Access to financial services is growing among Filipinos, but many still lack the savings and financial knowledge needed to withstand unexpected expenses, highlighting the need for practical lessons on responsible money management.

The 2025 National Strategy for Financial Inclusion Annual Report showed that 85 percent of Filipino households now have financial accounts, but only 74 percent demonstrate basic financial literacy and just 30 percent have enough savings to weather financial shocks.

EastWest Bank is seeking to address the gap through its EastWest WAIS (Wise Approach to Income and Savings) financial empowerment platform, which provides practical guidance on saving, budgeting, responsible borrowing and credit management.

A recent WAIS session, Credit Card 101, focused on helping participants understand how credit cards work and how responsible use can turn them into financial tools rather than sources of debt and stress.

Very powerful tool

“Credit cards are a very powerful tool,” said Oscar Navidad, head of Credit Card Direct Sales at EastWest. “But it depends on how we use it. We have a choice in using it for the better or for the worse.”

One of the key lessons from the session was the importance of paying credit card balances in full whenever possible.

While credit cards provide convenience and flexibility, unpaid balances can accumulate interest and make purchases more expensive over time.