East West Banking Corporation (EastWest) continues to make headway in its auto loans business as it registered a phenomenal year-on-year growth of 67% in 2016. A robust partnership with auto dealers as well as the continued growth of the automotive industry contributed to the strong performance of the business.
Data from the Chamber of Automotive Manufacturers of the Philippines Inc. and the Truck Manufacturers Association shows that 2016 was another banner year. Vehicle sales rose 25% to 359,572 units last year on the back of rising middle class income, improving local economy, and the sustained low financing packages available. For the passenger car segment, sales jumped 14% with 133,188 units sold.
"In the coming years, we see the auto industry's continued growth. Many people dream of owning a vehicle because of the convenience it brings," said EastWest EVP & Head of Consumer Lending Cluster Jacqueline S. Fernandez.
Under the government's automotive program, the auto industry is looking at surpassing the 500,000 units sales by 2018. The potential for growth remains high as nearly half of Filipino households do not yet own vehicles.
"We are here to help our customers realize their dreams. That's why we've made our consumer loans affordable, with low interest rates and flexible payment terms, and the application process fast and easy," added Fernandez.
Earlier this year, the Bank signed up popular actor and triathlete Matteo Guidicelli to be the face of its Auto and Personal Loans businesses. The young celebrity embodies the hardworking and driven individuals that EastWest supports.