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August 1, 2023

Mitsubishi PH Partners With MarCoPay For Easier Auto Loan Access To Filipino Seafarers

Filipino seafarers will now have an easier, more convenient way to purchase a new Mitsubishi vehicle thanks to a partnership between the Japanese carmaker and MarCoPay, a financial platform that is part of the NYK Group.

Though this partnership, seafarers will now be able to research and even apply for a MarCoPay-affiliated loan via a special Mitsubishi Motors Philippines (MMPC) page in the MarCoPay app (Apple Store, Google Playstore). Furthermore, seafarers will be entitled to exclusive promotions and services. The app will also offer a simplified auto loan approval and process.

Established in 2019, MarCoPay is a financial platform that introduces various types of loans and insurance. It mainly targets Filipino seafarers with payroll payment in electronic currency, remittance and exchange functions, and preferential conditions.

In 2022, MarCoPay Inc. partnered with banks in the Philippines to offer MarCoPay-affiliated loans to improve the approval rate of auto loans for seafarers. MarCoPay’s affiliated loan program offers many benefits to seafarers, such as MarCoPay acting as an intermediary between seafarers and banks to negotiate for auto loan approvals and offering auto loans and auto insurance products with some of the lowest interest rates in the Philippines.

The Philippines is one of the world’s leading suppliers of seafarers with approximately 200,000 seafarers on oceangoing cargo ships being Filipino. In Japan’s merchant fleet, about 40,000, or 70 percent of all seafarers on board, are Filipino.

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