Filipinos are spending big on gadgets as the “Ber months” and Christmas gift-giving season drive demand for flexible payment options, according to lending app Skyro.
Gadgets, particularly smartphones, account for a substantial 70 percent to 80 percent of the total demand for Skyro’s loans, the company said.
Skyro head of product Dmitriy Vavulidi said these products are considered “essential tools for communication, work and education.”
He said that home appliances were the next most in-demand category, followed by lifestyle and personal items like fashion and beauty products.
The surge in sales highlights Filipino consumers’ growing acceptance of flexible payment options such as Buy Now Pay Later (BNPL) offers and product loans which allow them to afford purchases without a large upfront cost.
Skyro differentiates its product loans from typical BNPL schemes, saying they offer better terms, are fully regulated and help customers build a stronger financial record by reporting to credit bureaus.
“Many Filipinos have limited access to traditional credit, face fluctuating income, or prioritize family and daily expenses over lump-sum payments,” Vavulidi said.
He noted that the installment-based model aligns well with the Filipino culture because it conveniently spreads out payments for both online and in-store purchases.
The Philippines represents a major untapped consumer credit market in Southeast Asia, Skyro said.
“With over 70 percent of adults unbanked or underbanked and credit card penetration below 15 percent, there is a clear necessity for alternative financing solutions. The rise of digital wallets and e-commerce platforms has further accelerated the transition to digital credit products,” Skyro said.
Skyro said it aims to address this need, especially during the festive season.
Skyro head of marketing Iya Lelyanova said Skyro’s mission is to help Filipinos purchase products they desire, offering fast and flexible loans tailored to individual needs.
Vavulidi said the company offers a higher approval rate than traditional lenders, a nationwide presence in partner stores and simple digital onboarding.
Customers can apply for a Skyro product loan either in-store via agents or online through e-commerce partners, with applications providing an instant decision in as little as two minutes.
Since launching in August 2022, Skyro has grown quickly, accumulating more than 1,000,000 loan customers and establishing a presence in over 6,000 partner merchant stores nationwide.
