IC sells former Prudential Plans property in BGC for P402 M

MANILA, Philippines - The Insurance Commission (IC) has sold a foreclosed property owned by the shuttered Prudential Plans Inc. (PPI), the biggest sale since the Government Service Insurance System (GSIS) sold a 1,600-square meter property at the Bonifacio Global City (BGC).

In a press briefing yesterday, IC commissioner Emmanuel F. Dooc said the 1,100-sqm property was sold for P402 million, 31 percent higher than the minimum bid price of P307 million.

“It ended up higher as the buyers also took over all back taxes,” Dooc said.

The property, located along 21st Drive corner 20th Drive in BGC, reflected an accommodative value of P365,456.36 per sqm for a total gross floor area of 8,800 sqm.

In terms of gross floor area, the lot was sold at P45,682.05 per gross floor area, while the recent GSIS sale of 1,600 sqm was sold at P41,666.67 per gross floor area.

“This is a new record as the last highest sale in BGC by government,” Dooc pointed out.

Another PPI property in Pasig City worth P12.5 million is also being sold to raise more funds to pay out planholders. It involves the 450 sqm lot where the Prudentialife building stands, along Riverside Ave. in Brgy St. Lucia.

The buyer of the for-liquidation pre-need company was Q-Creativs and Imageers Inc. headed by its chairman Wilfred T. Siy. He is also the chief operating officer of Fil-Pacific Apparel Corp., a garments manufacturer of well-known brands such as Jag.

The proceeds of the sale will be used to pay out planholders of Prudential Plans which was ordered for liquidation last year by the IC for failure to come out with a credible rehabilitation plan.

Dooc said that the second tranche of payouts is targeted in April next year.

The first payout was held last year covering 208,515 planholders, with roughly 109,ooo already getting their share.

These recipients are holders of education, pension and memorial plans sold over several years by PPI, which slipped into insolvency and was ultimately declared unfit to continue operating.

Meanwhile, the commission has again extended the rehabilitation period of National Life Insurance Co. (NLIC) for another three months to end-March next year.

“There seems to be a buyer of the Horizon Tower along Boni Serrrano Ave. owned by NLIC,” Dooc said.

Since NLIC was placed under the care of the IC in 2008, it had not been able to raised significant capital to convince government to lift its conservatorship status. Its rehabilitation plan remains in limbo pending the sale of the Horizon Tower, the corporate center along Ayala Ave., and the formal entry of an investor.