Securities and Exchange Commission Chairperson Fe Barin said they have revoked the dealer's license of Prudential Life Plans for failing to comply with the Commission's trust fund and capital requirements.

Meanwhile, the Philippine Deposits Insurance Coverage (PDIC) has said that only P2.5 billion from the P14 billion claims against the 13 banking institutions owned by Delos Angeles could be realistically refunded.

On the other cases of Legacy pre-need firms, only P216 million out of the P1.3 billion claims could be reimbursed or a total of P12.6 billion in losses.

Sen. Roxas lamented the figures saying that it would now be difficult to recover the P11.5 billion that were lost due to the government agencies' ineptness to act in time to stop Delos Angeles' pyramiding scam.

Roxas warned that Delos Angeles would face arrest if he fails to appear in the next Senate hearing.

During the hearing on the pre-need industry, Barin said the requirements Prudential plans had submitted were not "eligible" and that the company was not able to beat the deadline last April 15.

"Prudential's dealers license has been revoked. They have been instructed to stop selling," Barin said.

Barin also said the commission has also implemented a moratorium on the grant of more registration.

Jose Aquino, OIC Director for Non-Traditional Securities and Instruments Department said that among 24 pre-need companies it "closely monitored" Prudential and Coco Life Plans

In a statement issued Monday Jose Alberto Alba, Prudential Life Plans president said: "We would like to inform you that we have submitted our proposed Multi Year Capital and Trust Fund Build-up Program last February 2, 2009. However, the SEC declined our proposed program because the assets we offered for contribution to the trust fund and capital does not qualify as acceptable assets under the SEC revised program.

Alba said that "under the revised program, the acceptable assets that can be contributed to the trust fund and capital are  income generating real estate and unlisted shares that are not in any way related to the preneed company."

"The assets we offered are real estate properties that have good values but are not yet income generating. Aside from this, we offered unlisted shares of profitable companies but are affiliates of our preneed company.  The SEC did not accept these assets for contribution to our trust fund and capital.

"In view of this, SEC has directed our company to refrain from selling new preneed plans effective April 16, 2009. Nevertheless, we will continue to operate as a servicing pre-need company and pay plan benefits of our planholders as warranted, " Alba pointed out.

Prudentialife Market Resource Corporation (PMRC) will continue to operate and market our other services that include Health Plans, Mutual Funds, and Insurance products among others. Notably, our sales for these products have grown significantly last year.

Aside from "closely monitoring" of all 24 companies, Barin said the commission also implemented a moratorium on the grant of more registration.