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Manila Bulletin devider Business devider The Stock Market devider Toyota's financing arm plans ₱5-billion bond offering

Toyota's financing arm plans ₱5-billion bond offering

Published Aug 14, 2025 02:31 pm
Toyota Financial Services Philippines Corp. (TFSPH), and affiliate of GT Capital Holdings Inc., is planning to raise ₱5-billion through the first issuance from its ₱20-billion fixed-rate bond program.
In line with this, Philippine Rating Services Corp. (PhilRatings) said it has assigned its highest issuer credit rating of PRS Aaa (corp.), with a stable outlook TFSPH.
A company rated PRS Aaa (corp.) has a very strong capacity to meet its financial commitments relative to that of other Philippine corporates. A stable outlook indicates that the assigned rating is likely to be maintained in the next 12 months.
PhilRatings said the assigned rating and outlook consider TFSPH’s strong and highly supportive shareholders, the solid franchise of the Toyota brand, the company’s good asset quality, and its sustained revenue growth supported by loan portfolio expansion.
Established in 2002, TFSPH provides financing and leasing services to Toyota customers in the Philippines, as well as inventory stock financing to Toyota dealers nationwide.
It supports Toyota sales in the country, in line with Toyota Motor Corp.’s (TMC) global objectives. As such, the company enjoys direct access to Toyota Motor Philippines’ (TMP) clients and prospects.
As of end-2024, TMP remained as the dominant player in the domestic automobile industry with a market share of 46 percent and is expected to maintain its market-leading position going forward.
TFSPH, in turn, reportedly registers a market penetration (of Toyota sales) of about 30 percent. TFSPH considers prospective Toyota automobile buyers as its captive market, backed by strong client referrals from Toyota dealers and distributors.
TFSPH is 60-percent-owned by Toyota Financial Services Corp. (TFSC) and 40-percent-owned by GT Capital. TFSC, fully owned by TMC, is a leading Japan-based financial services group that operates in more than 37 countries.
In the last five years, TFSC and GT Capital infused ₱4 billion in additional capital in TFSPH: ₱2 billion in November 2020 and ₱2 billion in December 2021.
TFSPH consistently achieved double-digit growth in its loans and receivables from end of fiscal year (FY) 2020 to end-FY 2024. The company’s loan portfolio grew from ₱75.4 billion as of end-FY 2020 to ₱140.2 billion as of end-FY 2024, posting a compounded annual growth rate (CAGR) of 16.7 percent.

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Philippine Rating Services Corporation Toyota Financial Services Phiippines Corporation
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