Key Players in the Automotive Finance Market in the Philippines

Innovation on the Rise: Innovative digital startups like are turning the difficult process of buying and financing a car into a quick and easy experience for customers in the Philippines. These are expected to create an auto financing ecosystem in which digital aggregators increasingly control the sales and financing process. Car dealerships are expected to increasingly bring the experience of buying cars online through a range of means such as providing digital showrooms as well as e-finance.People Growing Middle Class: The Philippines is one of the fastest growing economies and is experiencing a rapidly growing middle class which implies higher purchasing power and therefore growth in automobile sales. As a result, credit disbursement will increase as more people become part of the banking system. In addition, banks and non-banks are targeting these segments in the most untapped areas, which will also lead to a steady increase in auto loan disbursements for these segments.

Impacts of COVID: Prior to COVID-19, approximately 37% of Southeast Asian consumers preferred personal vehicles. But with the outbreak of the pandemic, this proportion has increased to a greater extent, with this positive environment for personal vehicles, the auto finance industry in the Philippines is expected to grow.

Growing Digital Advancement: Dealerships can ensure they reach online car buyers first by investing in a holistic digital marketing solution that leverages mobile, location and social media. Also, by 2023, the BSP hopes to have digitized 50% of payments and encouraged the majority of the population to open bank accounts.

Government Initiatives: The Philippine government has mandated all lenders to grant a 30-day extension for all loan payments, including credit card dues and pawnbrokers, as the country grapples with the effects of the COVID-19 pandemic

Under the Bayanihan Law, all credit card issuers and pawnbrokers will be required to offer the 30-day grace period without interest, penalties or additional fees. Although higher interest rates are charged on used vehicle financing, used car financing is still expected to improve due to increased government initiatives.

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Ken Research analysts in their latest publication “Philippines Auto Finance Market Outlook to 2026- Driven by change in Consumer Expense, Easy in Provision of Loans, Improve Technology and Government Support” from Ken Research observed that the auto finance market is a emerging market in the Philippines. at an increasing stage even during the pandemic as well. Growing demand for automobiles, positive outlook for electric vehicles, and growing digital advancements such as artificial intelligence and machine learning are expected to contribute to the growth of the market over the forecast period. The automotive finance market in the Philippines is expected to witness a high growth rate during the forecast period 2021-2026F.

Key Segments Covered

Automotive finance market in the Philippines:

By category of lenders (by dispersed credit), 2021 & 2026F:
Universal and commercial banks
Savings banks
By vehicle type (by dispersed credit), 2021 and 2026F:
Two and three wheels
Four wheels
Buses and trucks
By property type (by dispersed credit), 2021 & 2026F:
Used vehicles
New cars
By vehicle category (by dispersed credit), 2021 & 2026F:
Passenger vehicles
Commercial vehicles
By loan term (by dispersed credit), 2021 and 2026F:
12 – 24 months
25 – 48 months
Automotive finance market in the Philippines – infographic

By geographic location (by dispersed credit), 2021 and 2026F:
Region I
Region II
Region III
Region IV-A
Region IV-B
Region V
Region VI
Region VII
Region VIII
Region IX
Region X
Region XI
Region XII

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Key target audience

Banks and its subsidiaries
Captive finance companies
Government and institutions
Automotive companies
Car dealerships
Government and institutions
Existing Auto Finance Companies
OEM dealers
New market entrants
Mobile automobile associations
Period entered in the report:

Historical period: 2016-2020
Base year: 2021
Forecast Period: 2022-2026F
Companies covered:

Asialink Financial Corporation
Yulon Finance Philippines Corporation
Security bank
Welcome Bank
Toyota Financial Services Philippines Corporation (TFSPH)
Bank of the Island of the Philippines
BDO Unibank
Malaise insurance
Philippine Depository and Trust Company
Rental and financing company LBP
Robinsons Bank
The Philippine Bank of Communications (PBCOM)
Land Bank of the Philippines
United Bank of Asia
Development Bank of the Philippines
Union Bank
Philippine Sterling Bank
Penbank and more

For more information on the research report, refer to the link below:

Contact us: –

Ken Research

Ankur Gupta, Marketing and Communications Manager

[email protected]


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