Representatives from the two groups, who recently signed a memorandum of understanding, are already working together on a number of specific product initiatives that will be announced later this year.
Jose Cuisia, Philamlife president and chief executive officer, pointed out that the partnership was the first in the long history of the Philam group.
"In an era of globalization and interdependence, alliances like this are increasingly important and meaningful. We look forward to a lasting and mutually beneficial relationship with the PLDT group," he said.
Under the arrangement, the PLDT group will help market and sell Philam products and services such as life insurance, non-life insurance, healthcare, pre-need and financial services including mutual fund management, banking and credit cards, real estate and property management.
On the other hand, Philam will also promote the various communications businesses of PLDT. No specific project was given.
PLDT is the leading supplier of domestic and international telecommunications services in the Philippines. It is actively pursuing a convergence strategy and has three principal business groups – fixed line, wireless and e-commerce.
The PLDT group is composed of PLDT, Smart Communications Inc., Pilipino Telephone Corp. (Piltel), ePLDT, Home Cable, Infocom Technologies, Mabuhay Satellite Corp. and AceS Philippines.
Companies under Philam include the Philippine American Life and General Insurance Co., Philam Properties, Inc., Philam Asset Management, Inc., Philam Savings Bank, AIG Credit Card, Philam Insurance, PhilamCare and Philam Plans, Inc. Philam Properties, Inc., Philam Asset Management, Inc., Philam Savings Bank, AIG Credit Card, Philam Insurance, PhilamCare and Philam Plans, Inc.
The Philam group is wholly owned by the American International Group (AIG), the leading international insurance organization based in the United States rated AAA by both Moody’s and Standard & Poor’s.