BPI Family bank sees slower growth in auto loans this year

MANILA, Philippines - The thrift banking arm of Ayala-led Bank of the Philippine Islands (BPI) is expecting slower growth in auto and motorcycle loans this year, senior vice president David G. Sarmiento Jr. said on Wednesday. Lending would likely pick up between 10 percent to 12 percent this year, Sarmiento told reporters. However, he declined to disclose last year’s growth levels for BPI Family Savings Bank although he said that the industry provided loans for 124,000 vehicles in 2008. “There are those who will change their cars, even small businesses and the self-employed will continue to buy cars," he said. “[2008] was a good year for us, better than the industry whose growth was 5.5 percent. We did extremely better than industry last year. Auto loan is a major contributor to the total loan portfolio of the bank." On March 12, the bank will launch its “first nationwide auto madness" after introducing the strategy in Cebu in 1998. The three-day event will showcase major car brands and models and offer special deals and attractive rates to buyers. The banks core products are mortgage housing loan and lending for small and medium-scale enterprises. - GMANews.TV