There are about 6.5 million credit cards held by four million users in the country, according to data from the Credit Card Association of the Philippines (CCAP). Credit card receivables reached P130.billion last year, P15 billion of which turned out to be bad accounts.
"The failure of these credit card firms to respond to the BSP rate cuts brings to mind what Mr. Jun Lozada was once told by a ranking official: moderate their greed,"
- Sen. Chiz Escudero
June 7, 2009
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