Home Credit Philippines (HCPH), a consumer finance company, strengthened its financial position by securing an additional P7 billion loan facility with the Ayala-led Bank of the Philippine Islands (BPI), making the bank the company’s primary creditor with a combined credit line totaling P13.5 billion.
This agreement marks the third loan credit facility extended by BPI to HCPH. Previous facilities include P1 billion in December 2022, P4 billion in August 2023, and an added P1.5 billion in November 2023 from Robinsons Bank Corp., following its merger with BPI.
Home Credit has served 10.4 million customers nationwide as of end-2023, offering a range of affordable and accessible financing products.
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Credit rating
“We at BPI are committed to accelerating our efforts to elevate financial inclusion in the Philippines,” said TG Limcaoco, president and CEO, BPI. “We are glad to support Home Credit by providing tailored solutions to enable their financial inclusion initiatives to thrive and at the same time, improve the quality of life for Filipinos, enabling them to do more.”
Home Credit Philippines received a double-A Issuer Credit Rating with a stable outlook from PhilRatings in 2023, underscoring its financial strength and ability to sustain growth in the market.
“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 Zdenek Jankovsky, director and treasurer, HCPH.
In June 2023, HC Consumer Finance Philippines Inc., HCPH’s corporate entity, was acquired by Thailand’s Krungsri (Bank of Ayudhya PCL) and Japan’s MUFG (Mitsubishi UFJ Financial Group, Inc.), further enhancing its capabilities and market presence.