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Credit card spending in Philippines up 39% in H1 2023

The Credit Card Association of the Philippines (CCAP) reported a 39% surge in card spending, reaching PHP853bn pesos (USD15bn) in H1 of the year. During CCAP's virtual 42nd Anniversary Forum, chairperson Magdalena Surtida highlighted a 29% increase in credit card receivables to PHP619bn and a 14% rise in cards-in-force, totaling 12.2 million cardholders. Surtida attributed the spending boost to consumers pent-up desire for travel and dining experiences after the pandemic lockdowns. She assured continued efforts by CCAP to educate cardholders about safe credit practices and plans to incorporate artificial intelligence into fraud detection. The organisation also foresees increased tokenisation for safer and smoother transactions. Meanwhile, Bangko Sentral ng Pilipinas (BSP) stated that Filipinos are also steadily adopting digital payments, with 42% of retail payments being cashless, nearing their 50% goal for 2023.


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