Boosting new car sales for Filipino seafarers on seafarer finance platform
Mitsubishi Motors Philippines Corporation (hereinafter referred to as “MMPC”) is the manufacturing and sales subsidiary of Mitsubishi Motors Corporation (hereinafter referred to as “Mitsubishi Motors”) in the Philippines and a group of MarCoPay Inc. of NYK Line (hereinafter referred to as “NYK Line”) company. The company that operates the financial platform business “MarCoPay” for Filipinos (hereinafter referred to as “MarCoPay”) has signed a business alliance agreement.We will start working hard to promote
The Philippines is one of the world’s leading suppliers of seafarers, with about 200,000 seafarers on ocean-going cargo ships being Filipinos. About 40,000 Filipinos, or 70 percent of all seafarers in the Japanese merchant fleet, are Filipinos.
Usually, seafarers on ocean-going cargo ships board for several months to half a year or even longer, then disembark, take a vacation for a period of time, and then board again, and so on. Among Filipino seafarers, there is a very high demand to buy a car to be able to spend meaningful vacations with their families, but the current situation is that it is difficult to get approval. The background to this is that seafarers are treated as casual employees every time they board a ship, classified as overseas workers and require complex documentation.
MMPC, the manufacturing and sales subsidiary of Mitsubishi Motors in the Philippines, has deals with 70 suppliers and 26 dealer groups in the Philippines. Since its establishment in 1963, it has never closed its doors for 60 years, created many jobs at the factory, and under the philosophy of “Life Made Better”, aims to enrich the lives of customers through automobile life. .
Marcopay was established in 2019 to address the issues faced by seafarers, their families and related parties, supporting and enriching their lives. We are developing a financial platform “MarCoPay” mainly for Filipino seafarers, with e-money payment, remittance and exchange functions, and launching loans and insurance with various preferential terms.
In 2022, we partnered with a bank in the Philippines to start offering “MarCoPay Cooperative Loans”, aiming to increase the approval rate of car loans for seafarers. In “MarCoPay Alliance Loan”, MarcoPay acts as an intermediary between seafarers and banks, negotiates and approves auto loans, and provides auto loans and auto insurance products with the lowest interest rates in the Philippines with preferential offers.
Through this business alliance, MMPC and Marcopay will connect the services of the two companies and strongly support Filipino seafarers’ loan approval and purchase of private cars to improve the living standards of seafarers.
1. Marco Pay Set up MMPC-specific pages in the application
On the dedicated MMPC page of the MarCoPay app, seafarers can inquire about purchasing a new vehicle and apply for a “MarCoPay Partnership Loan”.
2. Provide seafarers with benefits that are limited to the Partnership
We will provide limited benefits to mariners who purchase Mitsubishi vehicles using MarCoPay alliance loans to support enriching customers’ automotive lives. In addition, we will offer services that save seafarers money, such as limited-time events.
Advertisements for seafarers will be published on the MarCoPay App and external advertising media used by MarcoPay. Additionally, we will participate in crew meetings and other events in the Philippines to promote the services and partnership of both companies.
Through the business alliance with Marcopay, MMPC will deepen its understanding of the current situation and requirements of Filipino seafarers and their families on cars and car life, and is committed to expanding and improving service content, so as to further enrich customers’ car life. Yes, we will work hard .
MarcoPay will further strengthen cooperation with partner banks, and strive to create a system that allows sailors who are considering buying a car to obtain loans more smoothly and with a higher probability, such as the “pre-approval system” (Note).
Through this initiative, MMPC, NYK Line and Marco Pay will continue to support Filipino seafarers in purchasing cars and contribute to improving their standard of living. In addition, we will strive to expand and improve our services by conducting questionnaires and individual interviews with Filipino seafarers and their families to understand the real needs of seafarers.
(Note) Prior approval system
A system in which banks simply judge whether to approve an auto loan based on preliminary information before a full review.
Mitsubishi Motors Philippines
Headquarters: Republic of the Philippines, Laguna
Year established: February 1963
Representative: President & CEO Takeji Hara
Head Office: Chiyoda-ku, Tokyo
Established year: September 1885
Representative: Representative Director and President Takaya Soga
Headquarters: Manila, Republic of the Philippines
Year established: July 2019
Representative: Director, President, CEO Toshiaki Fujioka
The initiative particularly contributes to the achievement of the Sustainable Development Goals