RCBC expects double-digit growth in credit card receivables

THE CREDIT CARD arm of Rizal Commercial Banking Corp. (RCBC) expects sustained double-digit growth in loans over the next two years, driven by strong consumer spending amid low inflation and easing interest rates.

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RCBC Credit Cards President and Chief Executive Officer Arniel Vincent B. Ong said they expect their cards business to continue growing by about 30-40% until next year.

“We are growing by more than 40% year on year so far. We are growing faster than the industry. My outlook is that by the end of the year, we will continue to be at that range... And we expect that to continue to be faster than the industry,” Mr. Ong said on the sidelines of arecent event.

“Next year, I think with the relatively benign inflation rates, the low interest rates..., I think consumption will continue to grow.”

RCBC’s credit card receivables surged by 48% year on year in 2024 as cards in force increased by 21% and billings rose by 41%.