September 30, 2022

Citi expands social finance funding in the Philippines

Citi, the Philippines’ largest foreign bank by assets, has expanded its joint social finance program with Home Credit Philippines by increasing its credit facility to 820 million pesos ($14.34 million) from 420 million of pesos approved and drawn in May.

Home Credit Philippines is the largest consumer finance company in the country. By the end of July 2022, it had already served 8.7 million customers nationwide with a selection of affordable and accessible financing products.

From April to July this year, the company has already provided consumer financing of more than 5 billion pesos to almost half a million Filipinos, half of whom were female customers, to support their purchases of mobile devices.

The social finance mechanism is expected to promote greater financial inclusion for Filipinos in support of the mobile segment and is expected to not only increase connectivity but also improve lives by enabling greater access to essential services such as online banking. , financial literacy, online education and entrepreneurship. Activities.

This transaction contributes to Citi’s US$1 trillion commitment to sustainable finance by 2030, specifically supporting the social finance criteria of economic inclusion, which is to improve access to credit and financial services in vulnerable or underserved communities, including financing for micro, small and medium enterprises. .