AsiaLink Finance Corp., an online financing firm, is planning to expand its network across the Philippines by opening 42 new branches, bringing its total to 160 by the end of the year. The company has seen a surge in profits due to the post-COVID recovery and a high demand for used vehicles. In 2022, AsiaLink’s net income grew by 43% to P2.65 billion, while its top line increased by 44% to P3.1 billion.
The company’s assets also grew by 39% to P11.367 billion. AsiaLink specializes in providing financing to micro, small, and medium enterprises, and has benefited from the rising demand for second-hand cars in the Philippines. To support its expansion plans, the company has secured additional funding of around P2 billion from various credit lines.
AsiaLink’s CEO, Robert Jordan Jr., highlighted the importance of nonbank financial institutions in the lending industry, particularly in supporting MSMEs. In 2022, AsiaLink granted a total of P10.5 billion in loans to approximately 24,000 clients, of which 70% were MSMEs.
