Home Credit, UnionBank inks 7 billion peso facility

Consumer finance service provider Home Credit Philippines said it can now provide more Filipinos with its loan products after reaching an agreement with Union Bank of the Philippines (UnionBank).

Home Credit said in a statement Thursday that it signed a two-year, 7 billion peso credit facility with UnionBank as part of its mission to provide more Filipinos with comprehensive financial opportunities.

“At Home Credit Philippines, we view this partnership as important not only for the business, but especially for our Filipino customers. Following our turnaround operations in 2021, this facility represents continued confidence in Home Credit‘s omnichannel distribution model which integrates 24/7 offline and online access,” Zdenek Jankovsky, Treasurer of Home Credit Philippines, said in a statement.

He further said that the substantial funding provided by UnionBank ensures that the company can continue to pursue its goal of becoming the lender of choice for underserved sectors in need of reliable and regulated loans.

The transaction makes UnionBank, led by Aboitiz, the largest credit partner of the global provider of consumer credit in the Philippines, Home Credit added.

UnionBank Center Director Roberto Abastillas said the Aboitiz-led lender is always keen to partner with organizations like Home Credit that share its goal of fostering financial inclusion in the Philippines.

“At UnionBank, enabling inclusive prosperity is also part of our company’s DNA. And we always believe that supporting brands that have the same commitment can help us fulfill our financial inclusion mandate,” he said. added.