PCI Leasing revenues up 18%

The PCI Leasing and Finance Inc. had reported total revenues of P1.24 billion for an 18-percent increase year-on-year, while total loans and leasing portfolio levels ballooned to P9.6 billion. It is the leasing and finance subsidiary of Banco De Oro Unibank Inc. (BDO).

Acting PCI Leasing president Roberto E. Lapid attributed the strong results to intensified marketing efforts, its wide range of product offerings, and robust service capabilities — advantages that were boosted further by opportunities generated by the BDO-EPCIBank merger, which was completed in 2007.

“As we rode on these advantages, we continued to be ahead of our competitors in terms of total assets, capitalization, and profitability,” Lapid said.

PCI Leasing also continued to have the highest approved ceiling for short-term commercial papers (STCP) in the financing industry, particularly with the recent approval by the Securities and Exchange Commission to increase its STCP license to P2 billion.

Further, the Philippine Ratings Services Corp. (PhilRatings) maintained a “Best Grade” rating of PRS1 for this STCP issuance, reflecting a firm confidence in the company’s capability for timely payment of both principal and interest.

In granting the PRS1 rating, PhilRatings considered PCI Leasing’s strong liquidity position, the quality of its loan/lease portfolio, the large absolute size of its capital as well as the vigorous support provided by its parent-bank, BDO.

PCI Leasing reaffirmed its commitment to good corporate governance as well as its reinvigorated drive to offer value-added products and services.

“Now operating as a BDO subsidiary, PCI Leasing is gearing up to maintain its solid credit position, funding flexibility, and competitiveness while pursuing further expansion and maximizing shareholder returns,” the acting chief executive added.