Consumer financing firm Home Credit Philippines has, so far, served almost 9 million customers in the country and the new suite of services and partnerships are aimed at increasing the number in the coming months.
At a media briefing recently, Home Credit Philippines (HCPH) emphasized its goal of responding to the government’s call for financial inclusion through access to credit opportunities. Apart from its flagship product of consumer and home appliance financing, the company has expanded its point of sale (POS) commodities to travel, events, and medical services, among others.
“As the needs of our consumers continue to evolve, we commit to supporting them as we build a more financially resilient Philippines,” said David Minol, CEO, HCPH.
Since entering the country almost nine years ago, Home Credit has disbursed more than P178 billion worth of loans to Filipinos across segments, including the services, education, and health sectors. Now, Home Credit aims to become the one-stop ally to millions of consumers in the Philippines.
Over the past years, Home Credit has expanded its network to a robust 10,000 retail partners nationwide, has aggressively grown its online presence, and has forged partnerships with the country’s biggest brands.
Home Credit closed its very first ESG-linked credit facility with Deutsche Bank in December 2021 amounting to Ph1.2 billion. This facility provided women and first-time borrowers with expanded credit access and supported financial literacy programs in the country. It also supported the company’s digitalization efforts, which then enabled Home Credit to provide 60 percent of its loan via digital channels.
Earlier in May this year, Home Credit pioneered a P420 million social finance facility, which was recently increased to P820 million, with the country’s largest foreign bank Citi. This facility supported Home Credit’s customers in purchasing basic digital devices—half of the loan goes to women, who make up 50 percent of Home Credit’s customers.
The company closed a P7-billion two-year credit facility with multi-awarded universal bank UnionBank to provide comprehensive financial access to more Filipinos. The agreement allows Home Credit to provide more Filipinos with financial accessibility and inclusion across the brand’s intuitive and affordable loan products
“Financial inclusion has always been at the heart of how we approach business. Ensuring that we are able to provide tailor-fit solutions to our customers’ particular circumstances has been vital in our goal of bringing financial opportunities closer to more Filipinos,” said Zdenek Jankovsky, director and treasurer, HCPH.