The Philippine Finance Association welcomed its new set of officers and directors at their recent General Membership meeting. The association, which is made up of key members from various businesses and associations in the leasing and finance industries, has its sights focused on its advocacies of promoting broader financial inclusion and product innovation in the local landscape.
This year, however, the PFA is also actively working with the Securities and Exchange Commission (SEC) which is currently making big strides in Regulatory Frameworks and Consumer Protection. SEC Commissioner Kelvin Lee–who attended the event as its induction officer–stressed the importance of proper regulation in the industry, especially at a time when consumers are plagued by abusive collection practices and committed by small-time, unregistered online lending companies.
Newly-appointed PFA President Jude Romano, who is also Home Credit Philippines’ Head of External Affairs, promised to work closely with the regulating body to make sure that the industry remains attractive to consumers. He shared, “The PFA fully supports the regulatory orders of the SEC. We are going to provide the help and support we can to encourage all the players in this business to do the same. After all, one bad experience from a company can disrupt the reputation of the whole industry.”
Home Credit Philippines is the leading in-store installment loan provider in the country. The company, which currently has more than 5.5 million customers, has recently expanded its products to include cash loans for new customers and credit cards for existing customers.