The automotive landscape just became more competitive. The undisputed number 2 carmaker in the Philippines has formed a joint venture with an established bank to help customers with their car purchases. Mitsubishi Motors Corporation (MMC) and Security Bank Corporation have officially introduced Mitsubishi Motors Finance Philippines, Inc. (MMFP). The new company's ownership will be shared by MMC (51%) and Security Bank (49%).
MMFP began operations in five Mitsubishi dealerships last April, and now offers financing solutions across all 67 dealers nationwide. MMFP will be important to Mitsubishi's growth plan in the ASEAN region, where it still retains a strong presence. Mitsubishi Motors Philippines Corporation (MMPC) currently has a 19.5% market share in our market, and it plans to grow that number.
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MMPC sold 91,639 units last year, a 12% year-on-year growth. Buoyed by a growing population and a stable economy, the Philippine automotive market is still on an upward sales trend, and Mitsubishi fully intends to ride that wave. MMFP will be instrumental in this growth role, as most Filipino consumers still purchase their vehicle through financing. While no details were shared, MMFP said it will offer competitive interest rates and monthly payments.
At the launch event, the top officials of Mitsubishi and Security Bank came out in full force to formally introduce the new venture. They even donned ceremonial kimonos at one point to open a sake barrel.
“The official launch of MMFP marks a significant milestone in Mitsubishi Motors’ long-standing journey in the Philippines,” said Takao Kato, president & CEO of Mitsubishi Motors. “We remain committed to the country as one of our most important markets. Through collaboration with MMFP in financing services and Mitsubishi Motors Philippines Corporation in local production and sales, we will continue to grow and serve our customers with excellence.”
“The official launch of MMFP is a milestone that underscores the strengths of our strategic partnerships— with Mitsubishi Motors and Security Bank.” said Sanjiv Vohra, president & CEO of Security Bank. “We’re uniting global expertise with local insight to make car ownership more accessible for Filipinos. Reflecting the Bank’s commitment to BetterBanking, MMFP delivers innovative, reliable financing solutions that empower customers and elevate their quality of life.”
Leading the new enterprise is MMFP president and CEO Satoshi Nakano. “As a joint venture between Mitsubishi Motors and Security Bank, MMFP brings together market leadership and financial expertise to offer accessible, reliable financing. Our shared vision is to enrich Filipino lives by making car ownership more attainable and supporting Mitsubishi Motors’ continued growth in the country.”
