Security Bank Corp. has expanded its peso-denominated bond and commercial papers program from P100 billion to P200 billion.

The bank shared this information in its disclosure to the Philippine Stock Exchange on Tuesday.

“An issuance may follow, subject to market conditions,” Security Bank said.

In the first quarter, Security Bank grew its net income by 11 percent to P2.6 billion compared to the same period in 2023 as it aggressively marketed loans to micro, small and medium enterprises (MSMEs).

MSME loans surged by 74 percent, leading to a 27 percent growth in total revenues for the bank.

Similarly, consumer loans for various purchases grew in double digits: 46 percent for automobiles, 18 percent for homes, and 49 percent for credit card transactions.

Mitsubishi Motors Finance Phl

In April, Security Bank and Mitsubishi Motors announced that they were setting up Mitsubishi Motors Finance Philippines to speed up consumers’ purchases of the latter’s automobiles.

The new finance firm is targeted to start operations in 2025.

The International Monetary Fund expects the Philippine economy to grow by 6 percent this year from 5.6 percent last year as inflation rates improve in the second half, encouraging more household consumption and business expansions.