Banks and other financial companies have issued about 11.8 million credit cards in the country as of the first quarter of 2023, a group said Monday.
The Credit Cards Association of the Philippines said of the total, 65 percent of users are considered as “transactors” who pay their total outstanding balance in full every month, while only 35 percent are “revolvers” or those who pay only the minimum amount or less than the full outstanding balance.
CCAP is composed of 17 major credit card issuers in the Philippines.
CCAP executive director Alex Ilagan said credit cards could be powerful tools for micro, small and medium enterprises to gain ready access to funds and manage their finances. He said there is a need to raise awareness on the use of credit cards for business.
“We know that MSME owners often mix their personal and business finances. They use their personal credit cards to pay for bills or purchases related to their business, enabling them to manage tight cashflow situations. Credit cards can be more than that,” Ilagan said.