Mitsubishi Motors Philippines Enters Automobile Financing Market Through Joint Venture With BDO, Sojitz and JACCS
Mitsubishi Motors Philippines Corp. (MMPC), Sojitz Corp., JACCS Co., Ltd, and BDO Leasing and Finance, Inc. (BDOLF) has signed a partnership agreement to establish an automotive financing services company that will exclusively cater on financing brand new Mitsubishi Motors vehicles. Signing the agreement were MMPC President and CEO Mr. Yoshiaki Kato, Sojitz Corp.’s Mr. Mikihisa Takayama, JACCS president Mr. Yasuyoshi Itagaki and BDO Mr. Nestor V. Tan. This joint venture will be named as “MMPC Auto Financial Services Corp.” or MAFS and is expected to be operational by June of this year. Heading this newly established auto financing services company will be a nominee from Sojitz Corp.
MAFS has a capital stock of Php 750 million and is 60% owned by foreign companies, MMPC, Sojitz Corp. and JACCS with shares of 5%, 35% and 20% respectively. BDOLF, a subsidiary of the country’s largest bank (BDO) owns the remaining 40% shares.
Thru the establishment of MAFS, customers will gain more financing options that will perfectly suit their capacity. MAFS will be dedicated in providing attractive and flexible financing packages for customers aiming to own a brand new Mitsubishi vehicle. With the continued growth of the local automotive industry, MAFS projects to finance a total of 20,000 units by the year 2020.