“The IC wrote a letter to BSP Governor Nestor Espenilla Jr., requesting that a fact-finding investigation be conducted on UCPB in connection with the handling of the trust fund deposits of Provident Plans,” Funa said. UCPB earlier denied being negligent in protecting the trust fund of Provident Plans which the Insurance Commission planned to put under conservatorship to protect the interest of plan holders. “At the time it was transferred to UCPB, the EIB time deposits were considered as an allowable investment under the SEC guidelines and IC regulations. “Nevertheless, we required UCPB to submit to us their reply on the allegations of Provident Plans,” Funa said. Based on the latest letter submitted by Provident Plans to Insurance Commission, Provident Plans was in the process of negotiating with new investors who would either acquire or invest in the company in addition to raising new funds as part of its capital build-up program.

Source: The Standard July 23, 2017 11:03 UTC