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| Hone Credit Philippines management team (Image Source: Dot Daily Dose/Home Credit Philippines) |
With a track record of serving over 10 million customers and disbursing Php320B worth of loans since its establishment in 2013, Home Credit Philippines (HCPH) ushers in a new decade with more innovative financial solutions and credit opportunities for Filipinos to empower them to live more rewarding lives. As the leading consumer finance company in the Philippines marked by its 23 million and counting loan transactions, HCPH has and continues to meet and cater to the evolving needs of the Filipinos through diverse credit products and value-added services that offer financial solutions to a variety of demands: product installments, cash loan, credit card, and insurance solutions.
“At the heart of Home Credit lies the mission of financially empowering Filipinos in every aspect and stage of their lives. Our innovative efforts to broaden our products and services over the years have helped us ensure that our customers have convenient access to credit when they need it most. Our milestones, more than anything, reflect our customers’ trust in us. We express gratitude to all our customers who have placed their trust in us over the years. This support fuels our determination to continue expanding our business and leading the consumer finance market in the country,” said HCPH Chief Executive Officer David Minol. HCPH serves a wide range of Filipinos with 78% percent of its sales coming from customers residing outside the National Capital Region (NCR). Recognizing the diversity within its customer base, Home Credit has developed offers tailored to resonate with various segments, aiming to empower their lives. In a recent HCPH-hosted press event, Chief Marketing Officer Sheila Paul mentioned that to provide financial and credit opportunities to Filipinos during peak shopping seasons, HCPH banners three year-round major campaigns where customers can purchase their products with great deals including 0% interest installment rates: Summer Campaign, Back-to-School Campaign and Holiday Campaign. “We create campaigns with our diverse customer base in mind. Our initiatives to make financial solutions more accessible through our campaigns enable them to live the life they desire. We are grateful that our efforts are well-received by our customers, and we consider their recognition of our campaigns as a testament to our commitment to providing only the best initiatives that can truly benefit Filipinos,” Paul added.
Strong funding for responsible lending
The company’s acquisition by Thailand’s fifth biggest bank, Krungsri (Bank of Ayudhya PCL), and the largest bank group in Japan, Mitsubishi UFJ Financial Group (MUFG), helps strengthen Home Credit drive to empower more Filipinos. These partnerships allow the company to access vast financial resources dedicated to promoting responsible lending in the country and leverage the expertise of its new shareholders to further enable its growth. Apart from Krungsri and MUFG, HCPH is also a trusted partner of a vast banking community that includes reputable local and international banks. Recently, HCPH signed its biggest creditor, Bank of the Philippine Islands (BPI), with a total of Php13.5B in total combined credit line facilities. These funding lines or credit facilities with some of the biggest local and global financial institutions are poised to expand funding for Home Credit’s range of solutions and services. “Home Credit’s vast banking community signifies our strong performance and stability in the country as a leading consumer finance company. These partnerships give us more space to further expand credit opportunities and support financial inclusion. As we welcome a new decade of serving the Filipinos, we will continuously expand our availability and financial solutions so that our customers can get the things they need to uplift themselves and their families," said Minol.
Trusted partner for lifestyle products
Over the years, the increasing trust of Filipinos also meant an increase in demand to finance more and more commodities and high-ticket items for its customers. What was initially just four commodities — smartphones, televisions and computers and laptops — grew and diversified to more than 80 types of commodities now, the widest selection for any consumer finance company in the country. Some additional commodities include tablets, e-bikes, motorcycle necessities, musical instruments, furniture, farming equipment and medical needs, among others. This growth in the types of commodities financed over the years were driven by strong partnerships with the most trusted brands and retail stores in the country, some of which were present as collaborators during the press event to celebrate HCPH’s milestones and welcome its new decade including Abenson, Acer, Cellboy, Digimap, Imperial Appliance Plaza, Octagon, Power Mac Center, Samsung, and Silicon Valley.
Top-selling commodities over the years
In the past years, the commodity with the most units sold by HCPH is mobile phones with over 12 million units sold. In 2023 alone, the company facilitated installment financing of 12.5 million units of mobile phones worth Php30B with iPhone being the top brand sold accounting for Php6B worth in overall sales. Apart from mobile phones, HCPH has also financed three other top commodities over the years: television sets with 1.2 million units sold, computers and laptops with 900,000 units sold, and aircons with 500,000 units sold. These remarkable numbers are driven by the company’s 0% interest deals across its product range. For instance, Home Credit’s introduction of its Summer Campaign’s 0% interest promo on cooling appliances and other home essentials helped Filipinos survive the unforgiving heat through the 1,000+ per day air-conditioners that the company has sold since the middle of March.
New way for Filipinos to shop
Filipino customers’ shopping behavior have dramatically changed over the years with online shopping becoming a preferred way to get information and buy products. According to a study conducted by Agile Data Solutions Inc., Filipinos’ consumer behavior prefers in-store shopping over online one, with 77 percent of Filipinos still prefer in-store shopping for unknown products. The recent pandemic, however, has also opened them to the world of online shopping deals where customers utilize online shopping platforms to do price research and get deals and do physical shopping for sensory appeal and visceral experience. As Filipinos increasingly adopt the digital lifestyle, Home Credit also underwent a digital transformation journey to enhance its customer service and provide easy access to its products, deals, and locations of partners shops via mobile phones. HCPH introduced Shoppingmall.ph, an online platform where customers can discover over 50,000 deals and select them from over 500 merchants in three easy steps. Shoppingmall.ph gives customers the opportunity to look for the commodity they need, search for the best deals, and choose their preferred store from HCPH’s more than 50,000 partners shops nationwide.
As Home Credit enters a new decade, the company remains committed to its mission of empowering more Filipinos through more financial solutions, more store locations, more innovative technologies and more customer-centric services. It will continue to make credit opportunities more accessible and remain as every Filipino’s financial ally #ParaSaLife.
