MITSUBISHI Motors Philippines Corporation (MMPC) have recently formed a business alliance agreement with top local financing companies to facilitate new vehicle sales for Filipino seafarers through the MarCoPay mobile app.
The tie-up includes the Nippon Yusen Kabushiki Kaisha (NYK) group company operating the MarCoPay financial platform for seafarers and Mitsubishi Motors Corporation (MMC) headquartered in Tokyo, Japan.
The rationale for the tie-up and program is simple. The country is renowned for being a major supplier of seafarers, with approximately 200,000 Filipino seafarers serving on oceangoing cargo ships globally. In Japan’s merchant fleet alone, around 40,000 seafarers, accounting for 70 percent of all onboard crew, are Filipino. Filipino seafarers play a vital role in supporting the shipping industry both in Japan and worldwide.
However, the nature of their work, with several months of continuous onboard duty followed by leave of absence, poses challenges when it comes to purchasing vehicles. Despite their above-average income in their home country, Filipino seafarers often encounter difficulties securing vehicle loans due to their term employee status or complicated expatriate paperwork.
MMPC, driven by the philosophy of “Life Made Better,” focuses on enriching customers’ lives through their manufacturing and sales business of Mitsubishi vehicles. On the other hand, MarCoPay Inc., established in 2019, strives to address the challenges faced by seafarers and their families by providing a financial platform tailored to their needs, including payroll payment in electronic currency, remittance, exchange functions, loans, and insurance.
In 2022, MarCoPay Inc. collaborated with banks in the Philippines to offer MarCoPay-affiliated loans, significantly improving the approval rate of auto loans for seafarers. This loan program offers multiple benefits, such as MarCoPay acting as an intermediary to negotiate loan approvals with banks and offering auto loans and insurance with highly competitive interest rates.
The MMPC and MarCoPay Inc. business alliance aims to facilitate loan approvals and vehicle purchases for Filipino seafarers, enhancing their quality of life including having a designated page within the MarCoPay app will allow seafarers to research and apply for MarCoPay-affiliated loans to purchase Mitsubishi Motors vehicles. Seafarers who avail of MarCoPay-affiliated loans to buy Mitsubishi vehicles will enjoy exclusive advantages, further enriching their vehicle ownership experience.
MMPC and MarCoPay Inc. will advertise their services and partnership within the MarCoPay app and other external media. They will also participate in seafarers’ meetings in the Philippines to raise awareness of their offerings.
Through this alliance, MMPC aims to better understand the needs of Filipino seafarers and their families concerning vehicles and overall lifestyles. The company is committed to expanding and enhancing its services to improve the vehicle-related lifestyles of its customers.
MarCoPay Inc. will strengthen cooperation with partner banks to establish a pre-approval system, making the vehicle loan process smoother and more accessible for seafarers.
SIXTH STORY
Toyota is Gilas Pilipinas’ partner for FIBA Cup 2023
Toyota executives with the Gilar team
LEADING mobility company Toyota Motor Philippines (TMP) has turned over two units of its 29-seater mini bus, the Toyota Coaster, to the Gilas Pilipinas national basketball team. The vehicles will be used by the team, the management, and coaching staff during Gilas Pilipinas’ stint at the FIBA Basketball World Cup 2023 being co-hosted by the Philippines.
Teams from Asia qualify through six tournament windows over 15 months. Some 32 teams have qualified to play in the 2023 FIBA Basketball World Cup from August 25 to September 10, 2023. The Philippines is highly favored in the tournament wherever it is played.
Photo shows Gilas Pilipinas players AJ Edu, Jamie Malonzo, Kiefer Ravena, Dwight Ramos, and June Mar Fajardo, together with TMP Director and Member of the Board Vince Socco (2nd from left), MediaQuest & Cignal TV President and CEO Jane J. Basas (5th from left), Gilas Pilipinas team manager Butch Antonio of Samahang Basketbol ng Pilipinas (3rd from right), and TMP Vice President for Marketing Services Elvin Luciano (rightmost).
Aside from being the official mobility partner of Gilas Pilipinas, TMP is also one of the local event sponsors of the FIBA Basketball World Cup 2023.
