BPI thrift unit eyes 5-10% car loan revenue growth
Credit to Author: TYRONE JASPER C. PIAD| Date: Thu, 28 Mar 2019 16:23:54 +0000
BPI Family Savings Bank aims to increase revenues from car loans by 5 to 10 percent this year, taking advantage of the upbeat outlook for the automobile industry.
At the launch of the 15th Manila International Auto Show (MIAS) in Taguig City on Thursday, BPI Family Retail Loans head Dennis Fronda expressed hope that the Bank of the Philippine Islands subsidiary would “mirror” the growth projected for the industry this year.
Car sales are expected to rise by 10 percent as the country’s economic outlook brightens, after seeing sales plunge by 16 percent last year because of tax increases and higher-than-expected inflation.
BPI Family Bank also anticipates “strong demand for auto loans, as more Filipinos now have more disposable income,” Fronda said.
The thrift lender, he added, registered “flat growth” in revenues from auto loans after the implementation of Republic Act 10963 or the Tax Reform for Acceleration and Inclusion (Train) Act in the beginning of 2018.
The first package of the government’s Comprehensive Tax Reform Program, Train raised excise taxes on certain products, including automobiles, in exchange for lower personal income taxes.
For the ninth straight year, BPI Family Savings is the bank partner of MIAS, to be held at the World Trade Center Manila in Pasay City from April 4 to 7.
BPI Family Savings Bank President Ginbee Go said the auto show would help “owning a car much more affordable” for Filipinos.
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