The Bank of the Philippine Islands (BPI) is supporting nation-building by strengthening the capacity of Filipino families to own their dream cars and homes despite current economic challenges through auto and housing loans.

In its recent virtual Retail Loans Partners Night dubbed Transform Adversities and Reach Aspirations (TARA na!), BPI Core Retail Head Ginbee Go said the current initiatives of the company are done in the spirit of solidarity and partnership with dealerships, distributors, developers, and brokers built on Bayanihan.

“The pandemic has reinforced further our mission to give hope and light so we can keep dreaming and believing that there is a bright future. This is why BPI never stopped operations, never failed to release loan proceeds and commissions, never closed its doors to clients encountering financial difficulties,” said Go.

Despite industry-wide loan losses and delinquencies with non-performing loans rising sharply, BPI’s total housing loan portfolio still grew by 8-percent in 2020.

As of February this year, the bank has achieved 80% to 90% of its pre-Covid loan releases.  “We are getting there but we should not be complacent and regress in our progress. Similarly, we should not be complacent in staying safe,” she added.

BPI Retail Loans Group Head Dennis Fronda said at the onset of the Enhanced Community Quarantine in the first quarter of 2020, BPI rallied to #HEALasOneFamily by launching its “Step Up PayPlan” loan variant. The Step Up Payplan, which is still available, enables new loan customers to plan and schedule their loan payments on a yearly basis.

“It’s the only loan solution that provided for lower monthly amortization in the first four years, thus allowing our borrowers time to heal while getting to enjoy their own homes.,” Fronda said.

To sustain its growth in the auto loan segment while assisting Filipinos in managing their financial worries, the bank recently launched its “BPI Auto Loan Multiyear Protect,” a pioneering product that gives auto loan clients an insurance policy on their vehicle covering the entire life of the loan.

This loan solution combines monthly installments for insurance with the loan amortization payments in a more affordable and convenient package.

“Through the years, our partners and the Filipino people have shared and supported BPI’s mission of ‘enabling Filipino families to progress in life and believe in their ability to achieve their dreams, sooner rather than later, today rather than tomorrow, in the here-and-now rather than the far future’ regardless of the pandemic,” Go said. “BPI continues to invest in the Filipino people by helping them realize their dreams.”