HOUSING and auto loans comprise the bulk of the loan portfolio of the Bank of the Philippine Islands (BPI), an official said.
Of the bank’s estimated P11-billion loan portfolio, housing loans account for about P4 billion while auto loans contribute almost P4 billion.
“We also have the KaNegosyo loans, wherein we offer loans for franchises of some brands like Seven Eleven. This is also one of the products that Cebuanos now apply loans for that accounts for about P3 billion of our portfolio,” said BPI Capitol branch relationship manager Maximo Rey S. Eleccion.
He said the housing and car loans are the fastest growing consumer loan products of BPI.
“I believe this is true for all banks offering these loan products here in Cebu. People now think that this is the best time to avail of loans because of the low interest rate and the general perception that the country’s economy is really growing,” he said at the sidelines of the second BPI Auto, Housing and Lifestyle Madness.
BPI offers annual interest rates of 5.5 percent for a housing loan and 3.86 percent for an auto loan.
The banks are also aggressively offering loans and making their products more accessible to the consumers.
“This is due to the high liquidity in the market,” he added. Domestic liquidity reached P7.7 trillion in July, 8.5 percent higher than that of July last year.
BPI holds a fair yearly to make their products more accessible to consumers.
“This year we have 12 car dealers, developers Amaia Land Corp. and Alveo Land Corp., Seven Eleven franchise and home appliances,” Eleccion said.
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