An official of East West Banking Corporation (EastWest Bank) is optimistic about a 30-percent expansion of their consumer lending this year given the large number of young working Filipinos.
Lawrence Lee, EastWest Bank executive vice president and head of consumer lending, told reporters that the Philippines is “a consumer-led economy.”
He said the large number of young working Filipinos, whose average age is around 26 years, having the capacity to provide for themselves, buy assets, and travel, are keys to boosting consumer spending.
“So, I think, our demographic dividend continues to be a key driver of consumer growth, consumer lending, and consumer spending,” he said.
The Bangko Sentral ng Pilipinas (BSP) on Wednesday reported the 12-percent annual growth of outstanding loans of universal and commercial bank (U/KBs), excluding placements in the central bank’s reverse repurchase (RRP) facility, last December, the fastest growth in two years.
Lee is optimistic this will continue even as lending rates remain high.
“I don’t think it has deterred the consumers,” he said, adding the domestic economy remains resilient.
The bank has partnered with Singapore Airlines (SIA) to provide discounts to their credit card holders.
The team-up gives EastWest credit card holders discounts on SIA tickets to be bought through the airline’s website, singaporeair.com, and mobile app from Feb. 13 to March 5, 2025 with the use of promo code GETAWAY25.
SIA General Manager for the Philippines Liwei Tai, during the launch of the partnership, said the tie-up “offers our customers more value and attractive flight options.”
“The launch is part of a series of upcoming offerings that will synergise great deals and bonus perks from EastWest with SIA’s world-class service and network connectivity, to encourage our customers to embark on more rewarding travel experiences in 2025,” she said.
Lee said travel expenses account for around 15 to 20 percent of credit card spending for EastWest Bank.
“To partner with Singapore Airlines, it is very important from a branding perspective and from a recall perspective,” he said, adding that travel expenses increase significantly during summer and Christmas breaks.
PNA PHOTO
