Wednesday, May 22, 2024

Home Credit disbursed P23.19B in loans for first half of 2022 

Consumer finance provider Home Credit Philippines (HCPH) reported its highest first half performance ever in the country, logging P23.19 billion worth of financing from roughly 1.6 million loans facilitated through its mobile-friendly platform between January and June 2022.  

Left to Right: Home Credit Philippines director and treasurer Zdenek Jankovsky, Home Credit Philippines chief executive officer David Minol, Home Credit Philippines chief marketing officer Sheila Paul
Photo shows (from left) Home Credit PH director and treasurer Zdenek Jankovsky, chief executive officer David Minol, and chief marketing officer Sheila Paul

From a broader perspective, the company has released millions of loan products amounting to P178 billion over the span of nine years for the Philippine market – covering segments in services, education, and health.  

Capitalizing on this momentum, Home Credit said it will be adding more partner brands and retailers from the sectors of healthcare, fashion, beauty, and fitness. In Metro Manila, the company is primarily linked with appliance and gadget retailers, sports equipment outlets, and department stores.  

To date, the company has presence in eight countries: India, China, Vietnam, Indonesia, Slovakia, Kazakhstan, Czech Republic, and the Philippines. Locally, Home Credit has provided credit services to over nine million Filipinos since its arrival in 2013.  

Home Credit has also been aggressive in tapping the digital economy through strengthened online presence and expanding availability of digital products. Bolstered by a 1.2 billion ESG-linked credit facility with Deutsche Bank, the company has been able to release 60% of loans via digital channels.  

“We continue to move into an omni-channel ecosystem that covers the customers’ daily needs with an expanded product range, wide merchant network, and safe and transparent transactions,” said David Minol, Home Credit Philippines chief executive officer.  

Currently, Filipino customers can select products under installment plans through Home Credit’s official mobile application and then claim these products from physical stores. David Minol told Newsbytes.PH that the company’s long-awaited delivery service that will allow customers to receive loaned products or furniture in the safety of their own homes, will go live in 2023.  

Aside from digitalization efforts and growing its local network – which is now comprised of 10,000 retail partners in the Philippines alone, Home Credit is focusing its advocacy initiatives towards the promotion of financial literacy.  

In 2021, 109 million individuals directly benefitted from Home Credit’s financial literacy initiatives. This year, the company hopes to attract more users after closing a P820 million social finance facility with foreign bank Citi that will support purchases on digital devices, and a P7 billion two-year credit facility with UnionBank for Filipinos seeking affordable loan products.  

“Sustainability and responsible business have always been integral to Home Credit’s approach. By giving everyone the opportunity to access financial services, including those underserved, we help people improve their quality of life,” said Zdenek Jankovsky, Home Credit Philippines director and treasurer.  

During the media roundtable, Home Credit also shared a few updates on its “Para sa Life” campaign, an initiative that aims to widen financial inclusion in the Philippines by highlighting how the consumer finance brand is helping Filipinos get access to credit and other financial products.  

The campaign debuted a music video in partnership with Filipino singer-songwriter Moira dela Torre, and is now running a 2-minute radio show that delivers fundamental financial literacy discussions to market vendors, farmers, fisherfolk, public transportation drivers, and security guards.   

“Through the ‘Para sa Life’ campaign, we definitely want to build a stronger relationship with our customers, to make them emotionally connected with us and show them that we can be their financial ally in many parts of their lives,” Home Credit Philippines chief marketing officer Sheila Paul explained.  

While initially focused on POS commodities like furniture and select healthcare services, Home Credit Philippines is now also offering lifestyle products like travel loans, motorcycle gear, home improvement, tuition and training fees, vehicle repair and maintenance, and even farming needs.  

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