Analysts warn credit card use could increase further to partly cope with higher prices and reduced disposable incomes
3-MIN READ3-MIN ListenSam BeltranPublished: 8:00am, 1 Apr 2026Rising fuel costs linked to the Middle East conflict could push more Filipinos deeper into debt, analysts have warned, with one regional study describing the Philippines’ credit card burden reaching a “critical” risk level.Although credit card ownership in the Philippines remains relatively low, data indicates that cardholders appear to be using them far more intensively as living costs outpace income growth.
Credit card receivables in the Philippines have been growing consistently at more than 20 per cent year on year, making credit cards one of the fastest-growing segments of consumer loans in the country, according to Michael Ricafort, chief economist at Rizal Commercial Banking Corporation.
Data from the Central Bank of the Philippines also showed credit card receivables in the country reached 1.1 trillion pesos (US$18.1 billion) as of September 2025, up 29 per cent from the previous year.
At the same time, persistently high prices since the start of the Russia–Ukraine war in February 2022 had eroded disposable incomes and raised the cost of living, Ricafort said.
“As a result, some consumers have increasingly relied on credit cards to bridge any gaps in budgets, with payments somewhat hedged on future incomes or earnings,” Ricafort told This Week in Asia.
