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PHILIPPINES BANK RCBC BANKARDS ISSUANCE SOARS BY 201% IN 2008.
MANILA, June 30 Asia Pulse - RCBC Bankard, the credit card brand issued by Rizal Commercial Banking Corporation (RCBC) and managed by Bankard, Inc., reported Tuesday that its card issuance rate has soared by 201 per cent for 2008 or 170,000 more than 57,000 issued in 2006.
It also added that the total number of cards currently in force stands at 407,000 last year, 32 per cent higher than in 2007.
RCBC Bankard also gained more accounts under its name as its acquiring billings surged from P8.5 billion (US$177 million) in 2006 to P12.1 billion in 2008, while its issuing billings rose from P7.5 billion to P11 billion.
Cardholders reliance of the brand is evident as the number of transactions also rose to 4.5 million last year compared to 3.5 million in 2006, while delinquency rate substantially declined from 11.4 per cent to 7.9 per cent also in the same period.
"This growth is reflective of how a lot of people are appreciating our efforts to put more value in our products and services," said Bankard president and chief executive officer Oscar B. Biason. "Innovative marketing practices, ...
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