BPI Family eyes double-digit growth in retail lending this year

BPI Family Savings Bank is eyeing to double its retail lending portfolio this year, banking on the positive economic growth.

“We are expecting high double-digit growth,” BPI Family Savings Bank senior vice president and retail lending group head Joaquin Ma. Abola told reporters in a media roundtable in Makati City on Tuesday.

Abola, however, declined to disclose specific numbers on its retail lending growth prospects for the year.

He said the country’s positive economic growth prospects in light of the recently-enacted tax reform law and the government’s massive infrastructure spending will drive the bank’s consumer lending business.

The government has said that the Tax Reform for Acceleration and Inclusion (TRAIN) law will benefit 99 percent of income tax payers, with those earning P250,000 a year exempted from paying income tax.

Abola said BPI Family’s faster turnaround or processing of loan applications is another factor.

BPI Family Savings is the country’s largest thrift bank in terms of assets—amounting to P265.011 million as of September 2017. —VDS, GMA News