MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) is set to issue a new report to assess the credit card situation in the country.
“We are launching in the next few months a new reporting system called Credit Card Business Activity Report,” BSP Deputy Governor Nestor A. Espenilla Jr. told reporters late last week.
“So all banks, all credit card providers will be required to complete this… so we have a better handle of the information,” Espenilla added.
Moreover, this new report will allow the central bank to determine the number of credit cards issued and the number of cardholders in the country.
“We also want to know the aging of those so we have a smoother appreciation of the credit card situation,” Espenilla said.
Aging is a tool employed by firms to estimate possible losses from uncollected receivables, in this case, from credit cards.
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The central bank already tracks credit card debt through the local banks’ report of the loans they have extended.
Credit card receivables grew nine percent to P143.684 billion in the first quarter from P131.870 billion in the same period last year.
The increase in credit card receivables along with growth in other consumer loans was attributed by the BSP to the favorable macroeconomic conditions enjoyed by the country and the steady inflow of remittances from abroad.
