In the Philippines, many adult Filipinos still find it difficult to apply for loans. However, the heavy demand for digital transactions and experiences, accelerated by the Covid-19 pandemic, brought opportunities that led to revolutionizing lending to unbanked Filipinos towards a more financially inclusive Philippines.
Prime Global Finance Corporation (PGFC) — one of the first private lending companies of its type in the country — recently launched its fully automated and digital loan application process for all its clients. PGFC, now celebrating its 25th year in the financing industry, started primarily to support vendors and suppliers who were doing business with the Hortaleza Group of companies. The late 90s saw an economic crisis where taking a bank loan was not possible, and opening up lending to its partners with the ultimate goal of mutual growth led to more business expansions. Fast forward to another recent global crisis, PGFC pushed for another way of doing business — digitalizing its processes and service to customers and loan agents.
“To date, PGFC has been especially providing support to micro, small and medium enterprise businessmen, as a stepping stone for businesses to build its credibility and its financial requirements until it is able to move on to acquiring bank financing on its own,” said Alfonso Hortaleza, General Manager of PGFC said. “For many years, PGFC has been consistently providing financial support to its clients through its portfolio of loan products such as business loans, housing loans, and personal loans, as well as consumer loans to salaried individuals for personal purposes. These loan products have competitive pricing and comes with tailor fitted repayment terms that matches the cash flow of our clients,” he added. PGFC takes pride in providing faster loan approval processing, simple loan requirements and cash flow based repayment on top of very competitive interest rates.
By emphasizing efficiency through digitalized processing of loans, PGFC also recently launched its very own Loan Agent Portal that enables its loan agent partners to efficiently assist and monitor their clients’ end-to-end journey, from application submissions to loan releasing. It also provides its loan agents the best commission program for a financially gratifying partnership.
“With the digital transformation of PGFC, we saw over a thousand additional applications and almost a thousand more loan agents, growing our business by 150% versus the past years. The push for a wider- base reach, enabling online loan applications anytime, anywhere, and shortening the application processing revolutionized the way we do business and financing for more Filipinos,” said Rico Dela Cruz, President of PGFC.
PGFC sets its eyes to have a nationwide reach in the next 5 years. “As a dynamic organization, we have learned that in order to survive any crisis, we must become an agile team that can pivot at any given time and build on whatever platforms that are made available to us,” said Dr. Rolando B. Hortaleza, CEO of PGFC. The company is poised to scale its operations and services, to provide financial assistance to all small and start-up businesses based in other regions in the country, beyond Metro Manila.