Total sales of pre-need companies dipped 28.35 percent in the first two months of the year due to a decrease in the number of plans sold.

Data prepared by the Securities and Exchange Commission showed that aggregate sales dropped to P2.53 billion from P3.54 billion the previous level as the number of plans sold went down by 13.93 percent.

The industry sold a total of 34,347 units compared with 39,908 a year earlier.

For February alone, sales declined by 15.94 percent to P1.43 billion from P1.7 billion while the number of plans sold decreased by 8.78 percent to 17,939 from 19,666.

Sales of educations plans showed the biggest drop of 66.8 percent to P278.31 million versus the year ago's P705.86 million. A total of 1,791 units were sold compared with 5,395 units a year earlier.

Sales of pension plans also fell 33.42 percent to P1.39 billion from P2.08 billion as the number of plans sold went down by 41.7 percent to 8,945 units.

On the other hand, sales of life plans rose 16.23 percent to P868.73 million as the number of units sold grew 23.19 percent to 23,611.

Initial collections, the first payment made by the planholder upon purchase of a plan depending on his or her mode of payment, reached P110.29 million, down by 49.94 percent from the year ago level of P220.31 million.

Pre-need plans are contracts which provide for the performance of future services or the payment of future monetary considerations at the time of actual need for which planholders pay in cash or installment at stated prices, with or without interest or insurance coverage and includes life, pension, education and interment.