The government has ordered preneed firm Prudentialife Plans to suspend payment on all claims but continue payments for some terminated plans as it awaits action from the Insurance Commission (IC) on its proposal for relief and rehabilitation.

At the same time, Philippine Prudential Life Insurance Corp. was quick to clarify that it is not the company that is in financial trouble.

- From INQUIRER

In a way it is correct in that it is the pre - need company that is in trouble.

But are they kidding me?

Since Last September 2010, the company has already been stripped by the Securities and Exchange Commission and was not allowed to sell new plans. And with this action, we have to ask who is at fault here?

Is it the plan holder for not knowing? Is it the Portfolio Managers who are too irresponsible in playing with other people's retirement account. Or the Company for their lack of Management Knowledge?

Its everybody's fault. The 2010 disclosure should have already been a warning sign for the plan holders to bail out. The SEC should likewise identify these portfolio managers, their credentials and investment strategies. Where did they invest the retirement and educational account of these policy holders?

The CEO should likewise be held liable for this sheer disregard of peoples money. Mismanagement cannot be tolerated.

Herein lies the dilemma as I firmly believe that we should not be fast in blaming the government. In fact we should help the government in pursuing these cases. There should be Administrative and Criminal Complaints filed to those responsible. A wake up call to the SEC if we want to be globally competitive. We ought to purge the ranks of the Philippine Capital Markets.

For it is only through constant vigilance that we can make our Capital Market worthy of investing.

I find it odd that there was no write up with regards to the conservatorship and corporate rehabilitation of Prudential Life.

Being a licensed Insurance agent, I know that this is a sign of horrible things to come. Conservatorship is short for a mismanaged portfolio.

Who are the portfolio managers?

Let's wait and find out.