MANILA - A unit of BDO Unibank Inc. has entered into a joint venture with Mitsubishi Motors Philippines Corp. (MMPC) and two Japanese companies to provide financing services to car buyers.
In a disclosure to the stock exchange on Friday, BDO said its leasing and financing arm, BDO Leasing and Finance Inc., will own 40 percent of the joint venture company named MMPC Auto Financial Services Corp.
MMPC will control the remaining 60 percent together with Sojitz Corp. (SJC) and JACCS Co. Ltd. (JACCS).
"The joint venture, to be named MMPC Auto Financial Services Corporation, is seen harnessing the complementary strengths of the JV partners to take advantage of the sustained growth in vehicle sales on the back of increasing consumer affluence and growing population," the Sy-led bank said.
Auto sales in the country exceeded its 2015 target with total sales hitting 288,609 units from the 234,747 units in 2014, according to latest data from the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) and the Truck Manufacturers Association (TMA).
MMPC cornered the second largest market share last year with 18.74 percent of the total vehicles sold.