Mitsubishi PH, Marcopay form alliance to help seafarers get brand-new vehicles

Mitsubishi Motors Philippines Corporation (MMPC) and Marcopay Incorporated have forged a strategic partnership that will help seafarers acquire brand-new vehicles.

Starting July 31, the two firms started to promote new vehicle sales to Filipino seafarers under Marcopay's mobile app.

Through the alliance, both MMPC and Marcopay will strongly encourage loan approvals and vehicle purchases for Filipino seafarers to “improve their living standard.

Those who will use the Marcopay app may research their eyed Mitsubishi vehicles through a special portion within the mobile app and also apply for Marcopay-affliated loans there.

To provide further convenience, the two companies are also set to collaborate on offering exclusive promotions and services that can only be experienced when using Marcopay-affliated loans.

According to MMPC, it will also deepen its understanding of the current situation and needs of Filipino seafarers and their families concerning their vehicles and overall lifestyles through the newly-established collaboration — adding that it “committed to expanding and improving its services to enrich the vehicle-related lifestyles of its customers.”

For its part, Marcopay will further strengthen cooperation with bank partners to establish benefits, such as a pre-approval system that will enable seafarers considering the purchase of a vehicle to obtain a loan more smoothly and with a higher probability.

Per the Japanese automaker’s distributor in the country, the Philippines is one of the world's leading suppliers of seafarers, with approximately 200,000 seafarers on oceangoing cargo ships being Filipino. In Japan’s merchant fleet, about 40,000, or 70 percent of all seafarers on board, are Filipino.

“Typically, seafarers on oceangoing cargo vessels disembark after several months to six months or more on board, take a leave of absence for a certain period, and then return for another multi-month duration on board, continually repeating the cycle. While Filipino seafarers have a solid need to purchase vehicles, they need help getting approved by banks for vehicle loans, even though they earn well above the average income in their home countries. This is because seafarers are considered term employees on a per-ship basis or are classified as expatriates and subject to complicated paperwork,” MMPC explained.

To note, MMPC has established business relationships with 70 suppliers and 26 dealer groups in the country and has been developing its manufacturing and sales business to enrich the lives of customers.

On the other hand, Marcopay — a financial platform that introduces an array of loans and insurance — was established in 2019 to solve the challenges seafarers, their families, and related parties face that support and improve their lives. 

"Marcopay Incorporated targets Filipino seafarers with payroll payment in electronic currency, remittance and exchange functions, and preferential conditions," MMPC shared.

It was last year when Marcopay partnered with financial institutions to provide Marcopay-affiliated loans that is seen to raise the approval rate of auto loans for seafarers.

Photos from Mitsubishi Motors Philippines Corporation, Ruben Manahan IV, Marcopay

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