BSP Survey: ATM cards, the most popular collateral by borrowers.

2014 Consumer Finance Survey: 39.9% of borrowers are favor to pawn their ATM cards as collateral.

Date: 01-13-2017

According to Bangko Sentral ng Pilipinas (BSP) Survey (Leyte and ARMM is not included), from July 2014 to January-end of 2015 here what the results found out.

Collateral used by borrowers:

• 39.9% = ATM (Automated Teller Machine) Card
• 22.5% = Land
• 11.7% = Appliances
• 7.7% = Vehicles
• 6.0% = Harvest

While in terms of Housing Loans, Home Development Mutual Fund or Pag-IBIG is the main go-to agency outside Metro Manila, while the National Housing Authority inside NCR.

The survey also showed that 55.9% of the borrowers pay their monthly amortization on or before the due date while the others pay late.

“Sangla ATM” system is the process wherein ATM cards are the used as collateral by the borrowers. In this scheme, the borrower will surrender the PIN numbers of the card and will be given back only once the lenders collected the money.

What does the survey says in terms of "Loan Purpose"?

• business start-ups and expansion
• educational expenses
• debt payments
• medical
• house improvement expenses

(PNA, 01-13-2017)

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