Philam Plans tops in 2002

Philam Plans emerged as the country’s leading pre-need company based on total value of new sales for the year 2002.

The December 2002 Sales Analysis Pre-Need Industry Report prepared by Actuarial Advisers Inc. confirms that Philam Plans registered the highest volume of P8.1 billion in pre-need price (PNP) in 2002, capturing 21.55 percent of the entire market.

Since it began operations in 1989, Philam Plans has been posting strong and consistent high double-digit sales growth. In 2002, it defied even the industry’s negative sales performance by posting a positive growth of 29 percent in gross collections.

It dominated pension plan sales with P5.5 billion PNP in 2002, cornering 24.72 percent of the market.

Philam Plans’ 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 in this product category with 10.88 percent of the market.

Philam Plans’ 2002 financial performance affirmed it to be one of the most financially sound pre-need companies in the industry today. Gross collections in 2002 totaled P3.54 billion, representing a 29-percent increase over last year’s figure of P2.74 billion. Philam Plans’ trust fund has a value of P6.367 billion, 44 percent more than the previous year. On the income side, notwithstanding additional SEC mandates in 2002 for additional contributions to reserves, the company still reflected a positive bottom line of P126 million.

Philam Plans also manifested its adherence to good corporate governance by complying with all rules and regulations of the Securities and Exchange Commission.

Aside from being one of the first to comply with the reglator’s requirements on minimum paid-up capital of P100 million, it has long made it trust adequate, according to SEC standards, 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.

"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," says Philam Plans president and chief executive officer Jesus G. Hofileña.