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Filipino Q1 credit card spending jumps nearly half from previous year

This was the highest recorded amount since the start of the COVID-19 pandemic in 2020.

According to the Credit Card Association of the Philippines (CCAP), gross billings in the first quarter of the year surged 47% year-on-year to P410b (US$7.32b).

This was the highest recorded amount since the start of the COVID-19 pandemic in 2020.

“If at all, rising inflation may even push more cardholders to use their credit card to cope with the higher prices because a credit card is one way to extend your purchasing power,” said CCAP Executive Director Alex Ilagan.

ALSO READ: HSBC SG partners with Mastercard for travel credit card

According to the quarterly survey conducted by CCAP among its 17 member issuers, the total number of credit cards issued in the Philippines reached 11.8 million by the end of March. Among these cardholders, the majority, comprising around 64% or approximately 7.5 million Filipinos, possess only one credit card.

“A credit card is basically a form of instalment credit which the Filipino consumer has learned to utilize. As long as cardholders pay on time, it will have no negative impact on either the cardholder or the bank issuer,” Ilagan added.

(P1.00 = US$ 0.018)

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