Orix Metro president and chief executive Eduardo Alvarez said that through an aggressive marketing campaign, they hope to double their resources to P3 billion from P1.5 billion as of fiscal year ending September 2000.
Alvarez made the projection amidst the rising interest rates that greatly affect the financing industry. "We believe this (high interest rate regime) will be short-term," he said.
He said amidst the volatile foreign exchange rate, they have to continue with their lending but on a more selective basis. "We have to be choosy. We should approve loans for those who can afford," he said.
According to Alvarez, due to the current market situation, they have to review their income target for the year. "We might redo it (net earnings projection). It depends on the market," he said.
As of end-September this year, Orix made some P60 million in earnings, slightly higher than the P47 million income registered in the same period last year.
Protacio Bantayan Jr., Orix Metro chief operating officer, on the other hand, said before the merger of the Orix and Metro Leasing, they were number four in the industry in terms of resources. The leading financing firms are owned by universal banks such as Bank of the Philippine Islands, Philippine Commercial International Bank, and United Coconut Planters Bank.
Bantayan said they hope to improve their position in the industry which is still fourth largest in terms of portfolio after the merger.
"The partnership will improve our cross-selling capabilities using over 800 branches of Metrobank and its other bank subsidiaries such as Global Bank and PSBank," he said. – Donnabelle Gatdula