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Manila Bulletin devider Business devider 400 Filipinos rely on Home Credit daily for latest iPhone purchases

400 Filipinos rely on Home Credit daily for latest iPhone purchases

Published Oct 22, 2024 10:37 am

With the launch of the latest iPhone models and appealing financing options, an increasing number of Filipinos are turning to Home Credit Philippines to turn their smartphone dreams into reality.

Consumer finance firm Home Credit expects that iPhone sales in the Philippines will reach P10 billion by the end of the year, a robust 66 percent increase from the P6 billion recorded in 2023.

In realized, this surge would solidify iPhones as Home Credit's best-selling mobile device for the second year running.

“The forecasted surge is based on Home Credit’s strong sales from the previous year and the excitement surrounding Apple’s latest iPhone model releases,” the financing company said.

Last Friday, Apple debuted its iPhone 16 models in the country, with hundreds of enthusiastic customers lined up for days to be the first to own the latest devices.

Despite the excitement, the high price range—between P59,990 and P120,990—may deter some buyers. Nevertheless, Home Credit has reported a 250 percent year-on-year increase in iPhone sales since it began offering financing options in 2013.

According to Home Credit, this trend shows the growing preference among Filipinos for iPhones, which are valued for both personal and professional use.

Apple iPhone sales skyrocketed from over 21,000 units worth P861 million in 2021 to 150,000 units valued at P6 billion in 2023.

On average, Filipinos purchased more than 400 iPhones daily through Home Credit financing last year.

Currently, Home Credit has a total of 445,000 financed iPhone units, equivalent to P17 billion in sales.

“Our sales figures reflect the strong demand for iPhones in the Philippines, and the progression of the mass segment’s aspirations,” Puneet Suneja, Home Credit chief sales officer, said.

“Those who were previously content with mid-tier phones are now earnest in purchasing an iPhone because of flexible plans that allow them to get them for just P50-P60 per day,” Suneja added. (Derco Rosal)

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