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By Likha C. Cuevas-Miel Reporter
PRENEED plans sold in June grew
slightly year on year as sales of life products picked up.
Data from the Securities and
Exchange Commission showed that preneed sales across all products
for the month inched up by 0.23 percent to 18,201 from last year.
This translates to P1.736 billion in sales, a 5.65-percent
contraction from last year.
Life plans, however, grew by
33.55 percent to 8,650 while pension plans and education policies
dipped by 20 percent and 13.11 percent, respectively.
Industry sales also dropped by
32.49 percent from last May with pension products suffering the
biggest decline at 58.54 percent.
In peso terms, life products
enjoyed the biggest rise year on year at 49.92 percent to P327.9
million, followed by education plans, which rose 5.19 percent to
P370.9 million.
Pension plans, however, suffered
from a contraction of 18.24 percent to P1.037 billion over the same
period.
Life plans contributed the most
at 47.52 percent of total sales followed by pension plans at 38.21
percent and education policies at 14.27 percent.
Initial collections across all
products went down by 36 percent to P169.9 million compared with the
previous year with pension plans declining by 46.25 percent to
P115.19 million.
This was followed by education
products, which dropped 17.86 percent to P29.75 million. Life plan
collections in contrast jumped by 65.79 percent to P25 million.
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