Bank of the Philippine Islands, the third-largest lender in terms of assets, expects the automotive industry to recover this year after a 40-percent contraction in sales last year because of the adverse effect of the COVID-19 pandemic.
BPI Retail Loans Group head Dennis Fronda said in an online event Friday that better consumer confidence would help the industry bounce back strongly from the slump in 2020.
As an initiative to spur consumer confidence, BPI launched a pioneering product that gives auto loan clients an insurance policy on their vehicle covering the entire life of the loan.
Fronda called this “BPI Auto Loan Multiyear Protect,” that combines monthly installments for insurance with the loan amortization payments in a more affordable and convenient package.
“The Multiyear Protect prioritizes our customers’ convenience and peace of mind because it was designed to eliminate the financial worries and administrative hassles a typical car loan client experiences today,” Fronda said.