Wealthbank adds housing loan to annual promos

Encouraged by the positive turnout of its first housing loan promotion held last July of this year, Gaisano-led Wealth Development Bank (WealthBank) announced to make the “Home for Less” product an annual offering for the bank.

WealthBank generated about P100 million for this particular program which was simultaneously offered by its branches in Cebu, Cagayan de Oro, and Bohol for a running time of two months.

“The response of the market to the promotion was really good. But Cebu is the biggest in terms of booking. We are planning to have this annually, most preferably during summer season, when construction is at its peak. This is one of the activities that the bank will be adding to its annual promotions like the five-year running car fair,” Quintos said.

After it established its second-hand car fair annual offering, the bank is now taking advantage of the dynamic real estate sector not only in Cebu, but in other areas in the country as well like Cagayan de Oro and Bohol via housing credit facility.

Wealthbank just celebrated its fifth anniversary on October 10 under the management of the Metro Gaisano group.

In 2001, the Bangko Sentral ng Pilipinas (BSP) and the Securities and Exchange Commission approved the acquisition of Danao City Development Bank by the Metro Gaisano group with its authorized capital increased to half billion pesos. Danao City Development Bank was established in 1966.

The Metro Gaisano group or Vicsal Development Corp. is the bank’s majority shareholder while its equity partners are the Development Bank of the Philippines and the Land Bank of the Philippines.

The “Home for Less” special housing loan offers 8.5 percent interest for a loan payment term of up to 10 years.

Quintos said Wealthbank may tap an employees’ association, like the Del Monte Employees Association in Bukidnon.

“We have a special arrangement with the organization wherein we help finance their purchase of house and lot units,” he said. — Ehda M. Dagooc