By Rizal Obanil
A group of auto dealers is appealing to the banks to loosen the requirements for auto loans as they are still recovering from the effects of being under lockdown for several months.
Philippine Automotive Dealers Association (PADA) President Willy Tee Ten said their members are still dealing with having no revenue for three months.
“We’d like to request sana that banks become more lenient when it comes to allowing buyers to loan from banks,” Ten said in an interview over Teleradyo.
He explained that if the banks don’t approve the loans of their would-be-clients, then they won’t be able to sell any cars.
The inadvertent effect of the community quarantine was that many establishments were not allowed to operate and had little to no earnings during those months.
Ten said despite having no revenue, they are still obligated to pay rent for their shops, as well as the accumulated dues and the salaries of their employees.