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Extreme heat drives up aircon sales says finance firm

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Jekki Pascual

ABS-CBN News

<div><span class="fr-img-caption fr-fic fr-dib" style="width:950px"><span class="fr-img-wrap"><img src="https://od2-image-api.abs-cbn.com/prod/editorImage/171559031908520240513 aircoon.jpg" style="width:950px" class="fr-fic fr-dib"/><span class="fr-inner" style="text-align:left"><span contenteditable="true" id="isPasted" style="text-align:left"><span style="color:rgb(51, 51, 51);letter-spacing:normal;orphans:2;text-align:start;text-indent:0px;text-transform:none;white-space:pre-wrap;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;background-color:rgb(255, 255, 255);text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial;display:inline !important;float:none">An independent air-conditioning shop repairs some units and refurbishes second-hand ones in Brgy San Antonio, Quezon City on June 3, 2021. <em>Mark Demayo, ABS-CBN News</em></span><em> </em></span></span></span></span></div><p>MANILA -- Mobile phones remain the top product sold through Home Credit installments across the Philippines, but air conditioning units have also become much sought-after amid the intense heat.</p><div><a href="https://news.abs-cbn.com/news/2024/4/28/philippines-to-endure-extreme-heat-until-mid-may-1321" rel="noopener noreferrer" target="_blank">Philippines to endure extreme heat until mid-May</a></div><p>Home Credit Philippines officials said in 2023 alone, the company financed the purchase of P60 billion worth of goods <span id="isPasted" style="color:rgb(65, 65, 65);letter-spacing:normal;orphans:2;text-align:left;text-indent:0px;text-transform:none;white-space:normal;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;background-color:rgb(255, 255, 255);text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial;display:inline !important;float:none">via installment</span>, half of which were mobile phones. </p><p>But since mid-March when it launched a summer promo, over 1,000 aircon units were sold each day across the country.</p><div><span class="fr-video fr-deletable fr-fvc fr-dvb fr-draggable" contenteditable="false" draggable="true"><iframe width="640" height="360" src="https://www.youtube.com/embed/iSoakFl7zEA?&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe></span><br/></div><p>“This was the time when stores were running out of aircons, and we are happy to be part of making it affordable for those who can pay for the loan. And they can feel cool even in hot summer in the Philippines,” said Zdenek Jankovsky, Chief Business Development Officer, Home Credit Philippines.</p><div><a href="https://news.abs-cbn.com/news/2024/4/24/-so-hot-you-can-t-breathe-extreme-heat-hits-the-philippines-1636" rel="noopener noreferrer" target="_blank">&#x27;So hot you can&#x27;t breathe&#x27;: Extreme heat hits the Philippines</a></div><p>Since 2013, officials said the company disbursed P320 billion worth of loans to over 10 million customers. Most of these loans were under Home Credit&#x27;s installment business, but some were in the cash loan, credit card, and protection or insurance businesses.</p><p>Officials said their services allow many Filipinos access to finance, as financial inclusion remains a challenge for many.</p><p>“Kailangan pa rin talaga ng Filipinos ang access to credit especially if you’re buying mga items more than P5,000- 10,000. Mahirap talaga maglabas ng isang bagsakan,” said Shiela Paul, Chief Marketing Officer of Home Credit.</p><p>(Filipinos need access to credit. especially for items over P5,000- 10,000. It’s hard for them to shell out money one time.)</p><div><a href="https://news.abs-cbn.com/business/05/31/21/are-buy-now-pay-later-loans-ok">Are &#x27;Buy Now, Pay Later Loans&#x27; OK?</a></div><p>Home Credit said it expects even more Filipinos to tap its credit facility this year. The company however is not relaxing its standards for screening borrowers. </p><p>“We are not supporting people in buying things they cannot afford. It needs to be responsible lending,” said Jankovsky.</p><p>So far, the share of non-performing loans for Home Credit remains below 10 percent, the company said.</p><p>Home Credit is eyeing to expand operations this year to increase its 15,000 store partners and to reach more provinces outside Metro Manila. It is eyeing 11 million customers served by the end of the year.</p><div><br/></div><div><strong>RELATED STORY:</strong><br/><span class="fr-video fr-deletable fr-fvc fr-dvb fr-draggable" contenteditable="false" draggable="true"><iframe width="640" height="360" src="https://www.youtube.com/embed/sPg9OIofEZc?autoplay=1&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe></span><br/></div>

<p>More Filipinos are buying their aircon units amid the extreme heat, HomeCredit said.</p>

More Filipinos are buying their aircon units amid the extreme heat, HomeCredit said.

Extreme heat drives up aircon sales, says finance firm

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Extreme heat drives up aircon sales, says finance firm

Jekki Pascual,

ABS-CBN News

Published May 13, 2024 03:39 PM PHT

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Updated May 13, 2024 04:52 PM PHT

Read More:

aircon

extreme heat

Home Credit

consumer finance

personal finance

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