Asialink profit up on strong demand for used cars in Philippines

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The earnings of Asialink Finance Corp. jumped by 43 percent to P2.65 billion last year on the back of a post-COVID recovery and robust demand for second-hand cars.

During its special shareholders' meeting, the fast-growing finance company reported that its revenues surged by 44 percent to P3.1 billion.

Asialink general manager Eileen Mangubat said the company has been seeing exponential growth as the COVID pandemic recedes into the background, allowing many industries to get back on track and seek financing to reinforce or expand their operations.

Mangubat also cited the increasing demand for second-hand cars, where Asialink has established a niche in terms of financing.

Asialink opened additional branches, augmented its sales team and partnered with more car dealers, resulting in a 27-percent jump in releases to P9.12 billion in 2022.

Non-bank financial institutions like Asialink have been playing a crucial role in bridging the financial gap for micro, small and medium enterprises, which make up over 99 percent of total businesses in the Philippines.

Its asset value went up 39 percent to P11.369 billion.

From a capitalization of P3 million when it was formed in June 1997, Asialink now has over 1,000 employees, thousands of independent loan consultants, and 118 branches nationwide.

The financing firm is planning to increase its footprint to 160 branches by end-2023.