Japanese non-collateral loan company ACOM Co. Ltd. on Tuesday formally announced its entry to the Philippines, with a paid-in capital of over P500 million.
At a press conference in Pasig City, ACOM said its Philippine-based subsidiary has been registered as ACOM Consumer Finance Corporation.
"ACOM is very much delighted to be entering the Philippine market at a time when our target market, the middle-class earners, is strengthening their economic status," ACOM Consumer Finance Corp. President Masaomi Gido said.
ACOM Consumer Finance is a joint venture between Japan's ACOM Co. Ltd. and ITOCHU Corp.
According to Gido, the company already started its operations in the Philippines earlier this month, with a paid-in capital of P500 million.
"We believe we can help further elevate the financial capacity of many Filipinos as we don't just aim to commercially empower individuals but also to contribute to the local economy through job opportunities," he explained.
ACOM currently provides non-collateral personal loans from P5,000 to P500,000, with monthly interest rates ranging from 3.315 percent to 4.563 percent.
The company targets individuals aged 21 to 65, with a monthly income from P10,000 and above.
Asked about the credit profile checking, Gido said the company is working with the Bankers Association of the Philippines (BAP) which provides them data to assess whether a loan application is approved or denied.
Since Philippine operations started in Pasig City last week, Gido said the company has recorded 20 to 30 clients per day, applying for loans averaging worth P15,000.
Gido said the company also plans to open 30 branches in five years, with a second branch already in the works in Cubao in Quezon City.
"We're focusing on Metro Manila first and then we will expand as an area or as an island," he explained, noting that most of the target market of the company is located in Metro Manila. — MDM, GMA News