Tycoon Wants to Free Millions of Filipinos From Loan Sharks
- Gokongwei, Oriente are investing $200 million in venture
- 70% of Filipino adults don’t have bank accounts: World Bank
John Gokongwei.
Photographer: Jay Directo/AFP via Getty Images
This article is for subscribers only.
Billionaire John Gokongwei, owner of the Philippines’ largest snack maker and budget airline, and a Skype Inc. founder will invest as much as $200 million over three years to lend to millions of unbanked Filipinos.
The venture, set up last year by Gokongwei’s JG Summit Holdings Inc. and financial-technology startup Oriente, seeks to give credit through a digital platform to Filipinos who often resort to loan sharks because they lack access to formal banking services. Its expansion comes as the central bank encourages emerging technologies to spur financial inclusion in a country where more than 70 percent of adults have no bank accounts.