Bank of the Philippine Islands (BPI) is offering free car insurance coverage of up to five years with auto loans for select vehicle models, along with savings and other benefits.

Under the BPI Dream More Deals campaign, customers can receive waived fees of up to P50,000, discounted interest rates, and free one-year car insurance, the bank said in a statement. Customers who take a five-year loan term on select car models get their free insurance extended to cover the entire loan period. For borrowers, comprehensive car insurance is typically one of the largest recurring ownership costs on top of monthly amortizations, which is why bundled insurance promos can meaningfully lower the total cost of financing a vehicle.

“Every car opens the door to new opportunities, milestones, and memories. At BPI, we are committed to making that journey more rewarding through benefits that deliver zero worries and bigger savings, helping our clients make the most of every mile and every peso throughout the life of their loan,” said Dexter Lloyd C. Cuajotor, BPI Head of Retail Lending and Bancassurance.

BPI is also extending exclusive benefits to customers who purchase through its 13 automotive partner brands, including free five-year car insurance with select brands and total potential savings of up to P480,000. The partner brands are BAIC, BYD, Chery, Ford, Foton, GAC, Hyundai, Jetour, Kia, MG, Mitsubishi, Radar, and Toyota. The lineup spans both legacy Japanese and American marques and newer Chinese entrants that have expanded their Philippine presence in recent years, giving the promotion broad coverage across the local new-car market.

The bank said it launched the promotion as Filipinos increasingly explore more fuel-efficient and alternative vehicle options. Data from the Chamber of Automotive Manufacturers of the Philippines, Inc. showed that hybrid and electric vehicle sales grew 136.4% year on year in the first seven months.

BPI had earlier reported a slowdown in auto loan applications due to fuel price concerns stemming from the Middle East war, but said it still sees growth opportunities from rising demand for electric vehicles. The promo can be read against that backdrop: as lenders compete for a shifting borrower base, financing incentives tied to fuel-efficient and electrified models have become a way for banks to sustain auto loan volume.

The bank's attributable net income declined to P15.91 billion in the second quarter from P16.32 billion a year earlier. This brought first-half profit to P32.83 billion, down 0.4% year on year from P32.96 billion, as increased expenses and loan-loss provisioning offset strong revenues from its core businesses.

BPI shares closed at P104.90 apiece on Thursday, up 90 centavos, or 0.87%, from Wednesday's finish. — AMCS