EastWest Banking Corporation Anticipates Growth in Credit Cardholders to 1.4 Million in 2024

MANILA — EastWest Banking Corporation (EastWest) is poised to expand its credit cardholder base to 1.4 million by the end of 2024, marking significant growth within its consumer lending sector. The bank reported substantial year-on-year increases in credit card revenues and account activity, reflecting a broader trend of financial inclusion and literacy among young professionals.

According to Philippines News Agency, EastWest saw its cardholder numbers rise to 1.3 million by mid-year, an increase of 17 percent from the previous year. The first half of the year also saw a 30 percent rise in credit card business revenues, reaching PHP5.5 billion, up from PHP4.3 billion during the same period last year. Additionally, the bank’s accounts receivables grew by 35 percent to PHP61 billion, while total billings surged by 39 percent to PHP52 billion.

Aylwin Herminia Tamayo, EastWest’s senior vice president and head of the credit cards business, noted a significant shift towards financial literacy among young professionals, who are increasingly participating in both mass and affluent markets. These segments currently represent 30 percent and 20 percent of the bank’s consumer base, respectively. “This reinforces our commitment to providing personalized and accessible financial solutions which now underpin our consumer lending services,” Tamayo stated, highlighting the bank’s strategy to cater to evolving customer needs through tailored financial products.