Toyota Financial auto loans rise 53%.
Toyota Financial Services Philippines Corp. (TFSPH) has posted a 53 percent growth in auto loans in the first semester of the year due to the country's strong economic growth which drove consumer spending.
In a statement, TFSPH said yesterday that the company's total financing amounted to P7.5 billion in January to June, equivalent to 10,399 additional new customers.
As a result, TFSPH said its loan portfolio during the period grew by 41 percent year-on-year to P24 billion.
"Rest assured that as Toyota continues to offer quality vehicles that cater to each market segment's needs, TFSPH will keep on tailor-fitting services to make owning a Toyota vehicle affordable for our customers," Mototaka Sato, TFSPH president said.
From 2012 to last year, TFSPH saw a significant trend in increased auto financing for the middle-class market with monthly income of P20,000 to P100,000. From 28.9 percent in 2011, the market steadily grew to 54.4 percent in 2012, and 63.5 percent in 2013.
TFSPH said the growth can also be seen in data for the first half of 2013 and 2014, which recorded 72.98 percent and 76.15 percent, respectively.
"This is a clear indication that the middle class in the Philippines, with its purchasing power, is rapidly expanding," TFSPH said.
The company's data showed that the Philippine market, whose age range is from 30 to 50 years old, is dominated by employed professionals at almost 50 percent, followed closely by self-employed or business owners at 28 percent, and by overseas Filipinos with 10 percent.
TFSPH said most popular Toyota vehicles bought by the middle class market are the Vios, Innova and Avanza.
TFSPH is part of Toyota's network of sales finance companies under Toyota Financial Services Corporation (TFSC) that operates in over 35 countries worldwide.
In the Philippines, TFSPH serves Toyota customers through financing and leasing services. The company also retained its leading position in the finance and leasing industry in the country in terms of total assets.
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|Title Annotation:||Business News|
|Date:||Jul 22, 2014|
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