TBC News

Tag: interest-rates

  • Global Dominion Commits to Further Introducing Sangla OR/CR to the PH 

    Global Dominion Commits to Further Introducing Sangla OR/CR to the PH 

    Car collateral loan, also known as vehicle mortgage loan and now more commonly called Sangla OR/CR (official receipt and certificate of registration), is not a product many Filipinos are aware of. Per a survey, only 1 out of 10 knows about it.

    Fewer people know that they do not have to surrender their units and that they just need to submit their car or truck’s OR/CR along with other documentary requirements to avail of a cash loan that amounts to up to 90% of the unit’s value.

    Global Dominion’s sales and marketing teams are doubling their efforts to further extend market reach in key cities nationwide in order to increase awareness of the said loan product. 

    During a recent virtual financing forum, one of the guest speakers, Renzo Duat, shared that in the founding of his own business, he thought of selling his car before he learned about Sangla OR/CR and how fast and easy it is to apply for it. Duat is now in partnership with Global Dominion, is expanding his business, and now has more than 100 units in his car dealership showrooms and more than 20 employees for Dashcarr Pro. 

    In a previous national customer experience event attended by various leaders from different industries, Global Dominion president and managing director Patricia Poco-Palacios shared the story of another businessman who started a logistics firm with one truck and was able to grow his business through Sangla OR/CR. He renewed his loan 17 times until he owned 24 trucks and employed around 50 people. What was once unimaginable became reality with the help of financial tools. 

    To reach more Filipinos, Global Dominion set up more offices in the country. From 78 branches in 2022, the company opened new ones making the count reach 116 as of the first quarter of 2024. It also started more digital campaigns with the help of its brand ambassadors multimedia personality and TV host James Deakin for car and truck financing and the Singer-Songwriter and OPM legend Ogie Alcasid for car and truck Sangla OR/CR to get in touch with more people in different fields of work and industry. 

    In its recently concluded annual stockholders’ meeting, it surfaced its operating profit margin of 22%, leading to a net operating income of 518 million pesos in 2023. Its revenue increased by 23% compared to the previous year, reaching a record-breaking 2.62 billion pesos. It catered to the financing needs of more than 17,000 borrowers. The company’s financial health continues to flourish even in 2024 as proven by its 2 billion pesos in loan booking just as of the first quarter. 

    “Sangla OR/CR [vehicle mortgage loan] really uncovers a lot of opportunities in the business sector. Entrepreneurs get access to a substantial amount of cash loan using just their car ownership papers and they get to keep their cars or trucks which makes them still able to go on with their day-to-day operations, service their customers, and eventually expand their firms,” said Palacios.

    “Our NPL [non-performing loans ratio] tells us that the financial consumers we help also help us by paying on time, as committed, which enables us to help even more SMEs,” Palacios added. 

    Global Dominion has been in the business since 2003, and its purpose is to ignite and accelerate growth in people and organizations to transform lives for the better. Aside from car collateral loan, it also provides Filipinos with simple and easy access to vehicle financing, whether for brand new or secondhand units. More about the financing company can be learned by visiting gdfi.com.ph. 

  • How Convenience and Speed in Financing & Loans Help in Nation Building

    How Convenience and Speed in Financing & Loans Help in Nation Building

    In this digital age, what has been paramount in technology is its speed, convenience, accessibility, and quick turnover in terms of opportunities. Given these tools, the finance sector has not only caught up, but also stayed ahead of the curve.

    During an online forum last May 14, Global Dominion shared to a domestic and international audience how their financing programs have been instrumental not only to the growth of the nation’s Gross Domestic Product (GDP) but to the small business and to aspiring entrepreneurs.

    Participating during the online forum were Global Dominion’s Ariel Dizon, Deputy General Manager for Branch Sales and Marketing, and Siderry Sevilla, Loan Consultant; as well as client turned loan consultant Renzo Duat of Dashcarr Pro.

    Duat himself is living testament on how GDFI was able to help him grow his business.

    “I didn’t believe in borrowing money because I grew up hearing it was wrong to borrow money,” related Duat. “That is until I started this capital intensive business of selling second hand cars. It was hard to progress and raise funds until an ad for Global Dominion popped up in my Facebook feed.”

    “Doon ko nalaman na ang dokumento ng kotse ko ay pwede i-convert into a capital.

    And I only had to surrender my ORCR (Official Receipt or Certificate of Registration in exchange for capital. I was planning to sell my car but hindi na kailangan. Nagamit ko pa.”

    Today, from one car, Dashcarr Pro has over a hundred cars across different showrooms.

    Sevilla and Dizon corroborated Duat’s story about how he was still able to make use of his car.

    “Maraming kliyente na hind pa familiar sa financing,” bared Sevilla. “Nagugulat na lang sila na nagagamit pa nila saskyan or truck nila. Tuloy tuloy ang business nila.”

    “It’s about the convenience and speed of processing loans,” noted Dizon. “The standard is about a week to process the loan and to get the paperwork done, but today, with Global Dominion’s products, kaya ng one or two days.”

    Duat, who is today, also a loan consultant for Global Dominion said that as much as possible, he would like to get the loans and car approval paperwork done in one day.

    From someone who was once a customer, Duat has seen how Global Dominion’s Finance and Loan program can be massively beneficial to one’s self or business. He would love nothing more than for others to experience the same kind of relief, and if ever, success.

    “Because it is very competitive today in terms of finance and loans due to digital banking, it is easy to access loans,” added Dizon. “But it is a very competitive industry and we try to get easy access to loans within a few hours so clients can access it right away.”

    Global Dominion aims to ignite and accelerate growth in people and organization to transform lives for the better. Learn more about Global Dominion by visiting gdfi.com.ph.

  • No rate cut from Fed, holds steady on elevated “uncertainty”

    No rate cut from Fed, holds steady on elevated “uncertainty”

    The US Federal Reserve held interest rates steady in its latest meeting, indicating a cautious approach to monetary policy. The decision was influenced by a mix of factors, including inflation, employment, and economic growth.

    Despite market hopes for rate cuts, the Fed’s stance suggests that it considers current monetary policy to be sufficiently restrictive. This has led to a sense of “elevated” uncertainty regarding future rate movements. The Fed’s decision has triggered a global rally in stocks and bonds, reflecting the significant impact of its policy on financial markets.

    The Federal Reserve’s surprise projection that it may cut interest rates three times next year has generated widespread attention and speculation. This move is seen as a response to evolving economic conditions, including a cooling in inflation and other key economic indicators.

    The decision has also sparked discussions about the potential impact on consumer spending, borrowing costs, and investment strategies. Overall, the Fed’s evolving stance on interest rates is a critical factor shaping the economic outlook and market dynamics.

    Leaving interest rates unchanged reflects its ongoing efforts to carefully balance economic growth and inflation. This approach is informed by a range of economic data and indicators, as well as the Fed’s broader mandate to promote maximum employment and stable prices.

    The central bank’s communication and policy actions are closely scrutinized by market participants, policymakers, and the public, given the significant implications for the broader economy and financial system.

    The central bank’s cautious approach reflects a complex mix of economic factors and has implications for a wide range of stakeholders. The Fed’s evolving stance on monetary policy will continue to be a key driver of market dynamics and economic expectations in the coming months.