MANILA, Philippines — Car collateral loan, also known as vehicle mortgage loan and now more commonly called Sangla OR/CR (official receipt and certificate of registration), is not a product many Filipinos are aware of.
According to a survey, only one out of 10 knows about it. Fewer people know that they do not have to surrender their units and that they just need to submit their car or truck's OR/CR along with other documentary requirements to avail of a cash loan that amounts to up to 90% of the unit's value.
Global Dominion’s sales and marketing teams are doubling their efforts to further extend market reach in key cities nationwide in order to increase awareness of the said loan product.
During a recent virtual financing forum, one of the guest speakers, Renzo Duat, shared that in the founding of his own business, he thought of selling his car before he learned about Sangla OR/CR and how fast and easy it is to apply for it.
Duat is now in partnership with Global Dominion, is expanding his business, and now has more than 100 units in his car dealership showrooms and more than 20 employees for Dashcarr Pro.
In a previous national customer experience event attended by various leaders from different industries, Global Dominion president and managing director Patricia Poco-Palacios shared the story of another businessman who started a logistics firm with one truck and was able to grow his business through Sangla OR/CR.
He renewed his loan 17 times until he owned 24 trucks and employed around 50 people. What was once unimaginable became reality with the help of financial tools.
To reach more Filipinos, Global Dominion set up more offices in the country. From 78 branches in 2022, the company opened new ones making the count reach 116 as of the first quarter of 2024.
It also started more digital campaigns with the help of its brand ambassadors multimedia personality and TV host James Deakin for car and truck financing and the singer-songwriter and OPM legend Ogie Alcasid for car and truck Sangla OR/CR to get in touch with more people in different fields of work and industry.
In its recently concluded annual stockholders’ meeting, it surfaced its operating profit margin of 22%, leading to a net operating income of P518 million in 2023. Its revenue increased by 23% compared to the previous year, reaching a record-breaking P2.62 billion.
It catered to the financing needs of more than 17,000 borrowers. The company’s financial health continues to flourish even in 2024 as proven by its P2 billion in loan booking just as of the first quarter.
“Sangla OR/CR [vehicle mortgage loan] really uncovers a lot of opportunities in the business sector. Entrepreneurs get access to a substantial amount of cash loan using just their car ownership papers and they get to keep their cars or trucks which makes them still able to go on with their day-to-day operations, service their customers, and eventually expand their firms,” said Palacios.
“Our NPL [non-performing loans ratio] tells us that the financial consumers we help also help us by paying on time, as committed, which enables us to help even more SMEs,” she added.
Global Dominion has been in the business since 2003, and its purpose is to ignite and accelerate growth in people and organizations to transform lives for the better. Aside from car collateral loan, it also provides Filipinos with simple and easy access to vehicle financing, whether for brand new or secondhand units.
More about the financing company can be learned by visiting gdfi.com.ph.
Editor's Note: This press release is sponsored by Global Dominion. It is published by the Advertising Content Team that is independent of our Editorial newsroom.
for Global Dominion