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Saturday, July 13, 2024

Home Credit secures another P7-billion credit facility from BPI

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Home Credit Philippines (HCPH) increased its exposure to the consumer finance market by topping off its loan facility agreement with Bank of the Philippine Islands (BPI) by another P7 billion.

“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,” said HCPH director and treasurer Zdenek Jankovsky.

The new agreement places BPI as the company’s biggest creditor with a total of P13.5 billion combined credit line facilities. 

The lending firm noted the increasing demand for loans particularly for product acquisition either for homes, personal use or gadget purchases.

The recent tranche is HCPH’s third loan credit facility from BPI following a P1-billion facility in December 2022, P4 billion in August 2023 and an additional P1.5 billion in November 2023 from Robinsons Bank Corp., following its recent merger with BPI.

“This local loan credit facility will enable us to better serve our 10-million strong customer base, allowing us to expand access to credit opportunities for more Filipinos,” Jankovsky said. 

BPI president and chief executive TG Limcaoco said BPI is committed to accelerating effort 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 and at the same time, 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,” he said.

Home Credit is the largest consumer finance company in the Philippines. As of end-2023, it served 10.4 million customers all over the country through a selection of affordable and accessible financing products.

Home Credit Philippines was issued a double-A Issuer Credit Rating with stable outlook by Philippine Rating Services Corp.

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