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The East West Banking Corporation (Eastwest Bank) is looking for a strong consumer debt growth this year, as it is in the midst of a strong need for the opportunities of the Philippines economy and the younger population.
“I think the vision is positive. We do not know what is going to happen in all the latest news with a consumer -led economy, the economy is some sort of flexibility. Of course, (US President Donald J) Trump and his new policies are going to happen. But we are very confident. Eastwest Bank Consumer Loan Leader Lauren Li told the sidelines of an event on Thursday.
The Philippines economy increased by 5.6% by 2024, which was less than the government’s 6% -6.5% of the full -year target, but in 2023, 5.5% was slightly faster than 5.5%.
The government targets 6% -8% growth this year.
Since returning to the White House last month, Mr. Trump has raised global markets in various policies, especially fees and immigration.
Mr. This week, Trump will soon impose mutual fees in every country that charges US imports, and he is alive for the fear of expanding the global trade war that threatens to accelerate US inflation.
On Monday, Washington announced new 25% of all steel and aluminum imports to the United States, causing trade partners to scramble.
Consumer debt development will be operated by the young people of the Philippines, he said.
“That age is that you start to earn more, make more cost, and get more borrowed when you try to fill in your aspirations that you can buy what you want to buy like a home or car. … I think our population is the main driver of consumer credit and consumer spending, ”said Mr Lee.
By 2024, Eastwest Bank’s Consumer Debt Business increased by more than 30%, and he was slightly faster than the other industry.
Bank’s credit card billings reached P116.6 billion last year, as its cardholders reached 1.5 million.
The latest Bango Central NG Philipinas reports, the best consumer loans for the residents of the Philippines Universal and commercial banks rose per year to 2024, as of December 2024, rose to P 1.59 trillion, which is faster than 23.3% of the month.
“I would say that it is affiliated with the industry. We want to be more than the industry because we want to improve our market share. If you are in the industry, your market share will not move,” Mr. Lee said.
Eastwest Bank Senior Executive Vice President and Financial Markets and Selvam Management Cluster Chairman Rafael S. Algar, Jr. Card, vehicle credit and personal credit products.
In the third quarter of 2024, the net income of the bank increased by 49.1% to P 2.32 billion, with its nine -month profit to P 5.81 billion, which increased 19.57% per year.
Eastwest Bank stocks fell by 10 Centavos or 1.01% to close at P 9.80 on Thursday. – Amc and By Reoid
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