Citi, the largest foreign bank in the Philippines in terms of asset base, has expanded its joint social finance program with Home Credit by increasing its credit facility to P820 million—up from P420 million approved and drawn last May 2022.
Home Credit is the largest consumer finance company in the Philippines. As of end of July 2022, it has already served 8.7 million customers all over the country through a selection of affordable and accessible financing products.
From April to July of this year, Home Credit has already provided consumer financing of over P5 billion to almost half a million Filipinos to support their mobile device purchases; of this number, 50% of those who availed are female customers.
The social finance facility is expected to promote greater financial inclusion for Filipinos in support of the mobile segment and is expected to not just increase connectivity but to also improve lives by enabling greater access to essential services like online banking, financial literacy, online education and entrepreneurial activities.
This transaction contributes to Citi’s $1 trillion commitment to sustainable finance by 2030. Specifically, it supports the social finance criteria of economic inclusion, which is to improve access to credit and financial services in vulnerable or underserved communities, including micro, small, and medium enterprise (MSME) financing.