BPI Family projects over 12% loan growth

Manila, Philippines - BPI Family Savings Bank said it remains optimistic it could surpass its 12 percent growth target for housing and car loans this year, the bank’s top official said.

Jose Teodoro Limcaoco, BPI Family president and chief executive officer, said in an interview on the sidelines of the Money Summit and Wealth Expo that the bank’s housing loan portfolio has grown more than 15 percent as of end-June.

“We will need to see what will happen in the remaining months of the year,” he said.

“Mortgage business is very strong. As of June, we already reached more than 15 percent growth which is driven mostly by strong demand brought about by attractive interest rate and flexible loan terms,” he said.

He said in terms of auto loans, they expect a double-digit growth in the first six months which is also expected to exceed its growth target of 12 percent for the year.

According to the bank official, they are optimistic on the continuing growth in the mortgage and auto loan businesses due to the country’s improving economy.

“The Philippines is becoming the darling of the world. People are very optimistic about the growth prospects of the country. Everything becomes positive. Local investors are confident. We are not even affected by the European and US economic crises,” he pointed out.

To further strengthen its portfolio, Limcaoco said the bank is participating in various programs such as the ongoing Money Summit which is line with BPI’s financial wellness advocacy.

Started in 2010, the Money Summit and Wealth Expo has attracted over a thousand investors, traders and entrepreneurs from across the Philippines.

The event is the only conference and expo in the Philippines on investing and trading, dedicated to educating and empowering self-directed individual investors through access to investment experts and a market showcase of financial instruments and real estate projects.

For its part, BPI, over the years, continues to lead financial literacy activities for its customers and the public at large - from free financial wellness seminars in its branches and in the offices of its corporate clients, for its employees, from financial empowerment events for investors to caravans for overseas Filipino workers.