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RCBC Bankard on Tuesday said it eyeing an additional 1 million customers over the next 5 years. 

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RCBC Bankard eyes 1 million more clients in 5 years

ABS-CBN News

<div><br/></div><p>MANILA -- RCBC Bankard on Tuesday said it eyeing an additional 1 million customers over the next 5 years.</p><p>The bank said that it has recently hit its milestone of 1 million credit card issuances.</p><p>The company&#x27;s president and chief executive officer Arniel Vincent Ong said they see credit card spending remaining strong this year.</p><p>&quot;For affluent customers, we’re seeing a continuous growth in their spending, just because of the size of discretionary fund that they have. (They&#x27;re) spending particularly toward things like overseas travel, which has given a very strong rebound in 2023,&quot; he noted.</p><div><a href="https://news.abs-cbn.com/video/business/10/31/23/card-spending-rises-despite-rise-in-interest-rates" rel="noopener noreferrer" target="_blank">Card spending rises despite rise in interest rates</a></div><p>&quot;Closer to the middle income markets or the mass market, we might expect some tightening in their spending because of the impact of inflation in 2023 but the easing inflation rates for 2024 is a welcome development,&quot; he said.</p><p>Ong also said they are seeing a slight uptick in credit card delinquencies, but this is not a cause for concern as of now. </p><div><a href="https://news.abs-cbn.com/business/10/27/23/credit-card-issuers-see-no-rise-in-defaults" rel="noopener noreferrer" target="_blank">Credit card issuers see no rise in defaults</a></div><p>&quot;But if you ask me that is not unexpected, because we have raised the interest rates early on in the year so it’s a natural adjustment of the risk that the portfolio brings, given the higher yields and as we pass on relatively higher rates to consumers.&quot;</p><p>&quot;But these upticks are actually within expectations of the bank and the industry in general, we’re not worried at this point with significant credit risks to the portfolio. Especially as we’ve gone through a period of restructuring and write-offs at the height of the pandemic.&quot; he said.</p><div><strong>--ANC, 6 February 2024</strong></div><div><br/></div>

<p>RCBC Bankard on Tuesday said it eyeing an additional 1 million customers over the next 5 years. </p>

RCBC Bankard on Tuesday said it eyeing an additional 1 million customers over the next 5 years.