CREDIT CARD receivables of banks operating in the Philippines posted double-digit growth as of July amid the economy’s continued recovery and growing consumer demand for digital products, the Bangko Sentral ng Pilipinas (BSP) said on Monday. READ:
“Despite a challenging operating environment, the credit card industry managed to grow its portfolio in a prudent manner. Credit card receivables have started to post double digit growth in 2022, reaching 20.4% year on year in July 2022,” Mr. Medalla said.
She said credit card billings rose by 41.4% annually in June, higher than the 29.5% growth in the same period in 2021. “We likewise appreciate the active engagement of CCAP in the BSP’s initiatives, particularly in the regular review of the credit card ceilings. The inputs and feedback of the credit card industry form part of the BSP’s holistic assessment of the appropriateness of the credit card ceilings,” she added.
“Similar to the call of CCAP, we likewise support the SIM Card Registration Act, which intends to deter the proliferation of SIM card aided crimes such as bank fraud and text scams,” Mr. Medalla said. There are more than 120 million mobile subscribers in the Philippines, where scams using links in text messages have been rising.
CCAP Executive Director Alex Ilagan said they continue to work with different government authorities to ensure the well-being of their customers.
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