3.5 Million Credit Cards

Subject: 3.5 Million Credit Cards Fri Sep 16, 2011 11:15 am

As of December 2002, the banking industry has already issued some 3.5 million to four million credit cards in the country, with total credit card transactions amounting to over P50 billion on a quarterly basis. There were about 15 major credit card companies accounting for over P100 billion in annual gross card billings at 30,000 or more retail and service establishments nationwide. The industry expects the number of establishments that accept credit cards to double by 2005. Among the top players are Citibank, which has issued over 500,000 cards; Bank of the Philippines Islands (BPI), 400,000; and Equitable PCI Bank, 400,000.

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