EastWest Bank expects 30% consumer lending growth this year

East West Banking Corporation's executive vice president and head of consumer lending, Lawrence Lee, expressed optimism about a 30-percent expansion in consumer lending this year.

Lee attributed the positive outlook to the large number of young working Filipinos with an average age of around 26 years who have the capacity to spend on assets and travel.

The Bangko Sentral ng Pilipinas reported a 12-percent annual growth in outstanding loans by universal and commercial banks last December, which Lee believes will continue despite high lending rates.

EastWest Bank has partnered with Singapore Airlines to provide discounts to their credit card holders from February 13 to March 5, 2025.

The partnership offers EastWest credit card users discounts on SIA tickets purchased through the airline's website and mobile app using promo code GETAWAY25.

SIA General Manager for the Philippines Liwei Tai said the tie-up aims to encourage customers to embark on more rewarding travel experiences in 2025, offering value and attractive flight options.