BDO Leasing & Finance, Inc. (BLFI) registered P39.8 million profit in 9M 2021 derived solely from fair value gain from investments in Unit Trust Investment Funds (UITFs). Of the P6.0 billion of BDOLF’s assets as of end-September 2021, almost all or P5.9 billion was invested in UITFs.
The 9M 2021 results were lower compared to P134.6 million earnings a year-ago, as last year’s earnings was based on a balance sheet prior to the full implementation of the restructuring of BDO Unibank Group’s leasing business. This entailed the sale of substantially all of BLFI’s assets to BDO Unibank, BDO Life, and BDO Finance Corporation.
BLFI ceased to operate as a leasing company and completed the assignment and transfer of its leasing and financing business to an affiliate, BDO Finance Corporation on October 19, 2020. BDO Finance was established to offer customers continued access to lease products and services, and likewise assumed the lease transactions booked in BFLI to ensure continuity to the latter’s existing clients.
About BDO Leasing
BDO Leasing and Finance Inc. (BLFI) used to be the leasing and financing entity of BDO Unibank, Inc. (BDO). Following the Company’s restructuring in 2020, BLFI’s assets were transferred to other entities of the Parent Bank, leaving BLFI as a listed holding company of BDO.
About BDO Finance
BDO Finance Corporation (BFC) is a privately-held, wholly-owned financing company of BDO Unibank, Inc. (BDO) that provides direct leases, sale and leaseback arrangements, mortgage lending and factoring services. BFC assumed the lease transactions booked in BDO Leasing which underwent restructuring in 2020, thus ensuring continuity to BDO Leasing’s existing clients.
BDO is regulated by the Bangko Sentral ng Pilipinas with contact number (+632) 8708-7087 and with email address consumeraffairs@bsp.gov.ph, and webchat at www.bsp.gov.ph.
For concerns, please visit any BDO branch nearest you, or contact us thru our 24x7 hotline (+632) 8631-8000 or email us via callcenter@bdo.com.ph.
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