July 18, 2018, 4:57 am
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1 Philippine Peso = 0.06864 UAE Dirham
1 Philippine Peso = 2.00897 Albanian Lek
1 Philippine Peso = 0.03439 Neth Antilles Guilder
1 Philippine Peso = 0.50824 Argentine Peso
1 Philippine Peso = 0.02516 Australian Dollar
1 Philippine Peso = 0.03326 Aruba Florin
1 Philippine Peso = 0.03738 Barbados Dollar
1 Philippine Peso = 1.56345 Bangladesh Taka
1 Philippine Peso = 0.03139 Bulgarian Lev
1 Philippine Peso = 0.00707 Bahraini Dinar
1 Philippine Peso = 32.72248 Burundi Franc
1 Philippine Peso = 0.01869 Bermuda Dollar
1 Philippine Peso = 0.02526 Brunei Dollar
1 Philippine Peso = 0.1282 Bolivian Boliviano
1 Philippine Peso = 0.07195 Brazilian Real
1 Philippine Peso = 0.01869 Bahamian Dollar
1 Philippine Peso = 1.282 Bhutan Ngultrum
1 Philippine Peso = 0.19138 Botswana Pula
1 Philippine Peso = 374.13568 Belarus Ruble
1 Philippine Peso = 0.03734 Belize Dollar
1 Philippine Peso = 0.02459 Canadian Dollar
1 Philippine Peso = 0.01871 Swiss Franc
1 Philippine Peso = 12.14969 Chilean Peso
1 Philippine Peso = 0.12502 Chinese Yuan
1 Philippine Peso = 53.37133 Colombian Peso
1 Philippine Peso = 10.54401 Costa Rica Colon
1 Philippine Peso = 0.01869 Cuban Peso
1 Philippine Peso = 1.76603 Cape Verde Escudo
1 Philippine Peso = 0.4139 Czech Koruna
1 Philippine Peso = 3.31714 Djibouti Franc
1 Philippine Peso = 0.11919 Danish Krone
1 Philippine Peso = 0.92375 Dominican Peso
1 Philippine Peso = 2.19884 Algerian Dinar
1 Philippine Peso = 0.25015 Estonian Kroon
1 Philippine Peso = 0.3334 Egyptian Pound
1 Philippine Peso = 0.51037 Ethiopian Birr
1 Philippine Peso = 0.01599 Euro
1 Philippine Peso = 0.03902 Fiji Dollar
1 Philippine Peso = 0.01411 Falkland Islands Pound
1 Philippine Peso = 0.01412 British Pound
1 Philippine Peso = 0.08949 Ghanaian Cedi
1 Philippine Peso = 0.88526 Gambian Dalasi
1 Philippine Peso = 168.36105 Guinea Franc
1 Philippine Peso = 0.13998 Guatemala Quetzal
1 Philippine Peso = 3.87012 Guyana Dollar
1 Philippine Peso = 0.14665 Hong Kong Dollar
1 Philippine Peso = 0.44715 Honduras Lempira
1 Philippine Peso = 0.11858 Croatian Kuna
1 Philippine Peso = 1.25939 Haiti Gourde
1 Philippine Peso = 5.1596 Hungarian Forint
1 Philippine Peso = 268.604 Indonesian Rupiah
1 Philippine Peso = 0.06791 Israeli Shekel
1 Philippine Peso = 1.27993 Indian Rupee
1 Philippine Peso = 22.12671 Iraqi Dinar
1 Philippine Peso = 807.13885 Iran Rial
1 Philippine Peso = 2.0015 Iceland Krona
1 Philippine Peso = 2.42478 Jamaican Dollar
1 Philippine Peso = 0.01324 Jordanian Dinar
1 Philippine Peso = 2.09923 Japanese Yen
1 Philippine Peso = 1.87722 Kenyan Shilling
1 Philippine Peso = 1.27646 Kyrgyzstan Som
1 Philippine Peso = 75.63072 Cambodia Riel
1 Philippine Peso = 7.88806 Comoros Franc
1 Philippine Peso = 16.81929 North Korean Won
1 Philippine Peso = 21.08952 Korean Won
1 Philippine Peso = 0.00566 Kuwaiti Dinar
1 Philippine Peso = 0.01532 Cayman Islands Dollar
1 Philippine Peso = 6.39993 Kazakhstan Tenge
1 Philippine Peso = 157.01738 Lao Kip
1 Philippine Peso = 28.13493 Lebanese Pound
1 Philippine Peso = 2.97982 Sri Lanka Rupee
1 Philippine Peso = 2.97197 Liberian Dollar
1 Philippine Peso = 0.24762 Lesotho Loti
1 Philippine Peso = 0.05697 Lithuanian Lita
1 Philippine Peso = 0.0116 Latvian Lat
1 Philippine Peso = 0.02562 Libyan Dinar
1 Philippine Peso = 0.17688 Moroccan Dirham
1 Philippine Peso = 0.31088 Moldovan Leu
1 Philippine Peso = 0.98075 Macedonian Denar
1 Philippine Peso = 26.55578 Myanmar Kyat
1 Philippine Peso = 45.74846 Mongolian Tugrik
1 Philippine Peso = 0.15104 Macau Pataca
1 Philippine Peso = 6.63427 Mauritania Ougulya
1 Philippine Peso = 0.6382 Mauritius Rupee
1 Philippine Peso = 0.29097 Maldives Rufiyaa
1 Philippine Peso = 13.33283 Malawi Kwacha
1 Philippine Peso = 0.35287 Mexican Peso
1 Philippine Peso = 0.07569 Malaysian Ringgit
1 Philippine Peso = 0.24767 Namibian Dollar
1 Philippine Peso = 6.69034 Nigerian Naira
1 Philippine Peso = 0.58456 Nicaragua Cordoba
1 Philippine Peso = 0.15155 Norwegian Krone
1 Philippine Peso = 2.04691 Nepalese Rupee
1 Philippine Peso = 0.02764 New Zealand Dollar
1 Philippine Peso = 0.00719 Omani Rial
1 Philippine Peso = 0.01869 Panama Balboa
1 Philippine Peso = 0.06103 Peruvian Nuevo Sol
1 Philippine Peso = 0.06077 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.27135 Pakistani Rupee
1 Philippine Peso = 0.06898 Polish Zloty
1 Philippine Peso = 106.5969 Paraguayan Guarani
1 Philippine Peso = 0.06802 Qatar Rial
1 Philippine Peso = 0.07424 Romanian New Leu
1 Philippine Peso = 1.1686 Russian Rouble
1 Philippine Peso = 15.92992 Rwanda Franc
1 Philippine Peso = 0.07008 Saudi Arabian Riyal
1 Philippine Peso = 0.14699 Solomon Islands Dollar
1 Philippine Peso = 0.25089 Seychelles Rupee
1 Philippine Peso = 0.33555 Sudanese Pound
1 Philippine Peso = 0.16567 Swedish Krona
1 Philippine Peso = 0.02551 Singapore Dollar
1 Philippine Peso = 0.01412 St Helena Pound
1 Philippine Peso = 0.41499 Slovak Koruna
1 Philippine Peso = 153.24238 Sierra Leone Leone
1 Philippine Peso = 10.65221 Somali Shilling
1 Philippine Peso = 391.8333 Sao Tome Dobra
1 Philippine Peso = 0.16352 El Salvador Colon
1 Philippine Peso = 9.624 Syrian Pound
1 Philippine Peso = 0.24803 Swaziland Lilageni
1 Philippine Peso = 0.62213 Thai Baht
1 Philippine Peso = 0.04953 Tunisian Dinar
1 Philippine Peso = 0.04334 Tongan paʻanga
1 Philippine Peso = 0.09042 Turkish Lira
1 Philippine Peso = 0.12621 Trinidad Tobago Dollar
1 Philippine Peso = 0.57118 Taiwan Dollar
1 Philippine Peso = 42.3846 Tanzanian Shilling
1 Philippine Peso = 0.48981 Ukraine Hryvnia
1 Philippine Peso = 69.93085 Ugandan Shilling
1 Philippine Peso = 0.01869 United States Dollar
1 Philippine Peso = 0.58568 Uruguayan New Peso
1 Philippine Peso = 145.44945 Uzbekistan Sum
1 Philippine Peso = 2236.96505 Venezuelan Bolivar
1 Philippine Peso = 430.74192 Vietnam Dong
1 Philippine Peso = 2.06036 Vanuatu Vatu
1 Philippine Peso = 0.04858 Samoa Tala
1 Philippine Peso = 10.48103 CFA Franc (BEAC)
1 Philippine Peso = 0.05046 East Caribbean Dollar
1 Philippine Peso = 10.48103 CFA Franc (BCEAO)
1 Philippine Peso = 1.90563 Pacific Franc
1 Philippine Peso = 4.66922 Yemen Riyal
1 Philippine Peso = 0.24782 South African Rand
1 Philippine Peso = 96.98187 Zambian Kwacha
1 Philippine Peso = 6.76322 Zimbabwe dollar

FINTQ records double-digit loan growth through Lendr

FINTQ--the financial technology arm of PLDT and Smart’s Voyager Innovations--saw loan disbursements processed through Lendr, its digital lending platform, balloon by nearly a third in 2017 from a year ago with most of the borrowers coming from the ‘starting out’ segment, an executive said.

“Loans disbursed through Lendr for 2017 reached more than P12 billion, nearly a third higher than the volume recorded the year before, bringing our total loans disbursed to about P27 billion since we went to market in 2015,” said Lito Villanueva, FINTQ Managing Director.

The tremendous year-on-year performance, Villanueva said, was mainly propelled by business synergies with both banks and non-bank associations sealed throughout the year and the regulatory support given to FINTQ. He also noted that applications through Lendr registered the highest loan approval rate at around 40 percent last year due to “digital efficiencies.”

“Lendr’s feature of filtering of loan applicants based on the bank and non-bank partners’ credit parameters enabled them to quickly generate quality leads and approve eligible borrowers,” he said.

As of end-2017, FINTQ has inked agreements with a total of 70 institutions. These include: the Landbank of the Philippines; China Bank Savings; RCBC Savings Bank; Philippine Bank of Communications; Producers Savings Bank Corp.; Camalig Bank, Inc. (A Rural Bank); PNB Savings Bank; Maybank Philippines; EastWest Bank; CARD Bank, Inc.; CARD SME Bank, Inc.; Rizal Bank, Inc.; First Circle; Esquire Financing, Inc.; ALGO Leasing and Finance; Cebuana Lhuillier; Atram Trust Corp.’s Seedbox Technologies; Radiowealth Finance Company; Chamber of Thrift Banks; and the Rural Bankers Association of the Philippines. FINTQ will also be working with CoopHub to offer Lendr services to over 26,000 cooperatives nationwide.

“Majority of those who borrow through Lendr are single, female, employed, and are the so-called millennials or those born from 1982 to 2004. Such borrowers are what we call the ‘Starting Out’ segment--or the young adults who are just beginning with their careers. At this stage of their lives, they only have need for relatively simple financial products such as a transaction account and/or a credit card. From time to time, they utilize basic banking products to fund their R&R activities (e.g. travel, new gadgets, or hobby) or invest in the financial market,” Villanueva said.

“Borrowers who use Lendr are those with profiles that are targeted by banks. This only goes to show that our platform is really beneficial for our bank and non-bank partners as we work together in providing the financial needs of consumers,” Villanueva said.

However, he also pointed out that “8 out of 10 of our borrowers are from the provinces and about 26 percent are residing in low-income cities and municipalities. This only shows that there is really a huge untapped market by formal financial institutions in rural communities and with our digital financial platforms such as Lendr, wherein we also offer micro-loans via Pera Agad, we are able to service their financial needs,” said Villanueva.

FINTQ and Voyager Innovations are strongly committed to the Bangko Sentral ng Pilipinas to promote the National Strategy for Financial Inclusion. It targets to include 30 million Filipinos in the formal financial sector by 2020 through KasamaKA--its grassroots-based financial inclusion program--and Lendr, which also offers Pera Agad--a micro-loan service for the unbanked and underbanked without or has limited access to finance. Through Pera Agad, qualified Smart and Talk and Text prepaid subscribers can apply for loans ranging from P2,000 to P10,000 with a term of 4 to 36 weeks.

In terms of types of loan applications received, Villanueva shared that majority are for salary loans. There were also a number of applications for microfinance and business loans. He noted that nearly 50 percent of the transactions are done after banking hours, which signifies that “digital platforms that provide banking products and services have absolutely eased doing banking transactions for consumers.”

“Through Lendr, our digital lending platform, prospective borrowers can apply for a loan and can closely monitor their loan accounts anytime of the day and wherever they are,” Villanueva said.

Lendr has the most expansive loan offerings. On top of the traditional salary, personal, home, and auto loan products, it offers mobile crop loan, medicine loan, mSME loan, overseas Filipino loan, and truck and equipment loan, among others.

With all its efforts, Lendr is the first non-bank product to win the Consumer Finance Product of the Year at the recent Asian Banker Philippine Country Awards. It was cited for being a trailblazer in digital lending service in the country with the most extensive reach in the countryside.

It showcased how it has become a pervasive and useful platform for financial inclusion and inclusive growth.

“For 2018, we are confident that with the deployment of a number of our Lendr partners, we will keep our double-digit growth and could even double last year’s performance,” Villanueva said.

Overall, he said: “While we are accelerating our digital lending initiative through Lendr, several game-changing platforms will also be launched. Other key digital platforms for various financial services will be introduced in the market come 2018. These will further galvanize our position in the industry as the leading fintech company with the largest digital footprint in the country. We will also be expanding our operations outside the Philippines.”
“2018 will be a banner year for FINTQ as we are going beyond lending,” Villanueva said.
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Column of the Day

Tearing down the house (Second of a series)

Jego Ragragio's picture
By Jego Ragragio | July 18,2018
‘The draft Federal Constitution is a clear example of tearing a house down in order to install a new door—where the new door goes into an existing door jamb. There’s barely anything new here, and the few things that are new, don’t actually need a constitutional amendment.’

Opinion of the Day

Heed this constitutional expert’s warning

Ellen Tordesillas's picture
By ELLEN TORDESILLAS | July 18, 2018
‘The critique of Gene Lacza Pilapil, assistant professor of Political Science at the University of the Philippines-Diliman, one of the resource persons, should warn us about the draft Federal Constitution produced by the Duterte-created Consultative Committee.’