Home Credit secures additional P7-B BPI loan facility
‘This local loan credit facility will enable us to serve our 10-million strong customer base better, allowing us to expand access to credit opportunities for more Filipinos.’
The country’s largest consumer finance company, Home Credit Philippines, has secured a loan facility from Ayala-led bank Bank of the Philippine Islands, amounting to P7 billion, making the latter Home Credit’s biggest creditor with a total of P13.5 billion combined credit line facilities.
This is the third loan credit facility extended by BPI to HCPH, following a P1 billion facility released in December 2022, P4 billion in August 2023, and an additional P1.5 billion in November 2023 from Robinsons Bank Corporation following the latter’s recent merger with BPI.
As the largest consumer finance company in the country with a selection of affordable and accessible financing products, Home Credit Philippines has 10.4 million customers nationwide as of the end of 2023,
Tailored solutions
“We at BPI are committed to accelerating our efforts to elevate financial inclusion in the Philippines. We are glad to support Home Credit by providing tailored solutions to enable their financial inclusion initiatives to thrive while improving the quality of life for Filipinos, enabling them to do more. This forms part of our vision to help build a better Philippines — one family, one community at a time,” said BPI president and CEO TG Limcaoco.
For his part, Zdenek Jankovsky, HCPH director and treasurer, said, “This additional loan credit facility to Home Credit, extended by no less than BPI, the first bank in the Philippines and the Southeast Asian region, is a strong testament to the strong performance and stability of Home Credit’s business in the country as a leading consumer finance company.”
Double A credit rating
Home Credit Philippines was issued a double-A Credit Rating with a stable outlook by pioneer domestic credit rating agency PhilRatings (Philippine Rating Services Corporation) in 2023 based on its overall creditworthiness and ability to meet all its financial commitments and sustain its growth in its market.
“This local loan credit facility will enable us to serve our 10-million strong customer base better, allowing us to expand access to credit opportunities for more Filipinos,” Jankovsky added.