Omoda, Jaecoo sign MOU with BDO prior to PH launch

MANILA: Chinese automotive brands Omoda and Jaecoo, which are set to be launched in the Philippines by early 2024, inked a memorandum of understanding with Banco De Oro (BDO) to provide easy financing options to their customers.

The memorandum was signed by the two parties at the Omoda and Jaecoo headquarters in China on November 10.

“In recent years, the Philippines has witnessed steady economic and trade development, along with a consistent growth in residents' incomes, leading to an enhanced capacity for automobile consumption,” the two Chery-owned brands stated in a joint press release.

According to data from the Philippine government, the country had a vehicle ownership of 4.95 million in 2022, showing great potential for future growth.

The government also supports the adoption of green mobility in the country by implementing  the Electric Vehicle Industry Development Act or the Republic Act No. 11697, which gives special incentives to electric vehicles (EV).

Since Omoda and Jaecoo target to cater to the diverse travel needs of Filipino youth, their collaboration with BDO will be based on a new “travel + life” concept that will promote smart, low-carbon mobility in the Philippines.

During their visit to the Omoda and Jaecoo headquarters, the BDO delegation led by Senior Vice President Joseph Lledo toured the brands’ smart factory, which is recognized as a first-class green and intelligent benchmark in China. They also got the chance to drive the Omoda 5 and Jaecoo J7 and J8 on the professional track at the headquarters.

Photos from Omoda

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