date of the prescription period given through publication to claimants to file their claims, whichever comes later.

So, dear policyholder, please await the Notice that will be published in a newspaper of general circulation (usually the Philippine Star) for you to file your claim (s).

Atty. Iris L. Bonifacio
Liquidator

Instruction by the Insurance Commission to PPLIC planholders (as stated in the Insurance Commission’s Notice of Stay Order issued on September 18, 2017 regarding the receivership of PPLIC)

File and address your claims to:

Insurance Commission
Thru Atty. lris Sylvia Lucero Bonifacio
Suite 507 Pacific Center Building
San Miguel Ave., Ortigas Business Center
1605 Pasig City

or

Insurance Commission
Thru Atty. Iris Sylvia Lucero Bonifacio
1071 United Nations Avenue, Manila

What documents should be filed?
Wala pang na-release na formal Notice to the Public regarding Claim Filing, but while you are waiting, you can prepare your documents based on the list given to Danvil Planholders, as follows:

a. Policy Face Page
b. Contract Provision
c. Certificate of Full Payment (If plan has been fully paid)
d. Photocopy of 2 valid IDs (Passport, Driver’s License, PRC ID, SSS/GSIS ID, Company ID, PhilHealth ID and other government-issued IDs with photo and signature of the planholder)

In case of loss of any of the above documents, submit a notarized Affidavit of Loss.

NOTE: File photocopies, but be ready with the original copies.

———————————————-
The Philippine Prudential Life Insurance Company (PPLIC) was placed by the Insurance Commission under CONSERVATORSHIP on November 4, 2016.

PPLIC is no longer allowed to sell new insurance products pending compliance with regulatory requirements effective November 4, 2016.

Atty. Moises A. Balon has been appointed as Philippine Prudential’s conservator.

PPLIC policy holders can file their claims with the conservator together with all supporting documents detailing the nature of their claims, basis and amount of each and every claim, either personally or by mail.

Address of Atty. Balon:
Suites 305-309 3rd Floor
AIC Burgundy Tower
ADB Avenue corner Sapphire and Garnet Roads
Ortigas Center, Pasig City
Phone: 902-2330

Here’s a list of troubled insurance companies as of Nov 2016.

These notes below were written in 2010
Since Philippine Prudential Life Insurance Company is associated with Danvil Plans, we’re going to write some information about this company.  A lot of info here were taken from the website of the Insurance Commission.

Philippine Prudential is an insurance company; it is not a pre-need firm.

It is different from pre-need firm Prudential Life Plans Inc. whose license was revoked by the SEC in 2009. These two firms are not affiliated with each other.

Philippine Prudential is one of 35 life insurance firms  whose licenses have been renewed by the Insurance Commission every year for the past years.  Their newest licenses are for the license year 2009 to 2010.

Of the 35 life insurance firms, Philippine Prudential is:

  • 17th in ranking based on premium income as of December 31, 2009
    640,144,183  pesos
  • 17th in ranking based on first-year premium as of December 31, 2009
    207,613,865
  • 22nd in ranking based on paid-up capital as of December 31, 2009
    123,807,730 pesos

As can be seen on both the websites of Philippine Prudential and Danvil Plans and in SM malls, the two firms use the same sales offices in SM Pampanga, SM Fairview, SM North Edsa, SM Megamall and SM Southmall.

390 Comments

  1. Jun p. September 25, 2021
  2. Juna Alpis September 22, 2021
  3. Nora July 18, 2021
  4. Jun p. July 16, 2021
  5. Ann July 4, 2021
  6. Jun p. March 29, 2021
  7. roland arcoy March 22, 2021
  8. Eileen Roda March 18, 2021
  9. jun p. January 11, 2021
  10. Antonio Queja Jr. October 30, 2020
  11. MR. E October 15, 2020
  12. Ofelia c. Jao September 28, 2020
  13. Jennelyn July 22, 2020
  14. Nora July 18, 2020
  15. Ton Q July 13, 2020
  16. Ton Q July 13, 2020
  17. Antonio Queja, Jr. July 13, 2020
  18. FBM July 10, 2020
  19. FBM July 10, 2020
  20. Dona Dalit May 28, 2020
  21. Joneth May 10, 2020
  22. Mary Grace B. leysa March 22, 2020
  23. Joie March 18, 2020
  24. Ton Q March 12, 2020
  25. Hilda Domingo March 5, 2020
  26. Mark March 4, 2020
  27. Nora February 12, 2020
  28. FM February 10, 2020
  29. Ton Q November 27, 2019
  30. Ismael October 27, 2019
  31. Neisan October 17, 2019
  32. Mai October 17, 2019
  33. MIKE October 16, 2019
  34. Jasper Francis O. Tubig October 14, 2019
  35. Eri October 9, 2019
  36. Anon October 3, 2019
  37. Rhyann ganipis September 7, 2019
  38. Mai September 3, 2019
  39. Nikko Fernandez September 3, 2019
  40. Narda August 31, 2019
  41. Mary Anne F. Mamucud August 29, 2019
  42. jun p. August 29, 2019
  43. John August 29, 2019
  44. jun p. August 28, 2019
  45. Noell August 28, 2019
  46. Noek August 28, 2019
  47. John August 28, 2019
  48. jun p. August 28, 2019
  49. Noel August 28, 2019
  50. Zed August 27, 2019
  51. jun p. August 27, 2019
  52. Noel August 27, 2019
  53. jun p. August 27, 2019
  54. Lucidel Santos August 27, 2019
  55. Nora August 26, 2019
  56. Darna August 23, 2019
  57. Norman A. Tomoco August 21, 2019
  58. dorothy August 19, 2019
  59. Milo August 18, 2019
  60. Milo August 18, 2019
  61. ErlindA bausing delrosario August 16, 2019
  62. Rutchel g. Cadiao August 15, 2019
  63. DYNA August 14, 2019
  64. Nikko Fernandez August 12, 2019
  65. Nikko Fernandez August 12, 2019
  66. jun p. August 9, 2019
  67. Maja Pinon August 9, 2019
  68. Marissa M. Sumawang July 31, 2019
  69. Jenny July 30, 2019
  70. jun p. July 22, 2019
  71. Marivic U.Lee July 22, 2019
  72. Mai July 22, 2019
  73. Nora July 11, 2019
  74. Cristina Trasmil July 10, 2019
  75. Cristina Trasmil July 10, 2019
  76. aika July 9, 2019
  77. Marivic U.Lee July 5, 2019
  78. Laidy layug July 5, 2019
  79. Frankie July 3, 2019
  80. Mylene B capin July 3, 2019
  81. jun p. June 26, 2019
  82. Jennycor Gulle June 26, 2019
  83. Christian mangaoang June 25, 2019
  84. jun p. June 23, 2019
  85. Armida Rhea Cruz June 22, 2019
  86. jun p. June 21, 2019
  87. joy sumague June 20, 2019
  88. cel June 19, 2019
  89. Roel Miciano June 10, 2019
  90. Marielyn deiparine June 6, 2019
  91. Marielyn deiparine June 6, 2019
  92. Ayo May 28, 2019
  93. Ayo May 28, 2019
  94. Ayo May 28, 2019
  95. Ayo May 28, 2019
  96. jun p. May 26, 2019
  97. Roseller Javier May 25, 2019
  98. ILUMINADA C.NAVARRO May 24, 2019
  99. Adelia May 22, 2019
  100. jun p. May 16, 2019
  101. Sheryl Pare May 16, 2019
  102. jun p. May 8, 2019
  103. Joy May 8, 2019
  104. Concern Policy holder April 30, 2019
  105. jun p. April 30, 2019
  106. Jo co April 30, 2019
  107. jun p. April 30, 2019
  108. jo co April 29, 2019
  109. Sharon April 7, 2019
  110. Pingback: Malaki at maganda Davao City | Paymud February 9, 2019
  111. Ayo January 22, 2019
  112. Grace C. De Vera January 22, 2019
  113. Ayo January 3, 2019
  114. jun p. January 2, 2019
  115. Mae January 1, 2019
  116. Ayo December 22, 2018
  117. jun p. December 10, 2018
  118. Glenn December 8, 2018
  119. jun p. October 15, 2018
  120. Nora October 14, 2018
  121. jun p. October 13, 2018
  122. Arcelie S. Tolo October 13, 2018
  123. Arcelie S. Tolo October 13, 2018
  124. jun p. October 13, 2018
  125. Arcelie S. Tolo October 13, 2018
  126. jun p. October 11, 2018
  127. RYAN OSTRAS October 11, 2018
  128. Georgie Ebina September 18, 2018
  129. Georgie Ebina September 18, 2018
  130. Diana Mae Hisoler Amadeo September 16, 2018
  131. RM Collado September 12, 2018
  132. jun p. September 12, 2018
  133. RM Collado September 12, 2018
  134. May September 11, 2018
  135. jun p. September 11, 2018
  136. jun p. September 10, 2018
  137. DM GENISE ESTREMADURA September 10, 2018
  138. Francis September 10, 2018
  139. jun p. September 10, 2018
  140. Francis September 10, 2018
  141. jun p. September 10, 2018
  142. Francis September 10, 2018
  143. jun p. September 9, 2018
  144. May September 9, 2018
  145. jun p. September 9, 2018
  146. Rowena September 9, 2018
  147. Rowena Diego September 9, 2018
  148. jun p. September 9, 2018
  149. rowena diego September 9, 2018
  150. jun p. September 7, 2018
  151. adelfa September 6, 2018
  152. jun p. September 6, 2018
  153. Adelfa Monta September 6, 2018
  154. Carla Ching August 31, 2018
  155. jun p. August 30, 2018
  156. Anne August 30, 2018
  157. Glaiza Casinillo August 25, 2018
  158. jun p. August 25, 2018
  159. Glaiza Casinillo August 25, 2018
  160. jun p. August 25, 2018
  161. Glaiza Casinillo August 25, 2018
  162. Glaiza Casinillo August 25, 2018
  163. jun p. August 24, 2018
  164. Glaiza Casinillo August 24, 2018
  165. jun p. August 22, 2018
  166. Anne August 21, 2018
  167. jun p. August 20, 2018
  168. WinzoN August 20, 2018
  169. jun p. August 18, 2018
  170. Donna August 17, 2018
  171. jun p. August 11, 2018
  172. WinzoN August 11, 2018
  173. jun p. August 7, 2018
  174. mac August 7, 2018
  175. jun p. August 2, 2018
  176. Rochelle De Luna August 2, 2018
  177. Rochelle De Luna August 2, 2018
  178. Ann July 21, 2018
  179. jun p. July 8, 2018
  180. jun p. July 8, 2018
  181. Tobi_Jay July 8, 2018
  182. Elna Jormeleja July 8, 2018
  183. jun p. July 6, 2018
  184. kat July 6, 2018
  185. Michael July 5, 2018
  186. jun p. July 4, 2018
  187. Queenie July 4, 2018
  188. Queenie July 4, 2018
  189. jun p. July 4, 2018
  190. Queenie July 4, 2018
  191. jun p. July 3, 2018
  192. WinzoN July 3, 2018
  193. WinzoN July 3, 2018
  194. jun p. June 30, 2018
  195. WinzoN June 30, 2018
  196. jun p. June 29, 2018
  197. Michelle June 29, 2018
  198. jun p. June 21, 2018
  199. Michelle June 21, 2018
  200. Jane Gal June 20, 2018
  201. jun p. June 20, 2018
  202. Jane Gal June 20, 2018
  203. Jane Gal June 20, 2018
  204. jun p. June 19, 2018
  205. JANETTE BERNAL June 19, 2018
  206. jun p. June 18, 2018
  207. Rosario Sarita Abelgas June 18, 2018
  208. Juna June 13, 2018
  209. jun p. June 12, 2018
  210. Juna June 12, 2018
  211. Juna June 11, 2018
  212. jun p. June 11, 2018
  213. juna June 11, 2018
  214. jun p. June 8, 2018
  215. Joan June 6, 2018
  216. jun p. June 6, 2018
  217. Joan June 6, 2018
  218. jun p. June 5, 2018
  219. Joan June 5, 2018
  220. jun p. June 4, 2018
  221. jun p. June 4, 2018
  222. Sy June 4, 2018
  223. Joan June 4, 2018
  224. jun p. May 31, 2018
  225. Tin May 31, 2018
  226. jun p. May 31, 2018
  227. Ann May 31, 2018
  228. jun p. May 31, 2018
  229. jun p. May 31, 2018
  230. Sy May 31, 2018
  231. Sy May 31, 2018
  232. Anne May 31, 2018
  233. jun p. May 30, 2018
  234. jun p. May 30, 2018
  235. Irving E. Mauleon May 30, 2018
  236. Tin May 29, 2018
  237. jun p. May 25, 2018
  238. Anne May 25, 2018
  239. jun p. May 18, 2018
  240. Fhey May 17, 2018
  241. jun p. May 16, 2018
  242. Archie P. May 15, 2018
  243. jun p. May 15, 2018
  244. Ann May 15, 2018
  245. jun p. May 15, 2018
  246. Ann May 15, 2018
  247. jun p. May 15, 2018
  248. Ann May 15, 2018
  249. jun p. May 13, 2018
  250. gnalyn May 13, 2018
  251. jun p. May 12, 2018
  252. Marcopoloflores May 12, 2018
  253. jun p. May 11, 2018
  254. Brien May 11, 2018
  255. Brien May 11, 2018
  256. jun p. May 10, 2018
  257. Archie Puerto May 10, 2018
  258. Archie Puerto May 10, 2018
  259. jun p. May 5, 2018
  260. GNaLyn May 5, 2018
  261. Claire May 2, 2018
  262. jun p. April 27, 2018
  263. Claire April 27, 2018
  264. Claire April 27, 2018
  265. jun p. April 27, 2018
  266. Claire April 27, 2018
  267. jun p. April 23, 2018
  268. Edna April 23, 2018
  269. Albert Pascual April 20, 2018
  270. jun p. April 19, 2018
  271. Albert Pascual April 19, 2018
  272. jun p. April 18, 2018
  273. Albert pascual April 17, 2018
  274. Alma April 10, 2018
  275. Carla Ching April 9, 2018
  276. Princess April 8, 2018
  277. jun.p April 8, 2018
  278. Princess April 8, 2018
  279. jun p. April 7, 2018
  280. jun p. April 7, 2018
  281. Ros April 7, 2018
  282. Carla Ching April 6, 2018
  283. jun p. April 6, 2018
  284. jun p. April 6, 2018
  285. Jam April 6, 2018
  286. Jam April 6, 2018
  287. jun p. April 6, 2018
  288. Jam April 6, 2018
  289. Davy April 5, 2018
  290. jun p. April 5, 2018
  291. Davy April 5, 2018
  292. jun p. April 5, 2018
  293. jun p. April 5, 2018
  294. Kat April 5, 2018
  295. Davy April 5, 2018
  296. jun p. April 4, 2018
  297. Ian paul mendoza April 4, 2018
  298. jun p. April 4, 2018
  299. Rinalyn espino April 4, 2018
  300. jun p. April 3, 2018
  301. Rinalyn espino April 3, 2018
  302. jun p. April 2, 2018
  303. Carla Ching April 2, 2018
  304. jun p. March 27, 2018
  305. Jen Flores March 27, 2018
  306. Jenn lind Flores March 27, 2018
  307. jun p. March 27, 2018
  308. alma March 27, 2018
  309. jun p. March 26, 2018
  310. john March 25, 2018
  311. jun p. March 22, 2018
  312. Ja March 22, 2018
  313. jun p. March 21, 2018
  314. kaye March 21, 2018
  315. Einah March 21, 2018
  316. jun p. March 20, 2018
  317. Einah March 20, 2018
  318. jun p. March 9, 2018
  319. Ben Bernardo March 8, 2018
  320. jun p. March 7, 2018
  321. Drew March 7, 2018
  322. jun p. March 7, 2018
  323. Drew March 7, 2018
  324. jun p. March 7, 2018
  325. Jesiree March 6, 2018
  326. fel m. March 5, 2018
  327. jun p. March 2, 2018
  328. Nora February 25, 2018
  329. jun p. February 23, 2018
  330. fel m. February 23, 2018
  331. Marie jenifer labao February 23, 2018
  332. Drew February 23, 2018
  333. jun p. February 22, 2018
  334. Hernanie February 22, 2018
  335. fel m. February 22, 2018
  336. Nora February 21, 2018
  337. Carla Ching February 21, 2018
  338. jun p. February 21, 2018
  339. fel m. February 21, 2018
  340. jun p. February 20, 2018
  341. jun p. February 19, 2018
  342. Karla Ann February 19, 2018
  343. jun p. February 19, 2018
  344. Karla Ann February 19, 2018
  345. jun p. February 15, 2018
  346. Carla Ching February 14, 2018
  347. jun p. February 13, 2018
  348. Eulysses E. February 13, 2018
  349. jun p. February 13, 2018
  350. Claud February 13, 2018
  351. jun p. February 13, 2018
  352. Claud February 13, 2018
  353. jun p. February 13, 2018
  354. Carla Ching February 13, 2018
  355. Carla Ching February 12, 2018
  356. jun p. February 12, 2018
  357. kim February 12, 2018
  358. jun p. February 12, 2018
  359. Michelle February 11, 2018
  360. Jovi Salada February 11, 2018
  361. Nora February 9, 2018
  362. jun p. February 8, 2018
  363. Nora February 8, 2018
  364. jun p. February 6, 2018
  365. Carla Ching February 6, 2018
  366. jun p. February 5, 2018
  367. Mich February 5, 2018
  368. Nora February 3, 2018
  369. jun p. February 3, 2018
  370. Nora January 16, 2018
  371. RUSSEL ZAMORA January 15, 2018
  372. Riza Zunio November 20, 2017
  373. Katrina October 9, 2017
  374. Criselle delfin September 17, 2017
  375. Gemma July 21, 2017
  376. Janice April 19, 2017
  377. Nora December 19, 2013
  378. Mylene December 19, 2013
  379. Nors August 10, 2013
  380. Janneth August 9, 2013
  381. amy August 6, 2013
  382. Nors August 5, 2013
  383. amy August 5, 2013
  384. elsie24s June 13, 2013
  385. Nors May 29, 2013
  386. she May 29, 2013
  387. Arlene B. Mantiles April 16, 2013
  388. Nors April 9, 2013
  389. ike datu April 9, 2013

Leave a Reply