Friday, August 31, 2007 SEC report puts Philam on top in sales rank
PHILAM Plans Inc., one of the country’s leading pre-need company, continues to be the most trusted in the pre-need industry, based on current standings in the Securities and Exchange Commission (SEC).
Philam Plans, which provides pension, education and life plans, is the overall leader in the entire industry for January-May 2007, with total pre-need plan (PNP) sales of over P1.65 billion and a total industry market share of 20 percent, according to the current pre-need sales figures from the SEC.
Philam Plans also led the industry in May with total PNP sales of over P555 million and a total industry market share of 33 percent.
The SEC report also showed Philam Plans hitting the top spot in the same month for both pension and education categories, with PNP sales of over P489 million and a market share of 42 percent for pension plans, while garnering PNP sales of over P53 million and a market share of 32 percent for education plans.
“We are very pleased with these results,” said Philam Plans president and chief executive officer Jack I. Howell.
“This is certainly a sign that things are looking up again for the pre-need industry and that we are on track to make 2007 another banner year for us, ensuring that Philam Plans continues the strong leadership position it has held for the past five years.”
“Our ongoing value-added innovations in new products and improved customer service will solidify this position,” he said.
In its 2006 year-end sales report, the SEC cited Philam Plans as the overall leader in the entire pre-need industry for the period of January to December 2006, with total pre-need plan sales of over P3.46 billion and an industry market share of 17.5 percent.
Philam has a paid-up capital of P700 million, seven times larger than the SEC requirement.
The SEC earlier said the company’s trust fund has “sufficient assets that can be liquefied to cover availments as they fall due.”
The company’s trust fund is P29.1 billion as of December 2006.(PR)
