A Prague-based lender expects its client base in the Philippine to reach 1 million in 2017 amid the robust outlook for the Philippine economy that will encourage “unbanked” customers to spend more.
Home Credit Philippines, a company that offers in-store financing of gadgets, appliances and furnitures, said it expected to service 1 million customers in the country before the end of the year, marking a significant increase from last year’s 600, 000.
“Looking at the latest statistics, [with] huge mass market in the growing middles class that don’t have access to the financial system, the potential is very big,” said Home Credit Philippine chief executive Annica Witschard.
She said as of the first week of February, Home Credit’s clients currently in the country reached 725,000.
“This is definitely a unique market, as the Philippines’ low credit card penetration rate combined with the high unbanked rate contributed to a very high demand for non-bank customer financing,” Witschard said.