PhilPlans aims high this year

MANILA, Philippines - PhilPlans recently posted a P1.6 billion (unaudited) consolidated net income for 2011, up 58 percent from its 2010 income of P1.01 billion (audited). This has been partly fuelled by the growth in new business premiums amounting to P297.8 million, 57 percent more than the previous year’s P190 million.  

Total premiums collected have reached more than P1.3 billion for 2011. Consequently, the number of new plans sold in 2011 increased by 33 percent. The pre-need giant currently has more than 300,000 planholders under its wings.

The 2010 audited figures showed that PhilPlans’ trust fund officially stands at P35.7 billion while its legal reserve liabilities amounts to P27.8 billion only, thereby posting an excess amounting to P7.9 billion. 

The company’s P700 million paid-up capitalization is seven times the regulatory requirement of P100 million.

In 2011, PhilPlans has dutifully released over P2.3 billion in plan benefits to more than 48,000 planholders. Of this amount, P1.4 billion was paid out for pension benefits, P878 million for education benefits, and P17 million for memorial benefits.

With a current network of 3,800 active sales associates in over 52 branches all over the country, PhilPlans is now embarking on activities to increase its manpower with the hiring of 30 new regional sales managers and the opening of more offices within the first quarter of 2012.

New developments

This father and daughter tandem was more than happy to receive their PhilPlans education plan’s maturity benefits check.

Being one of the few pre-need companies to offer all three product lines – pension, education, and memorial –PhilPlans introduced innovative products to cater to the changing needs of the Filipino families. The company launched its newest pension plan line up last January 2011. The Ingat-Yaman series, NovPlan 20, and Mega Plan 30 offer retirement plans for every income class.

In August 2011, PhilPlans released its new generation of memorial plans: Panatag, Payapa, and Pamana. The three memorial products are PhilPlans’ answer to the desire of every Filipino for a decent memorial service package. The latest innovation is introduced through the Pamana life plan which offers a fully paid memorial plan for the chosen beneficiary of the planholder making the plan sort of a “perpetual plan” for the family. To complete its product portfolio innovation, PhilPlans launched the Summa and Magna education plans. These education plans are intended to provide affordable means of securing the college education of Filipino children together with other financial packages and insurance coverages, not only for the planholder but also for the child.

All PhilPlans’ pre-need plans are conceptualized to cater to the needs of every individual and family. These products offer practical ways to prepare for every eventuality the families may experience. They are also carefully designed to provide satisfactory return on investments. Importantly, all PhilPlans products have passed the Insurance Commission’s stringent approval process.

PhilPlans has been enjoying market leadership in the pre-need industry for the past 23 years. It enjoys the support of its sister companies, which include STI, PhilCare, and iAcademy under the Tanco Group of Companies. It has also started establishing a strategic relationship with the Philippine Women’s University, now one of its new affiliates.

Driving for excellence

To continue the momentum in 2012, PhilPlans recently declared its rallying call for the year, “Driving for Excellence.” PhilPlans first vice-president and head of sales and marketing, Crescencio Bendijo, shares that the campaign will create a culture of excellence within the organization. “Ultimately, we want the people to equate PhilPlans with excellent pre-need plans and excellent customer service,” Bendijo added.

Revving up its marketing campaigns for 2012, Bendijo announced major sales events, including its annual National Awards Convention slated to be held in Cebu, and its international travel incentive program, The Globetrotters, which will bring the winners to visit seven European countries for eight days. PhilPlans is also aggressively working on expanding its operations with more branches and a recruitment target of 10,000 sales associates by the end of 2012.