Lawrence Lee, executive vice president at East West Banking Corporation, expressed a positive outlook for the bank’s consumer lending sector, attributing the growth to the influx of young Filipinos entering the workforce. Speaking on February 13, 2025, Lee highlighted that the demographic advantage of the Philippines, with an average working age of around 26, is significantly boosting consumer spending and lending. He noted that the bank’s consumer lending grew by over 30% in 2024 and expects this trend to continue despite high lending rates, thanks to the resilience of the domestic economy.
The Bangko Sentral ng Pilipinas reported a 12% annual increase in outstanding loans from universal and commercial banks in December, marking the fastest growth in two years. Lee remains confident that consumer demand will not be deterred by current rates.
In a strategic move to enhance customer benefits, EastWest Bank has collaborated with Singapore Airlines (SIA). This partnership offers EastWest credit card holders exclusive discounts on SIA tickets purchased through the airline’s website and mobile app from February 13 to March 5, 2025, using the promo code GETAWAY25. Liwei Tai, SIA’s General Manager for the Philippines, stated that this collaboration aims to provide more value and attractive travel options to customers. The initiative is part of a broader plan to combine EastWest’s promotional offers with SIA’s superior service and connectivity, encouraging more rewarding travel experiences in 2025.
Lee emphasized the significance of travel expenses, which constitute 15 to 20% of credit card spending at EastWest Bank. He pointed out the importance of the partnership with SIA for branding and customer recall, especially during peak travel seasons like summer and Christmas.