Regaining public trust in the pre-need industry
More than 10 years ago, two major pre-need companies could not honor their tuition-related commitments to educational plan holders, thus triggering a crisis in the entire industry. Remember the cases involving College Assurance Plan and Pacific Plans?
But what a difference a decade makes. Former Insurance Commissioner Emmanuel F. Dooc said the life plan sector continues to be robust and has greatly contributed to the consistent growth of the pre-need industry.
Mr. Dooc was recently appointed Social Security System ( SSS) President and CEO by President Rodrigo
R. Duterte. Before his transfer from the Insurance Commission to the SSS, he delivered a speech declaring “I have no doubt that the Filipinos’ trust in pre- need has already been regained.”
As of Sept. 29 this year, some 17 companies have been issued certificates of authority to sell pre- need plans. Mr. Dooc said that throughout his term, the first to be issued with the license to sell every single year has always been St. Peter Life Plan, Inc.
With an almost 95% share of the memorial plan business in the Philippines, St. Peter Life Plan has been the undisputed industry leader for many years now, according to Mr. Dooc. It started operations in 1970 under the helm of its founder, Francisco M. Bautista.
A decade later, Mr. Bautista turned over the company’s leadership in 1980 to his daughter, Florita Bautista-Vitangcol. In turn, Ms. Vi tang col led the firm for almost 25 years before becoming the Chair Emeritus in 2004 and passing the torch to her eldest son, York Vitangcol.
Mr. Vitangcol recently moved up to the CEO position for the entire St. Peter Group of Companies while his wife, Mildred Vitangcol, took over as President of St. Peter Life Plan. The family’s third generation is now running the show at the country’s number one pre-need company – an industry ranking that St. Peter has maintained since 2007.
In her speech last month at the national convention of St. Peterians, as the company’s stakeholders are called, Ms. Vitangcol cited the firm’s contributions to the growth of the preneed industry. In 2015, St. Peter Life Plan ranked 177th among the Top 1000 Corporations of the Philippines based on figures from the Securities and Exchange Commission.
The company’s stability is shown through its total investment of P30.2 billion in trust funds; P27 billion in total pre- need reserves; and P1.36 billion in paid- up capitalization, the highest in the pre- need industry.
Four years from now, St. Peter Group of Companies will be celebrating its 50th anniversary. Having been instrumental in the pre-need industry’s resurgence, the St. Peterians are expected to stay on top come 2020 and beyond.