The umbrella organization of the country’s credit card issuers welcomed the central bank’s higher interest rate ceiling on monthly interest payments, saying the “market-driven” approach was good for competition. | miguelrcamusINQ /PDI
CCAP represents 17 credit card issuers, mostly comprising the country’s largest banks.
“Market-driven rates will help, not only in boosting competition in the industry, but in accelerating financial inclusion and creating a cashless society—which are aligned with the BSP’s goals,” CCAP said in its statement. Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said the BSP’s decision reflected the reality of the higher interest rate environment as central banks in the Philippines and overseas sought to tamp down surging inflation.
“As part of the whole-of-economy approach to tighten monetary policy by the United States/global central banks and effectively slow down overall demand in the economy as part of the efforts to bring down elevated inflation/prices, to fulfill their mandate of price stability/stable inflation,” he said.
According to the BSP, there were 10.3 million cards in use as of June 2021. It also recorded a 34 percent annual surge in credit card billings to P100.6 billion during the same period.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Musk says higher priced Twitter subscription won't carry adsTwitter owner Elon Musk tweeted on Saturday that a higher priced subscription of the social media platform will not carry advertisements.
Read more »
Musk says higher priced Twitter subscription won't carry adsTwitter owner Elon Musk also says ads are 'too frequent on Twitter and too big,' adding steps will be taken to address that in coming weeks.
Read more »
Stock-Market Outlook | VG CabuagLast week Share prices rose last week, with the main index closing at the 7,000-point level, on favorable inflation outlook and promising corporate earnings. The benchmark Philippine Stock Exchange index (PSEi) gained 105.08 points to close at 7,056.62 points. The main index was up for only two days, but it…
Read more »
Tesco boss in 'parallel universe' over price rises, UK farmers' chief saysWhile supermarket chains in Britain look to hold down prices to preserve market share, food companies and farmers are facing surging costs they need to pass on through higher prices.
Read more »
Business Mondays with BM: January 23, 2023Welcome to Business Mondays with BM, a segment of the BusinessMirror Broader Look podcast that tackles the performance of the Philippine stock market. The Business Mondays with BM podcast is based on the Stock Market Outlook story written by BusinessMirror reporter VG Cabuag and comes out every Monday.
Read more »
‘Unsmoked’ | Vittorio V. VitugA habitual smoker for more than 30 years, George (not his real name), 57, went from Marlboros to e-cigarettes and then back again. Know more:
Read more »