Rizal Commercial Banking Corp. (RCBC) expects 20 to 30 percent growth in consumer loans this year, backed by continued incomes among business process outsourcing (BPO) workers and families of overseas Filipino workers (OFWs).

"We're expecting the year to be great for consumer loans and credit cards," RCBC president and chief executive officer Eugene Acevedo said Monday night on the sidelines of an awards ceremony by an online magazine which was held in Bonifacio Global City, Taguig.

Acevedo sees salary loans, personal loans, and auto loans to post double-digit growths amid positive forecasts on the BPO industry and OFW remittances.

According to I.T. and Business Process Association of the Philippines, the BPO industry could grow by over 8 percent each year and employ over 3 million Filipinos.

Meanwhile, the Bangko Sentral ng Pilipinas reported at least 3 percent growth in remittances each year.

"That's more than $40 billion a year. That’s the fourth largest in the world after India, China and Mexico," RCBC chief economist Michael Ricafort said.

Acevedo said digital loans have highly contributed to the bank's strong overall consumer loans.

"About half of our personal loans are already sold through digital loans. We expect in the next few years to approach 90 to 100 percent," he said.

However, Acevedo stressed RCBC continues to enhance credit assessments for digital loans while ensuring cost-efficient and convenient processes.

"It's easier and less costly to do digital but that does not say the credit is good," the banker said.

"Credit assessments are a serious consideration, especially because people talk about the fact that digital loans tend to have a higher non-performing level compared to traditional loans," Acevedo added.

RCBC reported credit card business and personal loans surged by 58 percent in the first nine months a year ago, while auto loans jumped by 39 percent.

These figures came after RCBC received a P27.1-billion capital infusion from Japan's Sumitomo Mitsui Banking which the Filipino bank uses for upgrading its digital tools and cybersecurity.