HC Consumer Finance Philippines Inc. (Home Credit) on Wednesday said Citi Philippines, the largest foreign bank in the country in terms of asset base, has increased its credit facility to the consumer financing firm to P820 million from the P420 million approved and drawn last May.
“This upsizing of the social finance facility by Citi underlines how Home Credit Philippines has lived up to its mission to deliver trusted financial services for Filipinos,” Home Credit Director and Treasurer Zdenek Jankovsky said during a news briefing. “We continue to innovate our products, processes and services to push for 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 micro, small and medium enterprise financing.
“Citi has long been committed to accelerating financial inclusion in the Philippines, from our support of microentrepreneurs and now through this social finance facility which aims to make much needed financial services more accessible to Filipinos, specifically women, through the use of mobile devices. We are confident that the expansion of this program will further enable progress for those who need it the most,” Aftab Ahmed, Citibank NA Philippines branch’s CEO, said.
HOME Credit Philippines CEO David Minol said during the briefing the firm “remains committed to provide credit access to all Filipinos through our consumer finance services and solutions.”
“We are their ally and we will continue to come up with ways to serve them through responsible lending as they build their home, lives and dreams.”
Home Credit executives said that as of end July, it has already served 8.7 million customers all over the country through a selection of financing products.
They added that from April to July of this year, Home Credit has already provided consumer financing of over P5 billion to almost half a million Filipinos to support their mobile device purchases, half of which were female customers.
The social finance facility is expected to promote greater financial inclusion for Filipinos in support of the mobile segment and is expected to not just increase connectivity but to also improve lives by enabling greater access to essential services like online banking, financial literacy, online education and entrepreneurial activities.
Among Home Credit’s key thrusts for this year includes broadening access to responsible finance, championing financial literacy and empowerment and promoting innovation and digital inclusion.