Mitsubishi, MarCoPay forge tie-up

Mitsubishi Motors Philippines Corporation (MMPC), a Philippine manufacturing and sales subsidiary of Mitsubishi Motors Corporation (MMC), and MarCoPay Inc. (a Nippon Yusen Kabushiki Kaisha (NYK) group company that operates the MarCoPay financial platform for seafarers) have signed a business alliance agreement to promote new vehicle sales to Filipino seafarers on MarCoPay’s mobile app.

MarCoPay Inc. partnered with banks in the Philippines to offer MarCoPay-affiliated loans to improve the approval rate of auto loans for seafarers. MarCoPay acts as an intermediary between seafarers and banks to negotiate for auto loan approvals and offers auto loans and auto insurance products with some of the lowest interest rates in the Philippines.

MMPC is the Philippine manufacturing and sales subsidiary of Mitsubishi Motors Corporation (MMC) and has business relationships with 70 suppliers and 26 dealer groups in the country. Under the philosophy of “Life Made Better,” MMPC has been developing its manufacturing and sales business, intending to enrich the lives of its customers through vehicles.

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 could easily purchase vehicles, they need help getting bank approvals for vehicle loans. This is because they are considered term employees on a per-ship basis or are classified as expatriates and subject to complicated paperwork.