According to the World Bank, more Filipinos are becoming financially capable as the country enters the middle-income status, leading to a higher demand for tourism and consumer goods, while investment instruments become more attractive.

The World Bank reported the Philippines’ gross national income (GNI) per capita or the average income of the nation’s population in a year grew to $4,320 in 2023 from $3,350 in 2020.

GNI per capita includes income both from domestic and overseas sources like remittances.

More Filipinos also exited the poor income category, which contracted to 17.54 million people in 2023 from 19.99 million in 2019, based on the Philippine Statistics Authority’s Family Income and Expenditure Survey.

East West Banking Corporation (EastWest) chief executive officer Jerry Ngo shared the bank’s latest products, services, and plans to enable Filipinos to experience not only comfortable living but also a delightful experience through market-specific credit cards, insightful economic forums, and a convenient banking app.

“The objective of the bank is to drive consumption and investment — wealth creation not of the companies but the ordinary Filipino,” he said.

Founded in 1994, EastWest Bank has expanded its consumer segment to 78 percent of the total client base as it aims to boost individual clients, Ngo said.

“Most banks in the country are 80-20, or 80 percent of the portfolio is in favor of the corporate clients,” he shared.

Ngo said EastWest Bank is enhancing its digital platform and mobile app called EasyWay to also offer loans to help young workers start acquiring assets like real estate for passive income.

“I’m not looking to save to go and follow that skill. I’m looking for a home for my family,” he said.

Based on his financial journey, Ngo said it is very important to be educated about financial products and services like loans and avail them strategically and responsibly as they start building their careers in their most vigorous life phase.

“From debt it became equity. What we need for our countrymen is to have that opportunity within that period when they’re productive,” he stressed.

EasyWay currently offers online account opening, fund transfers, bills payments, and transactions monitoring.

Mobile app feature

The bank is also developing other app features: mobile check deposit, QR fund transfers and payments, supplementary credit card applications, real-time viewing of card transactions, and instant locking and unlocking of credit cards.

Wealth management tools for EastWest Priority members, such as easier foreign exchange transactions of peso and US dollar funds within clients’ own accounts, and viewing of investment portfolios, are also made available.

In the first nine months of 2024, the bank expanded its consumer loans to 83 percent of the total loan portfolio.

Total consumer loans jumped 17 percent, reflecting a 52 percent growth in personal loans, 35 percent in credit card transactions, and 11 percent in auto loans.

Specific credit cards

EastWest Bank aims to attract more credit cardholders, especially in the provinces, as it partners with more businesses and designs rewards for all types of consumers.

Currently, the bank has over 1.4 million cardholders amid the increasing number of young Filipino workers who seek food travel and other tourism services.

“Over the years, I’ve earned miles that have taken my family and me to various destinations, helping us create unforgettable memories. These moments align perfectly with the promise of our credit cards — helping you earn more miles and reach new milestones, making your travel experiences even more rewarding,” Ngo said.

EastWest upgraded its EastWest Singapore Airlines KrisFlyer World and Platinum Mastercard credit cards in October last year and stressed more rewards carefully designed to cater to all income groups.

“What we intend to do is to be the right partner for our chosen market. We are developing a product that is specific for the mass, affluent, and high market,” EastWest Bank head for credit cards Mia Tamayo added.

“We will engage merchants across the country and try to be as localized as we can for those clients who are not from Metro Manila,” she said.

As more provinces level up to a higher income status, the bank reported its low and middle income client group has expanded by at least 30 percent.

The Singapore Airlines credit cards now offer EastWest Bank’s clients purchase-to-miles conversion rate of 1 KrisFlyer mile per P12 spent on the World Mastercard and 1 KrisFlyer mile per P15 spent on the Platinum Mastercard.

They also offer access to over 1,300 airport lounges worldwide, including exclusive access through the Plaza Premium Group partnership.

Apart from these, cardholders can pay a low 1.70 percent fee on international purchases, and lowest hotel rates and personalized trip recommendations from the bank’s dedicated lifestyle manager.

Last, clients can access up to P20 million in travel insurance coverage.

According to TransUnion, a global credit market researcher, Gen Z Filipinos accounted for one-third of new cardholders in 2023.

The researcher added that total credit card spending already jumped by 39 percent in the first half of that year compared to 29 percent in 2022.

Spreading economic insights

Ngo said EastWest Bank will continue going around the country for its EastWest Priority Lifestyle to share economic insights from distinguished professionals in helping individuals secure more wealth or financial freedom.

He plans to increase EastWest Priority Lifestyle events which include fun activities, like Feng Shui counselling, and educational ones that strengthen the bank’s relationships with clients and gain a deeper understanding about their needs.

“Every few times of the year, we come together with our clients and we normally start off with the Chinese New Year,” Ngo said.

“We also have mid-year and end-of-the-year economic briefings. We’re going to mix and match activities depending on the requirements of our clients,” he added.

Ngo plans to increase EastWest Priority Lifestyle centers to over 12 locations. “The objective is to be across the whole country.”

EastWest Bank already eyed Bacolod, Cebu, Dagupan and Davao.

The bank reported its affluent clients make up at least 20 percent of its total clients.

A TransUnion survey revealed 79 percent of Filipinos are optimistic about their income growing next year.

Thus, the majority of Gen Z Filipinos or 68 percent said they see credit as an important financial tool. More than half or 53 percent said they plan to obtain a credit card this year.

Despite the optimism, consumers need to regularly evaluate the economic landscape as TransUnion said 49 percent of all respondents said paying loans and bills might become challenging due to possible high interest rates and shifts in labor requirements among industries.

Multi-awarded bank

EastWest Priority Banking was named the Best Wealth Manager by The Asset and the 2024 Best Consumer Loan Experience award from the International Finance Magazine.

EastWest Platinum Visa was also recognized as Best Credit Card for Cashback by The Asian Banker.

“With three decades in the industry, we remain focused on innovation and continuous improvement to provide exceptional service to our customers,” Ngo said.

“These recognitions inspire us to reach even greater heights, driving forward with new solutions that empower our clients, support their goals, and bring their dreams closer to reality,” he added.