• BPI books P11B in housing, auto, business loans in Cebu, Visayas

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    The Bank of the Philippine Islands (BPI) has booked P11 billion in housing, auto and business loans for Cebu and some areas in the Visayas this year, an executive said.

    BPI Cebu relationship manager Maximo Rey Eleccion said P4 billion account for housing loans, some P4 billion for auto loans and P3 billion for business Ka Negosyo loans.

    The amount covers Cebu Province, Tagbilaran in Bohol and Tacloban and Ormoc in Leyte.

    The bank opened Friday the BPI Auto, Housing, and Lifesyle Madness at Ayala Center Cebu, a sequel to the first Auto Loan Fair held last year. The fair wound up Sunday.

    This time, however, Eleccion said BPI included in the fair all products of BPI, from loans, investment, savings and insurance, among others.

    “Now is the good time to borrow,” Eleccion said.

    He cited the low interest rates that BPI commands on its consumer loans.

    BPI’s housing loan starts at a one-year fixed interest rate of 5.5 percent, while rates for auto loans are at 3.86 percent.

    Last year’s fair allowed BPI to receive around 300 auto loan applications and 50 for housing.

    Of the number of auto loans applied, around 150 were approved.

    In this year’s loan fair, Eleccion said he is confident that BPI will receive more loan applications.

    “I think we will exceed last year’s performance, as we offer you low interest rates and the market condition is good,” he said.

    PNA

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