SEC okays PCI Leasing’s P750-M short-term issue

The Securities and Exchange Commission (SEC) has approved the P750-million short-term commercial paper issue of PCI Leasing and Finance Inc.

Proceeds from the issue will be used to finance maturing obligations and relending activities.

Tapped as sole underwriter is PCI Capital Corp., a wholly-owned subsidiary of Equitable PCI Bank and an affiliate of PCI Leasing.

PCI Leasing’s principal business is providing leasing and financing products to commercial clients. The company’s leasing products include direct leases, sale-lease back arrangements and dollar-denominated leases.

Its financing products include commercial and consumer loans, installment paper purchases, employee personal loans, receivables discounting and receivables factoring.

PCI Leasing markets its products through its head office in Ortigas, Quezon City and its nationwide branch network. The company has the largest branch network in the leasing and financing industry with seven branches located in Cagayan de Oro, Cebu, Dagupan, Davao, Iloilo, Cavite.

PCI Leasing expects its loan portfolio to grow by 30 percent as it continually adopts lending policies that are very selective and in consonance with the policies issued within Equitable PCI Bank.

Total loan portfolio is projected to hit P10 billion with loan booking volumes estimated at P500 million a month. Total financing income is also expected to grow by 30 percent to P1.035 billion.

PCI Leasing expects its net income to grow 20 percent to P420 million as it continues to streamline costs and procedures to maintain profitability.

Funding requirements will be mainly sourced from collections, existing lines and maximum utilization of the company’s P500 million.

PCI Leasing also intends to continuously upgrade its computer hardware and software to enhance its existing computer requirements. – Zinnia dela Peña