Philam Plans assures planholders of stability

With the growing concern among pre-need planholders that pre-need companies might not be able to meet their obligations when they fall due, Philam Plans assures its planholders that the company remains financially strong and capable of meeting its obligations.

In 2007, the Securities and Exchange Commission (SEC) publicly stated that “Philam Plans’ Trust Fund has sufficient assets that can be liquefied to cover availments as they fall due.” Based on unaudited and interim financial statements submitted to the SEC as of Dec. 31, 2008, Philam Plans’ Trust Funds stood at P30 billion which is significantly more than the required pre-need reserves (PNR) of the SEC.

Philam Plans has over 300,000 plans in-force. The company’s pre-need liabilities are adequately covered by its trust fund investments, the majority of which are in liquid assets, such as government securities, with less than four percent in real estate and in blue-chip equities.

Philam Plans, Inc. is a leading pre-need firm offering pension, education and life plans. It is a subsidiary of The Philippine American Life and General Insurance Co., the largest and most diversified life insurance company in the Philippines.

Philam Plans has promptly paid out benefits to its planholders. Over the last four years, Philam Plans released a total of over P3.7 billion in benefits to planholders. Of this amount, over P1.3 billion was in educational benefits.

According to Philam Plans’ chairman and Philamlife president and CEO Jose L. Cuisia, Jr., “Philam Plans is financially sound, as it remains to be a stable and strongly capitalized company. Our planholders can be assured that their interests are protected with the company’s financial strength and investment expertise. We remain focused on the daily execution of our business and continue to provide our planholders with the highest levels of service, as we continue to write new business and remain committed to meeting our planholders’ needs.”