Home Credit, Citi ink social financing facility to expand Filipinos’ access to mobile services, to support women

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Leading global consumer finance company Home Credit has inked a P420 million (8.2 million USD) social financing facility with the country’s largest foreign bank Citi to further promote greater financial inclusion in the Philippines.

This loan agreement of Home Credit Philippines (HC Consumer Finance Philippines, Inc.) with Citi (Citibank N.A. – Philippine Branch) is expected to support purchases of mobile devices in the Philippines, about half of it would be for women. This also enables them to access features of a digital device such as online banking, tracking financial progress, installing productivity apps for their business, among others.

Borrowers can apply for a loan at Home Credit Philippines’ thousands of partners. They can also apply for a loan through Home Credit’s App.

Standing L-R: Kel Fabian, Citibank Relationship Associate; Carmela Ongsiapco, HCPH Senior Corporate Lawyer; Henry Segovia, HCPH Business Development and Funding Manager; Victoria Tupaz, HCPH Head of Funding; Vincent Lopez, Citibank Senior Relationship Manager

Seated L-R: Fernando Fleury, Citibank Corporate Banking Head; Zdenek Jankovsky, HCPH Corporate Treasurer and Chief Business Development Officer; Ajay Paul, Citibank Global Subsidiaries Group Head

“This loan facility is a continuation of a deliberate strategy at Home Credit to pursue innovative and sustainable funding options for our business. Empowering our customers to live better lives is a core part of our approach. This loan is another example of how we are working to deliver sustainable, responsible financial services and products in developing markets,” said Jean Lafontaine, Head of Funding, M&A and Investor Relations, Home Credit Group

Borrowing at the “point-of-sale” as offered by Home Credit is the first experience many Filipinos have of any kind of credit. This inclusive loan is especially targeted at women, who comprise around 50% of Home Credit’s total borrowers.

“Today’s announcement marks an exciting new chapter in Home Credit’s story in the Philippines. I am proud that the measured KPIs of the loan will be particularly beneficial to our female customers. The combination of safe access to responsible financial services and digital technology has the potential to have a transformative effect for Filipinos across the country,” said David Minol, President and Chief Executive Officer of Home Credit Philippines.

The facility is a social loan which qualifies under the “S” of both company’s approach to Environmental, Social and Governance (ESG). It will be monitored every quarter through a certification detailing the “mobile-point of sale” portfolio for key performance indicators (KPIs) including the number of new digital devices (including smartphones) financed and percentage of female borrowers.

“Supporting basic digital infrastructure is a tenet of Citi’s approach to social financing in emerging economies. Through Citi’s first social finance facility we would like to give more Filipinos safe access to affordable financial services to grow their business, and in this way affirm our commitment to the country as we celebrate our 120th year in the Philippines,” said Citi Philippines CEO Aftab Ahmed.

This transaction contributes to Citi’s $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 (MSME) financing. It will also generate employment opportunities as well as improve public spaces and community resources.

Citi strengthens partnership with Land Bank with cross border payment solutions

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Citi, through Citibank Europe PLC, has signed an agreement with Land Bank of the Philippines to be the exclusive payment service provider for cross border solutions via Citi’s WorldLink® Payment Services. The partnership enables Land Bank to extend their payment service networks to include over 40 currencies, allowing the government-owned bank to deliver funds to beneficiaries around the globe in the currency that they need.

Citi Philippines CEO Aftab Ahmed (3rd from right) celebrates the partnership with a handshake with Land Bank of the Philippines president and CEO Alex Buenaventura (3rd from left). They are joined by (L-R): Treasury and Trade Solutions country head Arlene Nethercott, Land Bank Treasury and Investment Banking Sector head Carel Halog, Citi ASEAN Treasury and Trade Solutions head Debopama Sen and Corporate and Investment Banking head Vikram Singh.

The partnership was commemorated last November 8 by representatives of Citi and Land Bank of the Philippines, led by Land Bank president and CEO Alex Buenaventura, Land Bank Treasury and Investment Banking Sector head Carel Halog, Citi Philippines

CEO and country officer Aftab Ahmed, Citi ASEAN Treasury and Trade Solutions (TTS) head Debopama Sen, Treasury and Trade Solutions country head Arlene Nethercott, Corporate and Investment Banking (CIB) head Vikram Singh, and CIB Public Sector head Aesha Pabillon.

At the event, Citi and Land Bank recognized the importance of the partnership and potential for the platform to drive improved operational efficiency through cost savings for Land Bank and other government agencies.

“Through this partnership and with the use of WorldLink®, we hope our government agencies will be more efficient, transparent and provide better service to Filipinos here and overseas,” said Land Bank president and CEO Alex Buenaventura.

According to Citi’s ASEAN TTS head Debopama Sen, “We value this partnership with Land Bank and the opportunity to showcase Citi’s comprehensive range of digitally enabled treasury, trade and liquidity management solutions.”

WorldLink®, Citi’s leading cross-border payments solution is used by over 1,200 financial institutions globally, to efficiently make payments in more than 130 currencies and 195 countries. WorldLink® offers an unparalleled solution delivering cost efficiencies, automation, consistent reporting, robust security, and compliance with evolving and complex regulatory requirements.

Citi sees strong investment opportunities in 2019 amid ongoing global volatility

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Spearheading the Citigold Chinese New Year 2019 Outlook were (left to right) Citi consumer bank head of sales and distribution Therese Chan, consumer banking head Manoj Varma, CEO Aftab Ahmed and retail bank head Rene Aguirre

Citi, the country’s leading foreign bank, sees strong investment opportunities for clients despite global market volatility. At a series of 2019 outlook events, Citigold clients heard expert views on the current market environment and implications for investment strategy. 

Citi’s consumer banking head Manoj Varma welcomed Citigold clients. “Today’s event is about sharing global and local expertise so you can be aware of the many investment opportunities during this current period of global volatility,” said Varma. He added that diversification across asset classes, geographies and strategies will be essential in 2019.

According to Ramon Tejero, Citicorp Financial Services and Insurance Brokerage Inc. (CFSI) investment product head, the Philippine equities market has performed better than fixed income over the last 10 years despite ongoing volatility. “Equities continue to perform well compared to a continued structural trend for lower bond yields, despite a recent spike in the market,” explained Tejero. 

Tejero also said that the Philippine peso will likely remain weak given pressures on external balances. “Foreign exchange can be used to access global markets rather than be seen as a source of returns,” he suggested

Citi believes the Philippine economy will continue on its growth path despite challenges in the global economy. Citi forecasts GDP will grow 6.5% in 2019 and expects inflation to average 3.2% in 2019.

“We aim to keep Citigold clients up-to-date on the latest market and economic developments so they can be empowered to make informed investment decisions to grow and protect their wealth,” said Rene Aguirre, Citi retail bank head. “Continuous innovation has been a key focus for us, from digital solutions to new investment products. For example, our Qualified Buyer Program enables qualified clients to access a wide range of offshore investment products in various asset classes.”

As the preferred wealth management partner in Asia and in the country, Citigold helps clients grow, manage and protect their wealth, and secure their financial future with ateam of experts, unmatched research services, world-class products, global access, and exclusive privileges and rewards. For more information, visit www.citibank.com.ph.

16th Citi Microentrepreneurship Awards launched - The search is on and nominations are underway for the most inspiring micro business owners nationwide

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Bangko Sentral ng Pilipinas (BSP) governor Nestor A. Espenilla, Jr. and Citi Philippines CEO Aftab Ahmed jointly announced the launch of the 16th Citi MicroentrepreneurshipAwards (CMA) during the recently held annual conference of the Microfinance Council of the Philippines, Inc. (MCPI).

L-R) Microfinance Council of the Philippines, Inc. chair Fr. Jose Victor Lobrigo; Citi Philippines CEO Aftab Ahmed and Bangko Sentral ng Pilipinas governor Nestor Espenilla, Jr.

Since its inception in 2002, the CMA awards program, a partnership among BSP, CitiPhilippines and MCPI, with funding support from Citi Foundation, has been steadfast in its commitment towards recognizing entrepreneurs who have beat the odds, lifting themselves and others out of poverty. The awards also recognize the strong support from microfinance institutions as key partners, underscoring the role these organizations play in financial inclusion and enterprise development. 

In his keynote speech, governor Espenilla took note of how digital technology has made an impact in the development of microfinance in the country. “The digital revolution is fundamentally reshaping the financial inclusion landscape and traditional financial value chains,” he said. “Rapid digital innovations in financial technologies have led to the emergence of more dynamic business models.”

"Amidst all the talk of technology and disruption, it is only appropriate that we continue to showcase inspiring stories through the Citi Microentrepreneurship Awards, which has served as a vehicle for inspiring microentrepreneurs nationwide to achieve greater heights,” says Espenilla.

The event saw the introduction of the commemorative book “From Modest Dreams to Microentrepreneurial Triumphs,” which shares success stories of past CMA winners, inspiring tales of winning against adversity through hard work and perseverance.

In his remarks, Citi’s Ahmed said: “The Citi Microentrepreneurship Awards are about the passion, energy, and commitment of microentrepreneurs who want to do better for themselves and their families. At Citi, we are proud to help people pursue their dreams because we are committed to making a difference in the communities where we live and work.”

Governor Espenilla and Aftab Ahmed serve as co-chairpersons of the CMA National Selection Committee. Other members include industry and community leaders such as Ayala Corporation president Fernando Zobel de Ayala; RFM Corporation president and CEO Jose Ma. Concepcion III; GMA Network, Inc. chairman and CEO Atty. Felipe Gozon; former Philippine Daily Inquirer chairperson Marixi Rufino-Prieto; DTI secretary Ramon Lopez; SPARK! Philippines trustee Imelda Nicolas; SM Investments Corporation vice chair Teresita Sy-Coson; Voyager Innovations, Inc. president Orlando Vea; National MSME Development Council-Mindanao Private Sector representative Mary Ann Montemayor; and University of the Philippines Diliman chancellor Dr. Michael Tan.

The awards are open to microenterprises with business assets up to PhP3 million. The award categories are Microentrepreneur of the Year Award, regional awardees from the three major island groups (Luzon, Visayas, and Mindanao), Youth Microentrepreneur of the Year, and special awards for agri micro-business, community leadership, and green/sustainable business.

The national winner of the Citi Microentrepreneurship Awards will receive PhP200,000while the three regional awardees, the youth awardee, and special awardees will each get PhP100,000. The loan officers and MFI branches of each awardee are also given acash incentive of PhP10,000. Semi-finalists will receive a cash incentive of PhP10,000.

In addition to cash prizes, long-term sustainability of the winning microenterprises is of vital importance, thus, entrepreneurship training and mentoring is also provided at the Citi Microenterprise Development Center.

Level up your wardrobe with Citi PayLite

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Now is the perfect time to upgrade your wardrobe as Citi and ZALORA keep you in style. 

Get ZALORA e-Gift Cards when you shop at 0% Citi PayLite until October 31, 2018. E-Gift cards may be redeemed until January 1, 2019. 

For a minimum single-receipt PayLite spend of P10,000 at any Citi PayLite enabled partner-merchant, you get a P500 ZALORA e-Gift Card. You can also get a P1,000 ZALORA e-Gift Card for every minimum single-receipt PayLite spend of P25,000. 

Citi credit cardholders who qualify will receive a claim code via email. To make sure your email address is updated, visit www.citibank.com.ph/myprofile. 

Once you have received the ZALORA e-Gift Card Code, launch the ZALORA app on your smartphone and log in to your account. Tap the ZALORA wallet on the left panel and enter the e-Gift Card code. Your e-Gift Card will be credited automatically to your account. 

Hurry and avail of Citi PayLite to get your ZALORA e-Gift Card. 

To know more about this exciting offer, visit www.citibank.com.ph/paylite.

Citi gives back to community

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More than 5,000 Citi Philippines employees, with their families and friends, marked recently the bank’s annual Global Community Day (GCD) by doing various service activities in their local communities.

Citi Philippines CEO Aftab Ahmed (center) with Citi volunteers at the
Upper Bicutan Elementary School in Taguig

“Citi is committed to making a positive difference in the Philippines. Participation in our Global Community Day continues to grow every year and I’m proud to volunteer alongside more than 5,000 of my colleagues and members of their families,” said Citi Philippines chief executive officer Aftab Ahmed. 

This year, GCD volunteers took part in Brigada Eskwela, an annual project of the Department of Education to prepare public schools for a new school year. In five days, Citi volunteers painted classroom desks and chairs, cleaned schools, brought plants and refurbished textbooks. They also helped build and paint 10 homes and prepare for planting lots in Cavite; conducted workshops on career readiness, finance and legal matters; donated clothes and toys and showed a movie for street children; and took part in the Freedom Walk to raise awareness of and respect for people with disabilities.

Citi ASEAN & Philippines operations and technology head Abhijit Kumta (right) and Citi ASEAN & Japan finance and risk shared services head Jim McCue (left) at the Gawad Kalinga Bayanihan Village in Cavite

Citi Philippines chief finance officer Martin McLeod
at the Sto. Nino Elementary School in Marikina

Citi consumer business risk management head Erwin Wiriadi at the Ninoy Aquino Elementary School in Malabon

This year’s GCD partners were the Philippine Business for Social Progress, Gawad Kalinga, Bayan Academy, ChildHope Philippines, Habitat for Humanity, GMA Kapuso Foundation, World Vision Foundation and the Philippine Foundation for the Rehabilitation of the Disabled. 

(L-R) Pasig City vice mayor Iyo Bernardo, Philippine Federation for the Rehabilitation of the Disabled (PFRD) president Manuel Agcaoili and Citi Philippines CEO Aftab Ahmed

Globally, more than 100,000 Citi volunteers from over 450 cities across 90 countries and territories participated in 1,400 service projects helping to address a range of community needs. Citi has contributed nearly four million hours of service to GCD projects in hundreds of cities since the initiative was launched in 2006. 

(L-R) Citi talent and learning development head Agnes Mondonedo, Citi public affairs head Lisa Coory, and country human resources officer Sarab Singh at Bayan Academy

i country legal head Pia Lacson (left) and Atty. Riza Del Rosario at Bayan Academy

To learn more about Citi’s citizenship efforts across the globe and to review the 2017 Global Citizenship Report, visit http://citizenship.citigroup.com.

Next generation Citi mobile app for seamless digital banking experience

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Mobile banking is now better, faster and more convenient with the next generation Citi Mobile App. Loaded with new features and a fully redesigned cards dashboard for a more personal and seamless customer experience, the app lets Citi credit cardholders lock and unlock their credit card, download and view their statements electronically, convert retail transactions to installments, get a snapshot view of their accounts and pay their bills, in a few simple clicks.

 

The next generation app was launched by (L-R): Citi Philippines consumer customer franchise head Roy Villareal, CEO Aftab Ahmed and consumer business head Manoj Varma. For more features and info, visit www.citibank.com.ph. 

Citi sees continued growth opportunities in Asia

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Global fund managers turn to the region in the face of volatility and uncertainty

Citi remains bullish about the growth prospects in Asia, as global investors turn to the region in the face of volatility in Europe and North America and general uncertainty in the markets. 

Citi shared key investment trends and macroeconomic views during the Citi Investor Conference 2018 at the Citi Plaza building in Taguig.  

“Global fund managers are looking carefully at Asia, and China is a big part of that,” said Julia Raiskin, head of Investor Sales, Asia Pacific, at Citi. “Interest in the region is partly due to the inclusion of 200 large cap Chinese stocks in the MSCI, as well as the opening of the China Bond Connect.”

(L-R) Citi Investor Sales Asia Pacific head Julia Raiskin, Citi Philippines Country Treasurer and Global Markets and Securities Services head Paul Favila and Citi Asia Pacific Economic and Market Analysis head Johanna Chua

According to Raiskin, global fund managers are investing in equities and fixed income as top choices, with local currency bonds becoming increasingly attractive. “Investors are looking into more liquid markets – Hong Kong, Australia and, gradually, ASEAN,” she said. “Intra-Asia flows are also increasing with key corridors flowing from China, Japan and Korea to ASEAN.”

Citi notes that intra-Asia trade corridors have the potential to pick up slack from China and U.S. supply chains that may be threatened. 

“This region represents a much bigger opportunity as it is currently under-penetrated,” said Johanna Chua, head of Asia Pacific Economic Analysis at“Citi. Industries are well developed, but the long-term savings industry and asset management is not. So we’re seeing bigger allocations towards Asia from fund managers.” 

Philippine equities are underweight in Citi’s global equity allocation due to broad-based, cyclical upswings and the performance of other economies, explained Chua. But recent data has been good, given increased government spending and the peso stabilizing. “There’s a lot of traction growth,” Chua said. “The growth story is there.”

To spur further growth, Citi says the key is more foreign direct investments. “We need more FDI. The Philippines is still conservative with regards to foreign financing,” Chua said.

Infrastructure is seen as a key growth driver, especially the government’s ongoing ‘Build, Build, Build’ program. Additional growth drivers include services exports such as tourism, manufacturing with preferential tax treatments, and agricultural development and energy.

“As the contracts of the IPPs (Independent Power Producers) expire in 2020, power and energy will potentially be huge growth drivers for the Philippine economy,” said Paul A. Favila, head of Markets and Securities Services. 

Overall, Citi explained that last year was a good year for everybody and moving forward, 2018 is progressing well. “There are a lot of good things going for the Philippines,” said Chua. “It’s one of the only economies without any fuel subsidies and domestic demand story in the Philippines has traction, especially on the investment side.”

Citi’s GDP growth projection for the Philippine economy is 6.9% in 2018.

Cardless ATM withdrawals now possible with Citi

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Citibank, the country’s leading global bank, continues to pursue innovation in order to enhance the banking experience of their customers. Cardless ATM withdrawals from debit accounts are now possible in all Citibank ATMs.

You don’t have to visit a Citibank branch and do tedious over-the-counter withdrawals when you forget your Citibank Debit Card and are in immediate need of cash. With the cardless cash withdrawal facility, you may simply set up a cardless cash withdrawal in Citibank Online or your Citi Mobile App, with a One-Time PIN (OTP) sent via SMS. Then, proceed to the nearest Citibank ATM, where you will receive a second OTP which you need to input before you get your cash.  This new feature of Citibank ATMs is free of charge and can also minimize fraud and ATM skimming.

Experience secure cardless cash withdrawals with the latest ATM feature from Citi.

 For more information, log on to www.citibank.com.ph.

Citi joins Freedom Walk 2018

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More than 400 passionate volunteers from Citi Philippines led by country Chief Executive Officer Aftab Ahmed turned up in full force during the recently held Freedom Walk 2018, with the local government of Pasig as this year’s host city. 

With the theme “Every Rightful Step, All Barriers We Break”, the Freedom Walk is co-chaired by non-governmental organizations, Alyansa ng May Kapansanang Pinoy (AKAP-Pinoy) and Philippine Foundation for the Rehabilitation of the Disabled, Inc. (PFRD) as an expression of the desire of persons with disabilities (PWDs) to be free from discrimination and inequality. Shown in photo receiving Citi’s plaque of appreciation is Aftab Ahmed together with PFRD’s president Manuel V. Agcaoili.

Tens of thousands of Citi volunteers celebrate Global Community Day in the Philippines

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Citi recently celebrated its annual Global Community Day, as more than 5,000 Citi volunteers in the Philippines engage in service activities in their local communities. 

In the days leading up to and including Global Community Day, more than 100,000 Citi colleagues, alumni, clients, family and friends in more than 450 cities across 90 countries and territories volunteer on 1,400 service projects that are helping address a range of community needs, from feeding the hungry to revitalizing schools for a better learning environment to preparing young people for jobs.

Annual event contributes nearly four million hours of service since launch

Citi Philippines CEO Aftab Ahmed is joined by more than 300 volunteers to paint chairs and cover books for “Brigada Eskwela” at the Upper Bicutan Elementary School in Taguig, as part of Citi’s worldwide Global Community Day celebration

On Global Community Day, Citi volunteers invest their time and efforts alongside community and nonprofit partners on service opportunities that help create thriving neighborhoods. Some of these volunteer efforts complement the year-round philanthropic and business-led initiatives, including the Citi Foundation’s Pathways to Progress, that help make our communities stronger. 

“Citi is committed to making a positive difference in the Philippines. Participation in our Global Community Day continues to grow every year and I’m proud to volunteer alongside more than 5,000 of my colleagues and their family members,” said Citi Philippines chief executive officer Aftab Ahmed.

Since the inaugural Global Community Day in 2006, Citi volunteers have contributed nearly four million hours of service to Global Community Day projects in hundreds of cities. 

For this year’s GCD, volunteers got to take part in the Brigada Eskwela where they painted classroom desks and chairs, cleaned classrooms, potted plants and refurbished textbooks for the new school year. They also helped build and paint 10 homes and clear and plough nearby plots in Cavite; conducted workshops on career readiness and finance and legal matters; donated and sorted clothing and toys and watched a movie in cinema with street children; and took part in the Freedom Walk to raise awareness and respect for people with disabilities.

This year’s GCD partners were the Philippine Business for Social Progress (PBSP), Gawad Kalinga, Bayan Academy, ChildHope Philippines, Habitat for Humanity, GMA Kapuso Foundation, World Vision Foundation and the Philippine Foundation for the Rehabilitation of the Disabled (PFRD).

To learn more about Citi’s citizenship efforts across the globe and to review the 2017 Global Citizenship Report, visit http://citizenship.citigroup.com.

Swipe for summer treats with Citi

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Beat the summer heat with the refreshing and cool Swipe for a Treat promo from Citi, the country’s leading global bank. 

This latest offer from Citi, open to all principal and supplementary cardholders, lets you earn eGift vouchers that you can use in over 15 partner merchants across the country until July 15, 2018. 

“Summer in the Philippines is a very special time,” said Manoj Varma, Citi Philippines consumer business head. “To make the summer experience more enjoyable for our cardholders, Citi is offering exciting treats through our ‘Swipe for a Treat’ promo. We hope that our customers enjoy the selection of cool treats for their summer adventure.”

To avail of the promo, register an account with winwithciti.com with the unique password sent by Citi, and make a qualifying minimum single-receipt purchase of at least P3,000 using your Citi card. You can also earn the free treats by using the 0% Citi Paylite for purchases, payable for up to three months. 

Redeem your eGift vouchers on the promo website two days after the posted transaction. You can use the eGifts at merchants such as Krispy Kreme, Mrs. Fields, Foodee Global Concept restaurants, Coffee Bean & Tea Leaf, ChaTime, Bruno’s Barbers, Happy Skin, Plains and Prints, Bioessence, Watch Republic, Planet Sports, Silicon Valley, Digital Walker, Ideal Vision and Lay Bare. Each cardholder can redeem up to 30 eGifts. 

Swipe now and get these summer treats from Citi. For more details on this promo, you may visit www.citibank.com.ph/treats.