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April 12, 2024

BPI extends P7-billion credit facility to Home Credit

Bank of the Philippine Islands (BPI) extended a P7-billion credit facility to Home Credit Philippines (HCPH), a consumer finance company.

“This additional loan credit facility to Home Credit, extended by 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 Zdenek Jankovsky, director, and treasurer of HCPH.

This recent tranche marks 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., which was later absorbed by 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.

Jose Teodoro Limcaoco, president and CEO of BPI, emphasized BPI’s commitment to accelerating 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 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 the end of 2023, it served 10.4 million customers nationwide through a selection of affordable and accessible financing products.