Global consumer finance company expands in Cebu

CEBU, Philippines - A global consumer finance firm has expanded in Cebu to take advantage of the Cebuanos' buying power and its growing economic activity.

Home Credit Philippines President and CEO David Minol said in an interview yesterday that Cebu City has always been the firm's top priority for expansion since it started in the Philippines in 2013 in Manila.

The company provides customer financing for products such as gadgets, appliances and other electronics through installment plans.

Minol said they are targeting to have at least 40 partner stores of major retailers in Cebu by the end of this quarter.

The consumer finance firm will also continue developing its distribution network in Visayas region in the second quarter this year. It has served over 150,000 customers in Metro Manila and five provinces in Luzon.

It is also looking at increasing the number of retail outlets offering its financing services especially to those who are not credit card holders.

Minol explained that consumer finance enables customers to make purchases they couldn't otherwise afford, while paying back in affordable installments. It also can significantly counteract slowdowns in spending, the CEO said.

The concept of consumer finance also instills financial discipline and a culture of loan repayment in the long run.

Consumer finance firms like Home Credit target mass consumers who are typically not the focus of mainstream credit providers, yet who represent a significant portion of the population. — (FREEMAN)