HC Consumer Finance Philippines Inc. (Home Credit) said on Wednesday that Citi Philippines, the country’s largest foreign bank by assets, increased its credit facility to the consumer finance company to 820 million pesos per compared to the 420 million pesos approved and drawn down last May.
“This increase in the Social Finance Facility by Citi underscores how well Home Credit Philippines has fulfilled its mission to provide trusted financial services to Filipinos,” Home Credit Director and Treasurer Zdenek Jankovsky said during a briefing. “We continue to innovate our products, processes and services to drive financial inclusion in the Philippines.”
This transaction contributes to Citi’s $1 trillion commitment to sustainable finance by 2030, specifically supporting the social finance criteria of economic inclusion, which is to improve access to credit and financial services in vulnerable or underserved communities, including financing for micro, small and medium enterprises.
“Citi has a long-standing commitment to accelerating financial inclusion in the Philippines, through our support for microentrepreneurs and now through this social finance facility that aims to make much-needed financial services more accessible to Filipinos, especially women, through the use of mobile devices. We are confident that the expansion of this program will bring more progress to those who need it most,” said Aftab Ahmed, CEO of Citibank NA Philippines Branch.
HOME Credit Philippines CEO David Minol said during the briefing that the company “remains committed to providing access to credit to all Filipinos through our consumer credit services and solutions.”
“We are their ally and will continue to find ways to serve them through responsible lending as they build their homes, their lives and their dreams.”
Home Credit executives said that by the end of July it had already served 8.7 million customers nationwide through a selection of financing products.
They added that from April to July this year, Home Credit has already provided consumer finance of over 5 billion pesos to nearly half a million Filipinos to support their purchases of mobile devices, including half were clients.
The social finance mechanism is expected to promote greater financial inclusion for Filipinos in support of the mobile segment and is expected to not only increase connectivity but also improve lives by enabling greater access to essential services such as online banking. , financial literacy, online education and entrepreneurship. Activities.
Some of Home Credit’s main goals for this year include expanding access to responsible finance, promoting financial literacy and empowerment, and promoting innovation and digital inclusion.