Consumer spending to boost car loans 10%-12% this year, says BPI Family Savings

More money from cash-rich consumers will drive car loans higher by 10 percent to 12 percent this year, especially from those locally employed and overseas Filipino workers, BPI Family Savings Bank said Wednesday.   The demand is equally coming from urban and countryside consumers at the rate of 200 applications per day or 4,400 a month or 52,800 a year, according to the savings bank of Bank of the Philippine Islands.   The bank did not provide the peso equivalent of its consumer loan transactions.   “About half of these applications are approved by the bank,” David Sarmiento, BPI Family Savings Bank senior vice president for auto and motorcycle loans, told GMA News Online.   About 50 percent of car loans approved are under the name of employed individuals, 30 percent for the self-employed, and 20 percent for OFWs, Sarmiento added at the sidelines of the 8th Manila International Auto Show, which was launched Wednesday.   The car show will run from March 29 to April 1.   “Our OFWs have matured over the years, according to the bank executive, noting that most spouses of OFWs are now entrepreneurs able to help with the family’s financial obligations.   Half of the bank’s auto loan business comes from the provinces, usually through online transactions. Live since July 2011, the website — which, on average, gets 250,000 visits per day — helps clients find, choose and finance a new car. — VS, GMA News