More Filipinos Are Investing During the Pandemic
With a recession upon us and many Filipinos still stuck at home, COL Financial experienced a record increase in new investor accounts in 2020.
According to COL’s latest quarterly report, its client base grew by a record 80,032 by the end of the third quarter, up 24.7 percent year-on-year to 404,183 customers from 324,151 customers this time last year.
Although revenues have decreased from P898.2 million in September, 2019 to P676.3 million in 2020 due to the pandemic, net equity of COL’s customers has increased slightly from P76.379 billion to P78.453.1 billion.
Lower revenues and income led to COL’s lower return on average equity, which is down to 23.2 percent from 35.7 percent year-on-year.
Despite the pandemic, or perhaps because of it, Filipinos are realizing the advantages of investments and COL’s online application process has allowed them to easily create portfolios on its platform during lockdown.