may bagong promo ang BPI Family

[SIZE=4]BPI Family, Cebu Pacific team up for car loan promo[/SIZE]


[SIZE=1]RUBY ANNE M. RUBIO, GMANews.TV[/SIZE]
09/03/2009 | 11:05 PM

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Now is be the best time to borrow as interest rates are at record low, the president of the Philippines’ largest thrift bank said.

Liquidity – or the amount of credit in the financial system – has outstripped lending, BPI Family Savings Bank president Alfonso L. Salcedo Jr. said.

The rate charged for overnight borrowing – when government buys back its debt papers from banks, thereby hiking the amount of cash in the system – remains at four percent.

Overnight lending rates – when government sells debt papers to reduce cash in the system – is currently pegged at six percent.

The subsidiary of the country’s third largest lender Bank of the Philippine Islands (BPI) saw its loan portfolio increasing by 10 percent to P80 billion during the first semester.

“If we can pick up another P3 billion to P5 billion, we are going to be happy for the rest of the year," Salcedo said.

BPI Family Savings has launched its second nationwide Auto Madness event to provide consumers with a venue to find quality vehicles at affordable prices and convenient payment schemes.

The bank is teaming up with Gokongwei-led Cebu Pacific Air to give qualified clients a chance to win a free round trip tickets for two to Hong Kong, Singapore, or Kuala Lumpur, Malaysia.

Qualified auto loan applications must be at least P600,000 and submitted from September 10 to October 11. Cars for these loans must be delivered until October 30.

“This is the best time to buy a car and travel to their dream destination for free," the bank’s senior vice president and auto loans head David Sarmiento said during the briefing.

The bank’s auto loan portfolio increased by 10.2 percent as of end-July.

Its bad loan ratio in auto loans went down by three percent but Salcedo said they are looking at a double-digit growth in lending.

“Everybody thought 2009 will be a disaster year because we are coming out of the financial crisis. We are not out of the woods economically. We have a lot of work to do. This second Auto Madness, with the help of Cebu Pacific, we hope to do even better. It is very clear to everyone there is no recession. The second quarter GDP is encouraging," he added.

During the first semester, the thrift bank posted a 35 percent increase in net income. This was a recovery from the same period last year since there was little securities trading gain realized.

“Our securities trading gains are below last year but we are way ahead of last year because we are back to basics. We take in deposits, we lend. The portfolio is up while non-performing loans manageable," he said. - GMANews.TV