Global Dominion Supports MSMEs Amid the Pandemic

In an interview with Rico Hizon for The Final Word, Global Dominion president & COO, Patricia Poco-Palacios shared that the micro, small, and medium enterprises (MSMEs) are doing better than during the height of the pandemic. MSMEs are now thriving and are using their finance tools, such as loans, to take their businesses to the next level.

When asked about whom Global Dominion usually lends to, Palacios shared that a lot of the GDFI borrowers are in the retail business and that they usually have physical stores. A lot of them are also from the trucking and logistics industries.

Hizon asked if GDFI also does credit checking. Palacios affirmed the performance of credit evaluation saying, “We do need to validate their income, sometimes it will take a quick visit to their business or source of income just to validate the health of the business and to really understand where we could be more of service.”

Based on the repayment performance of the borrowers, MSMEs are doing better, and the almost-one-hundred-percent repayment rate is reflective of their resilience.

When asked further about the product and the process, Palacios pointed out that car refinancing, also known as “Sangla OR/CR”, is the most popular. Car owners or business owners can simply submit the original copies of their car or truck’s official receipt and certificate of registration to apply for the said loan product. The borrowers do not have to surrender their units unlike in the traditional way of accommodating collateral loan products, which is highly beneficial for those who have day-to-day business operations to run and manage. Normally, borrowers pay both the principal loan and the interest within 24 to 36 months.

“I think we should do just more, for financial literacy really to educate more on how to best use credit,” Palacios said when asked what else she thinks can be done to continue improving the state of financial inclusion in the country. “Second, I think companies like us should continue to be more efficient in our operation so that we could just serve more clients. And lastly just to expand — expand access to affordable and sustainable credit just as we intend to do in the next few months,” she added.

Interested Filipinos can visit any of the company’s branches nationwide or just go to online to inquire.

Watch the entire interview here.