ACOM Consumer Finance Corp. has started its lending operations as it aims to reach out to 1.5 million Filipinos in Metro Manila.
In a press briefing Tuesday, ACOM President Masaomi Gido said the Japanese lending firm started its personal loans business here this month, targeting middle-class workers.
“ACOM is very much delighted to be entering the Philippine market at a time when our target market, the middle-class earners, is strengthening their economic status,” Mr. Gido was quoted in a statement.
Its parent company, ACOM Co., Ltd. (ACOM Japan), was prompted to enter the Philippine market as the country’s middle-class earners continue to earn more money and have stronger purchasing power.
ACOM Consumer Finance provides non-collateral personal loans from P5,000 to P500,000 which carry a monthly interest rate between 3.315% and 4.563%.
Loans can be processed within a day with complete basic requirements such government and company IDs as well as payslips.
Customers can get their loan disbursements via bank deposit or remittance companies.
“If a customer doesn’t make within the due date, we charge P500 late payment charge. However, we set a grace period of up to three days. When our customer made repayment [at most three days] after due date, we won’t charge anything.” Mr. Gido added.
Mr. Gido said ACOM Consumer Finance aims to capture 1.5 million borrowers in Metro Manila as it targets middle-class employees earning at least P10,000 monthly.
It also plans to to put up 30 branches in five years, eyeing to set up offices in other cities nationwide.
ACOM Consumer Finance currently has one sales office in Ortigas, Pasig City and will end the year with two branches with another office in Cubao, Quezon City to be opened by November.
“We believe we can help further elevate the financial capacity of many Filipinos as we don’t just aim to commercially empower individuals but also contribute to the local economy through job opportunities,” Mr. Gido added in the statement.
ACOM Consumer Finance is a joint venture between ACOM Japan, which owns 80% of the firm’s stake, and ITOCHU Corp., which owns the remaining share.
Aside from the Philippines, ACOM also operates in Thailand as well as in Indonesia. It is also applying for a license to operate in Vietnam, Mr. Gido noted. — Karl Angelo N. Vidal