BDO Unibank, Inc., the Philippines’ largest bank signed a Memorandum of Understanding (MOU) that marked the start of a collaboration with Omoda & Jaecoo. The partnership is expected to develop a new, high-quality financial service tailored to the specific demands of the automotive market in the Philippines.
In recent years, the Philippines has witnessed steady economic and trade development, along with a consistent growth in incomes, leading to an enhanced capacity for automobile consumption. According to statistics from the Philippine government, the country had a vehicle ownership of 4.95 million in 2022, equating to 50 vehicles per thousand people, indicating significant potential for future growth. Moreover, the Philippine government has introduced incentives to open opportunities in the local automotive market including the elimination of tariffs on electric vehicles.
With this, Omoda and Jaecoo, in collaboration with BDO, are targeting the travel needs of the younger demographic in the Philippines. The parties have reached an agreement on the new “travel + life” concept as their future direction for collaborative development wherein BDO will provide financing and loan services to support Omoda and Jaecoo in offering consumers more convenient and innovative automotive financing solutions.
Omoda plans to hold its brand launch at the end of the year, with retail sales to start by the first part of 2024. Jaecoo will soon follow with a market launch slated sometime in 2024.
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