Home Credit: AC sales surge past 1k units daily

Since the onset of the El Niño phenomenon in the country, there has been a surge in families purchasing air conditioning units, with over 1,000 units sold per day, revelead by an official from Home Credit Philippines on Monday.

According to Puneet Suneja, Chief Sales Officer of Home Credit, since they kicked off its campaign “Hottest Summer sa Pinas,” a zero percent interest for air conditioning units, sales hit an overwhelming more than a thousand units per day through Home Credit.

For the year 2023, he said P60 billion worth of goods sold “as customers trusted us in bringing home products that we believe helped them through their lives.”

“During our inception in 2013, we only had 43 partner shops using our services. But as of 2023, we now have more than 15,000 partner shops where customers can go and improve their lifestyle. Home Credit is also present in 75 over 81 provinces in the country, in which 78 percent of our sales came outside Metro Manila,” Suneja said.

A total of P320 B was dispersed during the 11 years of existence through its main product pillars, namely Installments, Cash Loans, Credit Cards, and Home Credit Protect, being ushered by its 14,000 plus employees to customers nationwide.

“And with that, we continue to deliver our mission to make every single Filipino financially included, guided with the mantra, serving the customer’s needs,” David Minol, Chief Executive Officer of Home Credit, for his part, said.

Home Credit also offers cash loans, a virtual spending limit named Qwarta, and a credit card for its existing qualified customers.

With the My Home Credit app, Filipino customers are just a click away to get the products they want for an elevated lifestyle.

Moving forward

Suneja said for this year, they are targeting to serve a million customers adding to its current 10 million plus since Home Credit began in 2013.

With regards to its target growth for the year, he said he cannot divulge it yet, but its benchmark is the 8 to 9 percent growth it made in 2021.

“But for sure, we want to have double-digit growth for this year,” he added.

Asked if they are mulling being one of the publicly listed companies with the Philippine Stock Exchange, Home Credit Business Development Officer Zdenek Jankovsky said they are not considering it, as their company “in June 2023 became a part of the strongest financial group in the world, the MUFG Group, a leading global financial services group and one of the largest banking institutions in Japan that is present in countries; and Krungsri, the fifth largest bank in Thailand, which is also ranked number one in terms of consumer loans and credit cards.”

Home Credit Philippines recently signed an agreement for an additional P7 billion loan facility with the Ayala-led Bank of the Philippine Islands (BPI), making BPI the company’s biggest creditor with a total of P13.5 billion combined credit line facilities. 

This is the third loan credit facility extended by BPI to HCPH, following a P1 billion facility in December 2022, P4 billion in August 2023, and an additional P1.5 billion in November 2023 from Robinsons Bank Corporation; following its recent merger with BPI.