For many Filipinos, having a brand new car is among the things included in the bucket list. But for some, the reality of this dream is a heavy hit, mainly due to monetary issues, including financing. Mitsubishi Motors Philippines Corporation (MMPC) understands this struggle, hence its recent partnership with Security Bank to establish a new company tasked to handle auto financing challenges.
In a ceremonial event, the Mitsubishi Motors Finance Philippines, Inc. (MMFP) was launched. This is a new joint venture between MMPC and Security Bank, which offers auto financing solutions to brand new Mitsubishi car buyers. Having been soft-launched in April this year in five Mitsubishi dealerships, the MMFP now covers all 67 Mitsubishi dealerships nationwide.
The MMFP is designed to streamline auto loan services and provide tailored, accessible financing options for Filipino consumers, many of whom rely on credit to avail brand new vehicles. MMPC banks on its strong local presence in the auto industry and Security Bank’s proven financial track record to drive both car sales and financial inclusion with the MMFP.
The introduction of the MMFP is part of Mitsubishi’s mid term business strategy dubbed as “Challenge 2025.” The Japanese car brand sees the ASEAN region as one of its strong markets, with the Philippines playing a vital part in its core growth in the said region, taking up 19.5% market share. Just last year, MMPC posted a notable car sales record of 91,639 brand new units, a 12% increase in sales performance vs. the previous year.
To lead the newly-established Mitsubishi-Security Bank auto financing company, Mitsubishi picked Satoshi Nakano as its President and CEO. The Mitsubishi Motors Financing Philippines, Inc. is now operational in its main office in Makati City.
“As a joint venture between Mitsubishi Motors and Security Bank, MMFP brings together market leadership and financial expertise to offer accessible, reliable financing. Our shared vision is to enrich Filipino lives by making car ownership more attainable and supporting Mitsubishi Motors’ continued growth in the country,” shared Nakano.
