BACK

Research and Statistics

Credit cards around the world: The Philippines

Summary

Our ongoing series moves to The Philippines.

The content on this page is accurate as of the posting date; however, some of our partner offers may have expired. Please review our list of best credit cards, or use our CardMatch™ tool to find cards matched to your needs.

Our ongoing series moves to Philippines, where debit use nearly quadruples credit card use.

 

 

Credit report

Debit cards reign
Only about 7.7 percent, or 7.4 million, of Filipinos have credit cards, compared to 32.6 percent, or 31.3 million, who use a debit card. The number of credit cards grew 32 percent from 2003 to 2008, while debit cards more than doubled to 64.3 percent (Euromonitor International).

Changing credit card regulations
Because credit card use is still fairly new to the country, legislators are working on laws to regulate their use before they become popular. House Bill 2787, which was introduced in March and is pending approval, would limit the surcharges and interest rates credit card providers can impose (Congress of the Philippines).

Increasing incentives
To entice potential customers, many credit card issuers have cut their interest rates to about 3 percent, which is well below the industry standard (Manila Standard).

Cards and crime

Cybercrime on the rise
Philippine police report that credit card fraud through the use of a computer is drastically on the rise. In 2007, there were 1,843 reported cases, which is almost triple the 527 cases reported in 2006, according to the Philippine Daily Inquirer.

Cameras help bust crime
A common offense in major cities is to entrap cab passengers and make them withdraw money from their credit cards. Lawmakers have proposed installing cameras at every major ATM location to combat the act (Philippines News Agency).

Local voices

Official tourism site
Philippine Tourism Authority

Financial news sites
Daily Inquirer
Mindanao Times
Sun Star
The Manila Standard
The Manila Times
The Bohal Chronicle

Country info

Location: Southeastern Asia, east of Vietnam and south of Taiwan (map)

Population: 96 million (July 2008)

Internet users: 14 million (June 2008 estimate)

Area: 115,830 sq. miles (slightly larger than Arizona)

GDP: US$300 billion ( 2007 estimate)

Currency: Philippine peso (PHP)

Key exports: US$49 billion of semiconductors, electronic products, garments, copper products, petroleum products, coconut oil, fruits

Key imports: US$57 billion of mineral fuels, iron and steel, textile fabrics, grains, chemicals, plastic

Famous Filipinos: Professional boxer Manny Pacquiao, former first lady and shoe aficionado Imelda Marcos, composer and leaf-player Levi Celerio

Editorial Disclaimer

The editorial content on this page is based solely on the objective assessment of our writers and is not driven by advertising dollars. It has not been provided or commissioned by the credit card issuers. However, we may receive compensation when you click on links to products from our partners.

What’s up next?

In Research and Statistics

Credit card delinquency rates dip in Q3, Fed data shows

Credit card delinquencies were down and charge-offs up slightly during the third quarter of 2008, according to the latest banking industry figures released Tuesday by the Federal Reserve Board.

See more stories
Credit Card Rate Report Updated: April 1st, 2020
Business
14.07%
Airline
15.85%
Cash Back
16.16%
Reward
16.06%
Student
15.87%

Questions or comments?

Contact us

Editorial corrections policies

Learn more

Join the Discussion

We encourage an active and insightful conversation among our users. Please help us keep our community civil and respectful. For your safety, do not disclose confidential or personal information such as bank account numbers or social security numbers. Anything you post may be disclosed, published, transmitted or reused.

The editorial content on CreditCards.com is not sponsored by any bank or credit card issuer. The journalists in the editorial department are separate from the company’s business operations. The comments posted below are not provided, reviewed or approved by any company mentioned in our editorial content. Additionally, any companies mentioned in the content do not assume responsibility to ensure that all posts and/or questions are answered.