'New credit card users to drive lending growth'

New-to-card consumers, or Filipinos opening their first-ever credit card accounts, are emerging as a crucial driver of inclusive and sustainable credit growth in the country, according to a new study by global information and insights firm TransUnion.

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The study, presented during TransUnion’s inaugural Philippines Financial Services Summit, found that one in every two new credit cards opened in 2024 was issued to a first-time cardholder, signaling the importance of credit cards in promoting financial inclusion.

“Credit cards are more than payment tools; they represent the first step toward financial mobility, offering consumers access to additional liquidity and flexibility when needed,” Weihan Sun, TransUnion’s principal for research and consulting in Asia Pacific, said.

“Beyond enabling greater financial inclusion, they also provide an opportunity for lenders to build loyalty and trust through long-term relationships.”

Despite the Philippines’ growing digital finance ecosystem, with 80 million Filipinos using e-wallets and 65 percent having access to formal financial services in 2025, only one in 20 consumers held a credit card. This suggests that millions remain credit invisible, lacking access to traditional credit products that allow them to build a financial footprint.