Mitsubishi Motors Philippines Corp. (MMPC) said it was entering the financing market through a partnership with Sojitz Corp., JACCS Co. Ltd, and BDO Leasing and Finance Inc. (BDOLF).
In a statement, MMPC said the four partners intended to form a joint venture automotive financing services company that would focus on financing brand-new Mitsubishi vehicles.
Called MMPC Auto Financial Services Corp. (MAFS), the joint venture is expected to be operational by June, with a representative of Sojitz taking the helm.
MAFS has a capital stock of P750 million and is 40-percent owned by BDOLF, a subsidiary of BDO.
The other three partners, all foreign firms, share among them the rest of the equity at 5 percent for MMPC, 35 percent for Sojitz, and 20 percent for JACCS.
“Through the establishment of MAFS, customers will gain more financing options that will perfectly suit their capacity,” MMPC said.
“With the continued growth of the local automotive industry, MAFS projects to finance a total of 20,000 units by the year 2020,” it added.