Credit card spending in RP to rise by single digits this year, HSBC says

MANILA, Philippines – Purchases via credit card transactions will increase in the Philippines this year but only by single-digit levels, a Philippine-based executive of British lender HSBC said.

However small, the hike in credit card transactions will be fueled by remittances from overseas Filipino workers as well as other consumption activities, HSBC Philippines personal financial services head Ron Logan said.

‚ÄúSpending via credit cards should still be up this year although not at the 20 or 30 percent growth rates of the past,” Logan said.

The upcoming national elections will also help boost spending, he added.

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