legacy

Prudentialife bankrupt, seeks corporate rehabilitation

The Insurance Commission on February 3, 2012 issued a “Stay Order” on the request of troubled pre-need firm Prudentialife Plans Inc. for corporate rehabilitation.

With the “Stay Order” decision, all payment of claims by planholders effective February 6, 2012 are suspended. That means starting February 6, all Prudentialife planholders cannot file for any claims against the company until its corporate rehabilitation plan is approved.  All claims being processed, however, as of February 6 will still be honored and funds will be released to planholders.

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The Banco Filipino pyramid scam

Back in 2008, several PinoyMoneyTalk forum members were lured by Banco Filipino’s promise of high returns for their deposits. At that time, Banco Filipino (BF) was offering gargantuan interest rates, with one time deposit scheme offering to double one’s money after 5 years.

Referring to that Banco Filipino time deposit offer, PMT Forum member yellowminded commented in December 2008: “If you think about it, with monthly interest out, after 3 years you’d have gotten back more than half of P500,000.”

To which another member, wintan2006, replied in jest:  “That is kung buhay pa ang Banco Filipino before you have doubled your money.”

The eerie reality is, as of March 2011, Banco Filipino is already closed.

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