BPI Auto Loan releases starting to bounce back: Report

Updated May 11, 2021 | Same topic: Automotive Industry Updates

Is this a sign of the local auto industry’s recovery? 

If you can recall, we have been releasing reports of Philippine car sales numbers. In the first quarter of this year, the local automotive industry as a whole has been bogged down, and alas it is continuing to experience numerous local and international challenges. Take for example the global chip shortage, which continues to batter both the automotive and tech industry.

A picture of a car dealership

Are you one of the folks that bought a car recently via BPI's auto loans? [Photo: Ildar Garifullin on Usplash]

Despite that, the Bank of the Philippine Islands (BPI) reports that its auto and housing loan releases are starting to bounce back. In a report by Carguide.ph, BPI Core Retail Head Ginbee Go said that the bank has achieved 80 to 90 percent of its pre-COVID loan releases. This could also mean that the Philippine automotive industry is slowly getting back on its feet, despite the factors adversely affecting its performance in the past few months.    

It also might help that BPI has stayed operational throughout the course of the 2020 and 2021 series of quarantines. The same report says that the bank continued on working to provide people with a means to acquire their car of choice during the aforementioned period.    

BPI has also made adjustments to its loan schemes for further accessibility. Take for example the BPI Auto Loan Multiyear Protect, a loan bundle that serves to protect a customer by combining monthly installments with car insurance.  

A picture of the a chart comparing BPIs new loan schemes

How BPI's new loan schemes compare to the standard auto loan

There’s also the Step Up PayPlan where the loanee can adjust the amortization scheme of the loan in question. One can control how much to pay per year, and depending on how one sets it up, it might result in a lower monthly amortization for the first three years of payments for a new car. Of note, this can be also used for housing loans. 

So, are you one of those folks getting a loan from BPI for a new car? Well regardless, this is evidence that the banks are working hard too amid the current crisis we are facing.  

For more automotive industry news, car reviews, and car maintenance tips, stay posted for more here on Philkotse.com

Cesar G.B. Miguel

Cesar G.B. Miguel

Author

Cesar is a graduate of AB English with previous experience working as a freelance writer for varied internet publications in-between his former stints in the Pharmaceutical Industry, and later as a First Aid Provider and Training Staff at the Iligan City Disaster Risk Reduction and Management Office.

Since childhood, Cesar has been keenly interested in cars. He has learned the ins and outs of these marvelous vehicles and is a competent amateur mechanic who is keen on sharing his knowledge.

Cesar is perceptive of car culture in general – not only in the Philippines but in global regard, as well. His knowledge ranges from the prevalent stories and trends among car enthusiasts around the world, to closely following the latest local and international developments in the automotive industry.

View more