Himlayang Pilipino Plans under liquidation  

MANILA, Philippines — Pre-need firm Himlayang Pilipino Plans Inc. (HPPI) has been placed under liquidation by the government.

In its latest notice, the Insurance Commission said it had placed HPPI under liquidation effective last July.

This means that the IC is terminating Himlayang Pilipino’s insurance business by canceling all of its insurance policies and by not issuing any new or renewal policies.

The IC had placed HPPI under conservatorship in January last year due to its inability to pay off its debts.

According to the IC, claimants who have not yet filed their claims or have not been included in the master list must file their claims not later than six months or until March 13, 2024.

Claims filed after that shall be barred from normal servicing and liquidation proceedings, and would instead be deferred to the company for reconsideration in its dissolution and winding up proceedings.

IC reminded all claimants to file their claims on time.

Incorporated in 1978, HPPI pioneered the concept of the fixed-value life plans that provide a specific amount to the plan holders’ beneficiaries to cover memorial service expenses.

In the 1990s, HPPI launched the fixed-value assured college education plan in response to the priority concern of parents for the education of their children.

HPPI also entered into the pension plan business in the 2000s.

HPPI is affiliated with Himlayang Pilipino Inc., which  introduced a unique memorial park concept in the country.The once five-hectare park has now grown to over 37 hectares.

Eight of the 11 officers of HPPI also hold positions in Himlayang Pilipino Inc.

During the first quarter, the pre-need industry saw its net income slightly decline to P1.12 billion even amid an increase in the number of life plans sold.

In aggregate, the industry sold 255,667 pre-need plans, 53 percent better than the 169,450 sold in the first quarter of 2022.

The bulk of this at 99 percent were life plans, which also registered a 53 percent growth in the number of plans sold.