Tuesday, April 23, 2024

BFSB Sees More Car, Home Ownership Ops for Filipinos in 2020

BFSB Sees More Car, Home Ownership Ops for Filipinos in 2020

How do you feel about this story?


BPI Family Savings Bank (BFSB), the country’s largest thrift bank, sees better opportunities for Filipinos aspiring for home and car ownership, and for real estate developers and auto dealers for collaboration with financial institutions this year.

BFSB President Ma. Cristina Go said that clearly, 2020 is the opportune time for real estate developers and auto dealers as well as banks to closely collaborate further to enable more Filipinos to achieve their life goals of owning a decent home and a car.

“In the previous decade, we experienced a number of technological disruptions that changed the way we live, and our industries are not spared from disruption and potentially extinction. We must see where opportunities lie – to re-engineer our products, to re-think our business models, and to re-organize our companies,” she told real estate and automotive partners during BFSB’s Partners’ Night at the Museum of Natural History.

BPI President and CEO Cezar P. Consing also commented that the real estate and automotive industries have grown vastly different over the years and are facing a unique set of challenges.

“When I first started in this business 40 years ago, housing loans in this country numbered less than 10,000 a year, while car loans for the whole industry was less than 30,000 a year. When you borrowed for housing or auto loans at that time, you were borrowing at rates well into the double digits,” said Cezar Consing.

Mr. Consing, who also serves as BFSB chairman, said that streamlining processes will greatly help BFSB and its partner real estate developers and auto dealers in making home and car ownership more accessible for Filipinos.

“Everything we are doing is designed to make it easier for Filipinos to get a home and auto loan, reducing the turnaround time, reducing the amount of paperwork, and streamlining the processes. Among the banks in the country, I believe we are a leader in the area of digitalization. And digitalization has the effect of making things easier for everyone and more importantly, it creates capacity and prepares us for future growth,” Consing added.

BFSB is a wholly owned subsidiary of BPI, and the Philippines’ largest thrift bank.