MANILA, PHILIPPINES, 25 NOVEMBER 2002 – BMW Philippines Corporation and Security Bank has signed an agreement to formalize a mutually exclusive financing partnership that aims to make high-performance luxury cars accessible to more Filipinos.
Through this collaboration, BMW Philippines, in cooperation with Security Bank, will now be able to offer its existing and soon to be introduced new models at more innovative financing schemes. The partnership aims to roll out in the coming months several financing products that will allow motorists to drive home a BMW either at a lower monthly amortization or lower interest rates. Security Bank, for its part, commits to giving a conditional credit approval within 3 hours at rates that are competitive with the market.
BMW Philippines brings into this partnership its knowledge of the Philippine car market, control of the BMW distribution network, active relationship with its dealers, and its global experience in automotive finance. Security Bank on the other hand complements this with its expertise in the local consumer credit market, experience with local risk management, and streamlined credit back office operations.
BMW Philippines is a 70:30 joint venture between BMW and Mr. Jose Ch. Alvarez, who owns Asian Carmakers Corporation (ACC). BMW is the first and only carmaker in the premium brand segment to make a direct investment in the Philippines. It has also spent heavily in training programs to upgrade skills in sales and after-sales services, introduced financing programs, and boosted its fleet of test-drive cars to attract buyers. It accounts for 65 percent of the premium brand market.