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MANILA, Philippines–Philippine American Life and General Insurance Company (Philam Life) said it has disbursed P1.4 billion for plan holders’ tuition expenses for the first semester of the upcoming school year.
In a statement, Philam Life said it held its initial Education Payout for school year 2014-2015 in branches all over the country on May 2.
“We take pride in being able to carry out our education payout for this coming school year as scheduled, and in continuing to fulfill our promise to help parents give their children a good education,” said Philam Life president and chief executive Rex Ma. A. Mendoza.
With P1.4 billion paid out early this month, Philam Life’s total education payout since 2004 has totaled P7.5 billion, “a testament on how the company has fulfilled its promise to secure a bright future from generation-to-generation,” Mendoza said.
Philam Life has scheduled its next education payout in October.
Commission on Higher Education (CHED) data showed that during the previous school year, college tuition per unit rose by an average of P37.45 nationwide, while other university fees increased by an average of P194.60.
Amid rising school fees, Philam Life is positioning to policy holders its Bright Future Invest life insurance and savings plan, which “offers high potential returns” in order to fund college education expenses.
The plan has three available funds–fixed income, balanced and equity, under which holders could make partial withdrawals from their account when a child enters college, Philam Life explained.