Mitsubishi Motors Philippines Corp. (MMPC), Sojitz Corporation, JACCS Co. Ltd, and BDO Leasing and Finance Inc. (BDOLF) have signed a partnership agreement to establish an automotive financing services company that will exclusively cater on financing brand new Mitsubishi vehicles.
Signing the agreement were MMPC president and Chief Executive Officer Yoshiaki Kato, Sojitz’s Mikihisa Takayama, JACCS president Yasuyoshi Itagaki and BDO president Nestor Tan.
The joint venture will be named MMPC Auto Financial Services Corporation or MAFS and is expected to be operational by June of this year. Heading this newly established auto financing services company will be a nominee from Sojitz.
MAFS has a capital stock of P750 million and is 60-percent owned by foreign companies, MMPC, Sojitz and JACCS with shares of 5-percent, 35-percent and 20-percent, respectively. BDOLF, a subsidiary of the country’s largest bank BDO owns the remaining 40 percent.
Through the establishment of MAFS, customers will gain more financing options that will perfectly suit their capacity. MAFS will be dedicated in providing attractive and flexible financing packages for customers aiming to own a brand new Mitsubishi vehicle. With the continued growth of the local automotive industry, MAFS projects to finance a total of 20,000 units by 2020.