Toyota Financial Services Philippines Corp. (TFSPH) posted a 53 percent increase in auto loans for the first half of 2014 against the year-earlier level, with the amount of financing totaling P7.5 billion.
The increase involves 10,399 additional new customers. As a result, loan portfolio grew 41 percent to P24 billion as of June 2014, it said.
TFSPH attributes growth in auto loans to the rise in vehicles sales brought about by higher consumer spending.
“Toyota will continue to offer quality vehicles that cater to each market segment’s needs, TFSPH will keep on tailor-fitting services to make owning a Toyota vehicle affordable for our customers,” TFSPH President Mototaka Sato said.
In 2012 and 2013, TFSPH saw a significant upward trend in auto financing for the middle class with monthly incomes of P20,000 – P100,000. From 28.9 percent in 2011, this market steadily expanded to 54.4 percent in 2012, and 63.5 percent in 2013.
TFSPH’s data shows that the middle class market, whose ages range from 30 to 50 years, is dominated by employed professionals, at almost 50 percent, followed closely by self-employed or business owners at 28 percent, and by OFWs 10 percent.
The most popular Toyota vehicle models bought by the middle class market were the Vios, Innova and Avanza.
TFSPH is part of Toyota’s network of sales finance companies under Toyota Financial Services Corporation (TFSC), which operates in over 35 countries worldwide.
In the Philippines, TFSPH serves Toyota customers through financing and leasing services.