Loan for Automobile Sales Finance Business in Philippines
Supporting Overseas Business Deployment of Japanese Automobile Industry
- Region: Asia
- Manufacturing and Services
- Overseas Investment Loans
The Japan Bank for International Cooperation (JBIC; Governor: MAEDA Tadashi) signed today a loan agreement in US dollars (USD) with Toyota Financial Services Philippines Corporation (TFSPH), a Philippine group company of Toyota Financial Services Corporation (TFS). The loan is co-financed with a private financial institution.
The loan is intended to finance part of the funds necessary for TFSPH to conduct the sales finance business mainly for Toyota brand automobiles in the Philippines, following a loan in May 2021*1
The automotive market in the Philippines has been expanding due to population increase and economic growth, and it continues to be crucial for Toyota Motor Corporation and other Japanese automakers that maintain a strong presence in the country. As automobile sales finance is often used when purchasing a vehicle in the Philippines, the sales finance business has become an important strategy for manufacturers to increase their sales. This loan supports the overseas business deployment of one such Japanese automaker, thereby contributing toward maintaining and strengthening the international competitiveness of the Japanese automobile industry.
As Japan’s policy-based financial institution, JBIC will continue to support the overseas business deployment of Japanese companies by drawing on its various financial facilities and schemes for structuring projects and by performing its risk-assuming function.