BPI books P500 million loans in 3-day event

MANILA, Philippines — Bank of the Philippine Islands (BPI) booked over P500 million worth of loan applications and other deals during a one-stop-shop event in celebration of its 168th anniversary.

During the second BPI Big Blowout held at the Glorietta 2 activity center in Makati City recently, thousands of clients and walk-in guests flocked to the one-stop-shop event to avail themselves of deals on car loans, housing loans, travel destinations and staycation packages,  said Olga Ang, head of Southern Metro Manila branches of BPI.

Ang said many grabbed the opportunity to enjoy low loan rates, free insurance, waived fees and discounted down payments.

“Through this program, we offered exceptionally affordable financial options that enabled many individuals and young families to finally achieve their aspirations. Like we always say, BPI is at your service. We have been, and always will be, coming up with products that will prepare you financially to be Ready Today. Ready Tomorrow,” Ang said.

The highlights of BPI’s special anniversary offer included one-year free motor insurance and free chattel mortgage for auto loans, a 6.88 percent  fixed interest rate for five years and waived fees of up to P50,000 for housing loans, and a 0.98 percent interest rate for loans worth P100,000 for 36 months, as well as discounts on travel packages.

BPI Mitsui Sumimoto Insurance also offered income protection for as low as P5,000.

Participating merchants and partners include car dealers from AC Automotive such as Honda Cars Makati, Isuzu Automotive Dealers, Kia, KTM, Maxus, and Volkswagen, Ayala Land, and Ayala lifestyle partners Seda Hotels, Fairmont Makati and El Nido Resorts.

The bank’s loan portfolio booked a double-digit increase of 10.8 percent to P1.35 trillion in the first half.  The growth was attributed to the 11.6 percent increase in corporate loans and 10.3 percent rise in consumer loans. Credit card loans grew 25.8 percent.

BPI’s deposit base expanded by eight percent to P1.66 trillion, resulting in a loan-to-deposit ratio of 81.7 percent. This translated to a 24.6 percent increase in earnings to P13.74 billion in the first half after a strong performance in the second quarter.

Total revenues increased by 23.3 percent to P45.9 billion. Net interest income went up by 23.5 percent to P32.36 billion while non-interest Income rose by 21.5 percent to P13.54 billion, driven by increases in securities trading gains and fee-based income.