In highly growing ASEAN countries, unlike Japan, it has been necessary to carefully review loans, leases, etc. because there is no special institution that provides individual credit information.
On that background, there are so many BOP (underclasses) who cannot purchase new vehicles. The only way for BOPs to own vehicles is to purchase cheap old vehicles which leads to serious emission and noise problems.
Such cases were seen in many emerging countries, and it was far from a fundamental solution ever.
In order to solve such problems, we focused on Tricycles, a tricycle for commercial taxi that spreads to 3.5 million units in the Philippines. Tricycle is called the leg of the BOP in the Philippines. We collaborated with many local business partners to realize the commercialization.
As an alternative to old vehicles with lots of noise and emission, replacement to new vehicles is expected in emerging countries.
As a first step, our subsidiary of the Philippines is steadily accumulating the track records. From now on, we will actively expand this business model throughout Asia in cooperation with local finance partners.