Consumer credit seen to grow in Philippines

Consumer credit demand in the Philippines remains strong, supported by President Rodrigo Duterte’s push to sustain economic growth, a loan provider said Friday.

Home Credit Philippines expects to hit its target 500,000 clients this year and double its client base to one million in 2017, according to its chief executive, Annica Witschard.

“Obviously, there’s going to be some ups and downs in the global economy but the Philippines has a strong track record of growth and I don’t seen anything that’s going to stop that in the coming years,” she told ANC’s “Market Edge with Cathy Yang.”

Companies like Home Credit thrive with only three out of every 10 Filipinos having access to banks and only five percent with credit cards, she said.

Home Credit Philippines, the local unit of Home Credit Group, plans to expand to more retail stores in 17 provinces nationwide to offer non-cash, no-collateral in-store financing.