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Gokongwei group's app-based loan service promises low interest rates

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<figure class="op-interactive"><div id="IVS_ABS_Video_Widget_1_Container"><ivs-player id="IVS_ABS_Video_Widget_1" allow="autoplay" data-ivs-key="e8c22c015ca9eafa76f1e3edfa03c603" data-ivs-spid="3001339" data-ivs-wid="f5fb7bd1-3880"></ivs-player><script src="https://player.ivideosmart.com/ivsplayer/v4/dist/js/loader.js"></script></div></figure><div class="iwantbar">Watch more in <a href="~//www.iwantv.com.ph/">iWantv</a> or <a href="~//tfc.tv/">TFC.tv</a></div><p>MANILA - Cashalo, the Gokongwei group&#x27;s financial technology venture, is offering unbanked Filipinos the lowest interest rates on loans using their mobile phone, co-founder Lance Gokongwei said Wednesday.</p><p>The Gokongweis and Hong Kong-based Oriente invested an initial P10 billion over 3 years for Cashalo in April.</p><p>Cashalo has &quot;huge potential&quot; to grow since some 40 million people have no access to formal credit and credit card penetration is at 2 percent, Gokongwei told The Briefing on ANC&#x27;s Market Edge.</p><p>Interest rates range from 2.9 percent to 5 percent, he said.</p><p>&quot;Our job is to disrupt those informal lenders and give Filipinos the financing they deserve,&quot; said Geoffrey Prentice,  &quot;Our job is to disrupt those informal lenders and give Filipinos the financing they deserve,&quot; said Prentice,  co-founder and Chief Strategy Officer of Oriente.  He is also co-founder of Skype.</p><p>&quot;What Skype did to communications, Oriente is going to do to to finance,&quot; he said.</p>

<p>Cashalo, the Gokongwei Group's financial technology venture, is offering unbanked Filipinos the lowest interest rates on loans using their mobile phone, co-founder Lance Gokongwei said Wednesday.</p>

Cashalo, the Gokongwei Group's financial technology venture, is offering unbanked Filipinos the lowest interest rates on loans using their mobile phone, co-founder Lance Gokongwei said Wednesday.