Rizal Commercial Banking Corp. (RCBC), managed by the Yuchengco Group, has recently been selected as one of Tesla’s financing partners in the Philippines in a groundbreaking collaboration that underscores the future of sustainable mobility.
This partnership will provide Filipino drivers with innovative financial solutions to own Tesla’s cutting-edge electric vehicles (EVs) and support the country’s transition to greener transportation.
As Tesla prepares for its much-anticipated launch in the Philippine market, RCBC is set to unveil a fully digital vehicle loan application process. The streamlined system will make it easier for customers to finance Tesla’s premium EV models, including the state-of-the-art Model 3 and Model Y, in various trims.
Lito Villanueva, RCBC’s Executive Vice President and Chief Innovations and Inclusion Officer, highlighted the bank’s commitment to sustainability and innovation. “As a preferred financing provider of Tesla, RCBC is dedicated to making sustainable choices more accessible through a digital-first approach to EV financing,” he said.
“This partnership aligns with our mission to promote ecological responsibility by delivering creative and customer-centric funding solutions,” he added.
RCBC offering digital convenience for Tesla buyers
Tesla customers will soon enjoy a seamless loan application experience, made possible by RCBC’s cutting-edge digital tools.
The platform allows users to explore flexible financing options and calculate monthly payments in real-time based on their preferred Tesla model, loan term, and down payment.
Approvals for loans can be achieved within a day, offering unparalleled convenience to prospective EV owners. This capability is a testament to RCBC’s commitment to delivering speed and efficiency in financial services.
To further enhance the customer experience, RCBC is also launching a dedicated Tesla Auto Loan microsite in the coming weeks.
The platform will serve as a one-stop hub where customers can personalize their payment plans, access affordable rates, and choose flexible loan durations ranging from 12 to 60 months.
A green vision for the Philippines
This collaboration comes at a pivotal moment as the Philippines embraces a growing appetite for sustainable transportation solutions.
In December 2023, RCBC also announced its landmark initiative to extend its physical-digital or phygital barangayan banking services to the geographically isolated and disadvantaged area of Turtle Island, Tawi-Tawi, situated in the Bangsamoro Autonomous Regional Muslim Mindanao (BARMM) region.
Turtle Island is positioned at the southwestern tip of the Philippines and a brief 30-minute boat ride from Sabah, Malaysia. The 5th class municipality has historically faced challenges with its residents traveling to BARMM for banking needs, incurring costs and physical burdens.
The launch of RCBC ATM Go, which is the first actual deployment of a bank in the island municipality, provides digital financial services and addressing logistical and financial concerns.
This is made possible through the Philippines’ first and largest network of grassroots-oriented and bank-agnostic mobile-point-of-system ATM service that covers 100% of the Philippines and has presence in all 82 provinces through its network of partner merchants.
Addressing a market demand, advancing environmental stewardship
In terms of sustainability and mobility, RCBC is not just addressing a market demand but also advancing a broader vision of environmental stewardship — offering innovative financing services tailored fit to Tesla’s revolutionary EV lineup.
With Tesla at the forefront of EV technology and RCBC pioneering digital finance innovations, the partnership is poised to accelerate the adoption of clean mobility in the country.
Filipino drivers can look forward to an easier, faster, and greener path to owning a Tesla, turning the dream of sustainable living into a reality.
As Tesla gears up to electrify the Philippine market, RCBC’s digital-first financing approach signals a bold step toward redefining the automotive landscape while empowering more Filipinos to participate in the global shift to sustainability.
Through this collaboration, RCBC and Tesla are not just making a statement about the future of transportation — they’re building it, one EV at a time.