LEADING pre-need firm PhilPlans First Inc. has acquired P2.2 billion worth of memorial lots at The Heritage Park in Taguig City as part of its bid to dominate the life plan industry.
PhilPlans, an affiliate of the STI Group, said it had acquired more than 10,000 lots at the memorial park from the following companies: Philippine National Bank, Prestige Equities Inc., Brookfield Realty and Development Corp., Westfield Realty and Development Corp. and Yellowstone Realty Corp.
In an earlier disclosure to the Philippine Stock Exchange, PNB announced the sale of the bank’s Heritage Park inventory covered by 3,827 Heritage Park Investment Certificates (HPICs) to PhilPlans for P1 billion.
But apart from the HPICs bought from PNB, PhilPlans had acquired more of these HIPCs from other companies, bringing the worth of additional inventory to P2.2 billion.
Heritage Park, which was developed by the state-controlled Bases Conversion and Development Authority (BCDA), is a 67-hectare memorial park.
PhilPlans president and chief executive officer Annette Tirol said in a statement that this transaction was part of the company’s strategic focus on growing its footprint in the life plan industry.
In 2013, PhilPlans acquired 65 percent interest in Rosehills Memorial Management Inc. (RMMI), which owns The Chapels and Crematory at The Heritage Park and Nacional Memorial Homes in Quezon City.
RMMI is the exclusive administrator of The Heritage Park for its maintenance and operations.