Yuchengco-led Rizal Commercial Banking Corp. (RCBC) expects a 50-percent surge in credit card usage in the last quarter of the year as consumers rush to buy gifts and personal items ahead of the spending-heavy Christmas season.

In a statement on Thursday, RCBC Credit Cards president Arniel Vincent Ong said they were particularly anticipating an increase in card spending on toys and hobbies, electronics, clothing and department stores.

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According to Ong, there were more than 1.2 million active credit cards in the Philippines as of the third quarter.

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At the same time, RCBC recorded a 43-percent rise in issuing billings versus the same period last year.

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“RCBC Credit Cards is seeing strong growth in card usage from current and new cardholders … Historically, the highest spending occurs during the last quarter of the year,” he added.

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Spending on travel, groceries and restaurants is likewise seen to increase in preparation for the holiday season.

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As a response to growing demand, RCBC announced that it had partnered with “top establishments” to offer zero-percent installment plans, as well as buy now, pay later options.

Other partner establishments will also offer RCBC’s “Spend and Get” promotion, through which cardholders may get free items or discounts with their purchases.

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Higher costs pulled down RCBC’s net income in the January to September period by 31 percent to P6.2 billion despite a wider loan portfolio.

Net interest income jumped by 27.6 percent to P30.93 billion, driven by growth in the consumer segment, particularly auto loans.

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Still, RCBC president Eugene Acevedo previously said they expected earnings to finally climb this year due to the recent monetary policy easing.

As interest rate cuts result in lower borrowing costsk9win, this often leads to an uptick in loan demand.

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