The Pru Life Insurance Corp. of the United Kingdom or Pru Life UK has opened its branch in Dumaguete City in a bid to reach more Filipinos and to make its geographic base in the Philippines grow.

The company, a local subsidiary of British financial services giant Prudential plc, opened its branch at the second floor of the Sol Y Mar building at the Rizal Boulevard in Dumaguete.

At a press conference Thursday, Pru Life UK president and chief executive officer Nishit Majmudar stressed that they are not here to grab the local market in life plans but because they believe that there is a lot of potential in a growing city like Dumaguete.

"Our track record speaks for ourselves and we respect other companies, but one of our strengths is in distribution, and we have more experience in the business,” he said.

Pru Life UK senior vice president and finance officer Antonio de Rosas, meanwhile, explained that their mission is to convert bank deposits into better investments through life protection and life insurance policies, among other services.

He noted that in the Philippines, some P3.5-trillion in deposits are sitting in the banks, while there is also a huge chunk of money in Dumaguete banks.

The officials are optimistic that Pru Life UK will be able to establish its footprint in Dumaguete with the opening of the new branch.

It announced its expansion in the Visayas region through the opening of the Dumaguete branch, the company also marked its entry in the city with an economic briefing that featured top Filipino economist, Dr. Emilio Antonio Jr., the president and chairman of the board of the Center for Research and Communication Foundation.*JG

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