Yuchengcos undertake bigger role in funeral business

The Yuchengco group is betting bigger on the “afterlife” services business with a deal to take 63-percent control of mortuary servicing firm La Funeraria Paz-Sucat Inc. (LFPSI).

In a disclosure to the Philippine Stock Exchange on Monday, Yuchengco-led House of Investments (HI) announced the purchase of additional shares in LFPSI. Based on its 2018 annual report, HI previously owned only 37.5 percent of LFPSI, which is located near the entrance gate of Manila Memorial Park, Sucat, Parañaque City.

The acquisition cost was less than 10 percent of HI’s equity, the disclosure said.

HI likewise holds a 25.98-percent stake in Manila Memorial Park Cemetery Inc. (MMPCI), which sells memorial lots and owns, operates, and maintains memorial parks.

The afterlife service is a business that—with a demographic certainty—never runs out of potential clients.

LFPSI provides mortuary services to the deceased and their loved ones. It is one of the biggest and most prestigious servicing mortuary south of Metro Manila. Incorporated in 2001 and inaugurated the following year, the company operates a three-story facility with 24 vigil chapels and air-conditioned family rooms.

Based on its website, the mortuary has a complete casket display room and a modern preparation room with a six-body freezer. It has a large fleet of funeral coaches.

La Funeraria Paz has been a leader in the local memorial care industry since 1900. It expanded to Sucat in 2002.

Afterlife services under LFPSI and MMPCI are among the portfolio investments of HI, along with pharmaceuticals, energy and consumer finance. HI’s four core businesses are car dealership, construction, education and property development.

HI is currently valued by the stock market at around P3.82 billion.