THE Bank of the Philippine Islands (BPI) Family Savings Bank—the thrift-banking arm of BPI—is looking to book a double-digit growth in its loan portfolio this year, owing largely to their optimistic view on the local economy.
At the sidelines of the BPI Family Housing Loan Launch, BPI Family President Maria Cristina Go said they are looking to grow their loan portfolio by 10 percent to 15 percent this year from the flat growth they experienced the previous year.
“The challenge in the past had been the volatility, the unexpected rise in interest rates, so we did not really see a contraction [this year] particularly in housing loans. We have seen much higher interest rates in the past,” Go told reporters.
About 55 percent of the thrift bank’s loan portfolio is comprised of housing loans.
On Tuesday, the bank launched its first-of-its-kind home loan product, which offers a rebate for every million of housing loan availed of by the financial consumer.
“We continue to see strong demand for housing loans as more people have more disposale income. Aligned with BPI group’s push for financial inclusion, we believe that every Filipino family deserves a chance to acquire their dream home,” Go said.
Through BPI Family’s new product, the Family Housing Loan Promo, a client who avails himself or herself of a housing loan earns P10,000 for every P1 million housing loan they avail. The minimum loan accepted is P1 million.
Go said the loan promo hopes to address the need of many Filipinos for housing and savings—which contribute to overall financial health.
Availing clients may choose to redeem the rebate via the Maxi Saver account —with higher yielding interest, or the Pamana Savings account bundled with insurance coverage. The rebate will be made available after two months of amortization payments. BPI’s newest promo will be available until end-May this year.
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