Citi, the largest foreign bank in the Philippines in terms of asset base, has expanded its joint social finance programme with Home Credit Philippines by increasing its credit facility to 820 million pesos (US$14.34 million), up from 420 million pesos approved and drawn in May.

Home Credit Philippines is the largest consumer finance company in the country. As of the end of July 2022, it has already served 8.7 million customers all over the country through a selection of affordable and accessible financing products.

From April to July of this year, the company has already provided consumer financing of over 5 billion pesos to almost half a million Filipinos, half of whom were female customers, to support their mobile device purchases.

The social finance facility is expected to promote greater financial inclusion for Filipinos in support of the mobile segment and is expected to not just increase connectivity but to also improve lives by enabling greater access to essential services like online banking, financial literacy, online education and entrepreneurial activities.

This transaction contributes to Citi’s US$1 trillion commitment to sustainable finance by 2030, specifically supporting the social finance criteria of economic inclusion, which is to improve access to credit and financial services in vulnerable or underserved communities, including micro, small, and medium enterprise financing.