Pre-need industry reports 12.64% sales growth in

The pre-need industry grossed more than P8.655 billion in sales from January to March this year, up 12.64 percent compared to the same period last year.

In the first three months of 2000, the industry sold 137,715 plans worth P7.562 billion. The three basic plans marketed by the industry are education, life (memorial) and pension.

Data acquired from the Securities and Exchange Commission (SEC) show that first quarter sales of erstwhile industry leader Philam Plans Inc. dropped 10.68 percent compared to the first quarter of last year.

A subsidiary of the Philippine American Life and General Insurance Co., Philam Plans sold 14,057 plans with a total value of P1.232 billion compared to 20,602 plans worth P1.364 billion in the same period last year.

In contrast, Pacific Plans Inc. sold 20,323 plans worth P1.382 billion for a growth of 36.06 percent. A member of the Yuchengco Group, Pacific Plans became the industry leader in the first quarter of 2001 with a market share of 15.97 percent compared to the 14.24 market share of Philam Plans.

The College Assurance Plans Inc. (CAP) dropped from second to third spot with sales of 26.734 plans worth P1.163 billion, down 13.44 percent from last year.

Prudentialife Plans Inc. maintained its fourth position with a market share of 9.96 percent on sales of 10,771 plans worth P862 million, down 5.92 percent from last year.

Among the worst performers was Platinum Plans Philippines Inc. which suffered a 65.67-percent drop in sales, wiping out the gains made by the company last year.

The top five pre-need companies accounted for 62.99 percent of all plans sold in the first quarter of the year worth roughly P5.4 billion.