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Friday, May 7, 2021

BPI Reports Auto Loan Releases Back to 90 Percent of Pre-COVID Levels


The Bank of the Philippine Islands (BPI) is reporting a marked improvement in its auto and housing loan portfolios, an indication that, according to them, shows the strengthening capacity of Filipino families to own their dream cars and homes.

BPI Core Retail Head Ginbee Go says that as of February 2021, BPI has achieved 80 to 90 percent of its pre-COVID loan releases.

“The pandemic has reinforced further our mission to give hope and light so we can keep dreaming and believing that there is a bright future. This is why BPI never stopped operations, never failed to release loan proceeds and commissions, never closed its doors to clients encountering financial difficulties,” said Ms. Go.

BPI attributes their resiliency through its innovative loan products such as the Step Up Payplan. This is the only loan solution that provided for lower monthly amortization in the first four years allowing borrowers time to make financial adjustments. According to their computations, the first-year amortization is up to 10 percent lower compared to other auto loan products.

More recently, they have introduced the BPI Auto Loan Multiyear Protect, a pioneering product that gives auto loan clients an insurance policy on their vehicle covering the entire life of the loan. This loan solution combines monthly installments for insurance with the loan amortization payments in a more affordable and convenient package.

“Through the years, our partners and the Filipino people have shared and supported BPI’s mission of ‘enabling Filipino families to progress in life and believe in their ability to achieve their dreams, sooner rather than later, today rather than tomorrow, in the here-and-now rather than the far future’ regardless of the pandemic,” Ms. Go said. “BPI continues to invest in the Filipino people by helping them realize their dreams.”

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