Pinoys in Spain can buy house, cars for relatives in RP

Filipino overseas workers in Spain can now buy a house and lot or even a commercial vehicle for their relatives here in the Philippines through SP Summit Trading Co. which acts as an intermediary/facilitator/guarantor for Filipinos living and working in Spain to avail themselves of a loan up to the maximum amount of five million pesetas or about P1.2 million from Spanish banks.

SP Summit Trading was initially established by a Filipino – Valeriano Perez – in 1997 as SP Sabado Trading International S.L. which main business was to sell low-cost to middle-income homes and vehicles to Spain-based Filipinos.

At that time, SP Sabado was able to avail of a credit line of only two billion pesetas or $50 million from Banco Santander.

SP Sabado was able to tap into a lucrative market, resulting in substantial growth for the company.

Because of its phenomenal growth, SP Sabado was able to attract more investors.

A former banker, Jose Rodriguez and a former travel agency director, Victor Gonzales Fraguas, decided to join forces with Perez to transform SP Sabado to SP Summit.

The creation of SP Summit allowed it to increase its credit line and attract three of Spain’s largest savings banks – Caja Madrid, Caja Espana, and La Calxa – to extend an even bigger credit line.

These banks agreed to charge a lower interest rate of around 8.5 percent from 10.5 percent that Banco Santander had been charging, resulting in a sharp rise in loan availments from six to 10 a month to six to 10 weekly.

SP Summit allows its clients to buy properties almost anywhere in the country, but is focusing primarily in Laguna and Tarlac.

It also allows Filipino clients in Spain to buy a commercial vehicle for their relatives here in the country through its affiliate, MJSS Trading.

The Filipino OFW avails and pays his loan in Spain and his relatives get the house and lot or vehicle here in the Philippines.

Because of its continued success, SP Summit has now tied up with Pinoy Care Centers for low-cost communication services.

It is also expanding its operations outside of Madrid and is opening up offices in Marbella, Barcelona and the Canary Islands in Spain.