Philam Plans emerges as top pre-need firm

Philam Plans Inc. (PPI) emerged as the number one pre-need company with sales of P8.1 billion last year, accounting for 21.55 percent of the entire industry.

Despite the industry’s negative sales performance, PPI posted a 29-percent growth in gross collections from P2.74 billion to P3.54 billion, affirming its position as one of the most financially sound pre-need companies in the industry today.

PPI continued to dominate pension plan sales with P5.5 billion, cornering 24.72 percent of the market while its performance in the education plan category catapulted its industry ranking from No. 4 in the previous year to No. 2, with a market share of 17.89 percent. Its life plan sales ranked PPI as third best performer with 10.88 percent of the market.

As of end-December 2002, the company’s trust fund amounted to P6.37 billion, 44 percent up from the previous level.

Aside from being one of the first to comply with the Securities and Exchange Commission’s minimum paid-up capital of P100 million, PPI has long made its trust fund adequate for the contracted benefits of its planholders. It also practices utmost care and financial prudence in its investment practices, steering clear from risky ventures that could compromise planholders’ funds.

Complementing its sales performance are the company’s efforts towards customer service excellence. PPI launched a call center to provide planholders access to information as well as better servicing on their plans. By dialing 528-5200, a planholder can log queries through the call center representatives from Monday to Saturday.

"We appreciate most the trust and confidence given by the public to Philam Plans, and because of this we are even more committed to preserve our company’s excellent reputation for reliability and financial strength," PPI president and chief executive officer Jesus G. Hofilena said.

The company’s financial stability is backed by its affiliation with the country’s leading life insurance company, the Philippine American Life and General Insurance Co., a member of the American International Group (AIG), the most admired financial services company in the USA. – Zinnia dela Peña