Bank exec: Easy car ownership promotes financial inclusion

BPI Family Savings Bank (BFSB), the country’s largest savings and thrift bank, called on car dealers for stronger and more harmonious relations with banks to help more Filipinos realize their dream of owning a car. 

“Let us work together, in the interest of our customers and our respective businesses, to make owning a car easier in these challenging times,” said BFSB retail loans head Dennis Fronda during the general assembly of the Philippine Automotive Association (PAA). 

Fronda emphasized that enabling Filipinos to have the car of their dreams helps promote greater financial inclusion in the country. “It is part of how we make lives better for our countrymen, for a better Philippines. If owning a car will make Filipinos’ lives easier, then we will be there.”

To make this happen, Fronda said that dealers, together with banks, should develop more promos and incentives that will make car ownership easier for the right customers. “We need to do this together while maintaining our businesses’ profitability.”

On the other hand, he also emphasized the need for dealers and banks to work closely on managing the risks of granting auto loans to customers. Fronda said that dealers are in an ideal position to choose who are the right customers to sell their cars to. “Let us work together so that we can help you move your inventory into the hands of deserving customers through our financing programs.”

Meanwhile, for BFSB’s part, Fronda talked about the bank’s “pioneering initiative” to make owning a car easier by allowing clients to apply for an auto loan online. “We are proud to be part of BPI, which is making a bold step in this digitalization journey. So expect more innovations and bold new ideas from BPI Family Savings Bank.”

An organization of dealerships in the country, PAA invited representatives from various local banks to its general assembly to discuss how banks and car dealers can improve their relationship and processes to make auto loans processing faster. 

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