MANILA, Philippines – Sumisho Motor Finance Corp, the country’s first motorcycle financing company, expects the Philippines to soon join its neighbors in the ASEAN region which have shifted to motorcycles as the preferred mode of transportation.
Company officials noted that rising fuel costs and increased traffic in the metro have made motorcycles the preferred mode of transportation not only in ASEAN but in entire Asia as well.
Industry data show that the ratio of motorcycle users in Indonesia is 9:1, compared to Vietnam’s 5:1 ratio, and the Philippines’ 35:1 motorcycle ratio. Vietnam comes the closest in terms of population to the Philippines.
However, every year has shown a marked increase of motorcycle users in the Philippines.
Sumisho Motor Finance president Hidetoshi Fukui said while they just started operations this year, they have already seen the big potential and the major role they will play in the domestic motorcycle industry.
Sumisho provides an alternative source of financing to help motorcycle dealerships and their customers. “Our main objective is to help those who want to purchase motorcycles-who have the potential to purchase, but have difficulty to access financing at the moment,” Fukui said.
Approval of the loan takes only 24 hours and requirements are simple and easy to accomplish. Applicants need only to present two valid identification cards and proof of income.
With an initial network of three branches, Sumisho intends to have 50 more within a few years to help motorcycle dealerships increase their sales, and help consumers with their financing needs.
“We are introducing motorcycle financing to boost motorcycle sales. This will also generate more employment in the country and provide people with accessible, cost efficient and convenient transportation,” Fukui said.
For his part, business unit head Norman Aycocho emphasized they act as a support for the dealer by taking the risk away. “We grant the loan, dealership sales improve, and people get their bikes,” he pointed out.
Sumisho is supported by the solid network and widespread presence of PS Bank and the Metrobank Group of Companies, and is combined with the motorcycle financing expertise of Sumitomo Corp.
Sumisho said it aims to support dealers in growing their business and providing motorcycle financing for all motorcycle brands at easy-to-acquire and flexible terms. –Mary Ann Ll. Reyes (The Philippine Star)