Veterans Bank expands consumer loan products

CEBU, Philippines —  The Philippine Veterans Bank (PVB) is expanding its consumer loan products, specifically housing loans to reach out to members of cooperatives around the country.

The bank’s president and chief operating officer Renato A. Claraval announced that PVB is now working closely with cooperatives around the Philippines to offer wholesale housing loans to be made available to their members.

Aside from reaching out to the cooperative members to avail of housing loans with PVB, the world war 2 veterans-owned bank is also repacking its existing housing loan product called “Home Loan, Free Loan,” particularly targeting the big millennial market.

Its “Home Loan, Free Loan” package for instance, is one of the unique housing loan offers in the banking channel, as it guarantees to give back the entire loan amount after the house is fully-paid for in 25 years.

Claraval said the bank is capitalizing the high disposable income of working millennials, who are largely spending their money on travels.

In the next couple of months, the bank will launch its re-packaged “Home Loan, Free Loan” product to see to it that the product will gain interest from the younger bunch.

With total loan portfolio of P22 billion, the bank is poised to expand its credit coverage to both government and private sector clients.

As one of the government depository banks, PVB continues to provide loan assistance to LGUs projects around the country, and MSMEs (micro-small and medium entrepreneurs).

It is also looking at extending its pension loan facility. In fact, this particular segment is one of the bank’s growth drivers.

From P3 billion pension loan portfolio, De Ocampo said the bank targets to reach P100 billion mark in five years.

PVB is more identified in its strength in corporate banking, with strong hold in the AFP (Armed Forces of the Philippines) clientele, and local government units. Today, the bank is extending its arms to cover the wide retail banking market, with extra effort in capturing the young breed of consumers.