It's been five years and until now PPLIC is yet to sell the company's assets? And it is more interesing to know that some policy holders who are not aware that the company already went under liquidation are telling that they are still getting automatic deductions from their salary for PPLIC policy payments.
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PPLIC addes, when the assets are sold, the appointed Actuary will compute the money that will be paid to each policyholder based on the amount of their policy, payments made, and the value of sold PPLIC assets.
Policyholders, will know of the status of PPLIC upon checking the website of the Insurance Commission (www.insurance.gov.ph). If there is no information regarding PPLIC that means that the sale of assets and computation of your policy value has not yet been finalized.
PPLIC said that are doing their best to hasten the sale of even a few of the properties so that policyholders can be immediately paid.
According to the Philippine Prudential Life Insurance Company, they are in the process of selling the assets of PPLIC. They had put its assets in a Notice of Sale in the Philippine Star on April 26, May 3 and May 10, 2020. However, PPLIC had not yet sold one property. Another notice of sale has been posted on the Insurance Commission's website and published in Philippine Star on Nov. 6, 2022. While in other countries, it usually takes 2 years to complete the liquidation, here in the Philippines it took more time to complete the liquidation since the liquidation of PPLIC started back in 2018.
PPLIC noted that they are hastening the sale of the assets so that policyholders can be paid from their proceeds. Buyers should offer and pay the market value of these properties with the approval of the Insurance Commission. There are limited buyers but the price they offer is below the market value/zonal value of the properties.
PPLIC noted that they are hastening the sale of the assets so that policyholders can be paid from their proceeds. Buyers should offer and pay the market value of these properties with the approval of the Insurance Commission. There are limited buyers but the price they offer is below the market value/zonal value of the properties.
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PPLIC addes, when the assets are sold, the appointed Actuary will compute the money that will be paid to each policyholder based on the amount of their policy, payments made, and the value of sold PPLIC assets.
Policyholders, will know of the status of PPLIC upon checking the website of the Insurance Commission (www.insurance.gov.ph). If there is no information regarding PPLIC that means that the sale of assets and computation of your policy value has not yet been finalized.
PPLIC said that are doing their best to hasten the sale of even a few of the properties so that policyholders can be immediately paid.
Please visit the link below for the complete details of the Notice of Sale;
https://www.insurance.gov.ph/notice-of-sale-philippine-prudential-life-insurance-company-inc-pplic/
https://www.insurance.gov.ph/notice-of-sale-philippine-prudential-life-insurance-company-inc-pplic/
For further inquiries you may reach us on the following numbers:
PPLIC Office :
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@
crl@insurance.gov.ph
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