The Bank of the Philippine Islands (BPI) sees opportunities in growing its SME business through enterprises that have adopted franchising as a business model.
Junie Veloso, Head of BPI’s Business Banking Segment, said this is one reason why BPI is supporting the 27th Franchise Asia Philippines from March 27 to 31, 2019, at the SMX Convention Center in Manila.
“Franchises already have a tried and tested and ready business model,” he said. “What business owners can do is adapt and tweak it a bit to suit their specific market or geographic location. We aim to make a positive business impact on these SMEs by providing relevant solutions that will help them achieve their business goals.”
In 2018, BPI formed the Business Banking Segment to focus on the special needs of SMEs. BPI’s SME clients mostly have only deposit accounts with BPI, and approximately only 10 percent have availed of BPI’s loan products and other services.
“We believe SMEs play a key role in nation building. The SME market has a huge growth potential and we want to be there when it happens. This is part of what it means for us in BPI to pursue financial inclusion,” said Veloso.
Early this year, BPI engaged a risk management firm, Tongdun International, to implement artificial intelligence solutions that will result in faster automated lending processes and an optimized credit scoring model. Veloso said this is expected to help SMEs, including franchisors and franchisees, who wish to set up or expand their businesses through BPI’s loans and other services.
“Our clients can expect new loan products that will make use of a new score card for faster loan processing and approvals. We continue to make enhancements on our processes, and we’re looking at a 30-day turnaround time for standard applications, and even faster for certain products,” he said.
At this year’s Franchise Asia Philippines, BPI Cardholders (Prepaid, Debit, Credit) can enter for free on the days of the expo by lining up in the exclusive BPI lane and presenting their BPI card along with a valid ID.
With the theme of “Growing Businesses, Building Legacies”, this year’s event, organized by the Philippine Franchising Association (PFA), has been billed as Asia’s 4-in-1 franchise show. It begins with the Certified Franchise Executive Program from March 25-26, followed by the International Conference from March 27-28, and the International Expo from March 29-31. Prospective franchisors and franchisees may also tune in during the Learning and Networking Sessions being help at the expo.
“There are more than 700 homegrown and international brands in the food, retail, and service sectors who will be participating as exhibitors in the event,” said Veloso. “Just like PFA, we hope to open up opportunities for these brands and the many SMEs who wish to create profitable and sustainable businesses.”
