THE Bank of the Philippine Islands (BPI) yesterday launched its ePrepaid card to expand its presence in the credit card industry.
The card is available to just about anybody who goes to any of the bank’s branches with at least P10,000, the limit set by BPI per ePrepaid holder.
The card can be used to transact all kinds of business that is allowed in any debit card.
A person can get a my-prepaid card even if he or she is not a BPI depositor. The person only has to go to the teller of the bank and ask for the my-prepaid card, load it on an ATM and deposit the money with the same branch.
Ma. Cristina Go, senior vice-president of BPI, said that there was a slowdown in the growth of the credit card business because more Filipinos are getting the discipline after they incur defaults and are required immediate settlements or face a collection suit in court.
The Credit Card Association of the Philippines keeps a record of habitual defaulters. They are denied the card if they apply again.
Go said that in 2009, 70 per cent of credit card holders had more than one card. By 2010, the figure had dropped to 30 per cent.
The slowdown in credit card growth started in 2008 when the US economy was deeply troubled by credit issues.
Go said the credit problem forced banks to start issuing debit cards for safety reasons and to instill further financial discipline among the holders.
BPI issued some 920,000 cards in 2010 and expects its card business to come close to a million by the end of the year.
The bank has issued an estimated 5 million cards. Of this number, Go said, 3.5 million are clients or patrons of automatic teller machines (ATM).
Half million are debit card holders, and almost a million are credit card holders.
Go pointed out that the bank wants to be aggressive in the card business despite the conservative outlook in the credit cards sector.
Go said the number of multi-card holders has gone down. While the growth of the credit business itself is slow, BPI found a new way to reach out to clients who are required a limit of P10,000 per ePrepaid client. –Malaya
March –
IT’S WOMEN’S MONTH!
“Respect and support women
every day of the year/s!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands
#Report Corruption #SearchPosts #TakePicturesVideos
Monthly Observances:
Women’s Role in History Month
Weekly Observances:
Week 1: Environmental Week;
Women’s Week
Week 3: Philippine Industry and “
Made-in-the-Philippines Products Week
Last Week: Protection and Gender-Fair Treatment
of the Girl Child Week
Daily Observances:
March 8: Women’s Rights and
International Peace Day;
National Women’s Day
March 4: Employee Appreciation Day
March 15: World Consumer Rights Day
March 18: Global Recycling Day
March 21: International Day for the Elimination
of Racial Discrimination
March 23: International Day for the Right to the Truth
Concerning Gross Human Rights Violations
and for the Dignity of Victims
March 25: International Day of Remembrance of the
Victims of Slavery and the Transatlantic Slave Trade
March 27: Earth Hour
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