HOLIDAY spending in the Philippines will likely post a steady increase this year, with card payments expected to peak two days before Christmas, data from Visa Philippines showed.聽 聽
Josh Bosi帽os, director and head of data science for the Philippines and Cambodia at Visa, said they project the volume of payments from holiday spending to grow around 8% more this year.
鈥淭hat鈥檚 huge,鈥 he told reporters on the sidelines of Visa Philippines鈥 Christmas Spend Trends launch on Wednesday. 鈥淏ecause we鈥檙e talking here about the percent of growth increase, not the actual growth鈥 We cannot disclose the actual growth, but the percent of growth increase is already in that number.鈥
Based on Visa Consulting and Analytics data, local transactions will likely hit the highest on Dec. 23, as Filipinos usually join the holiday rush in malls and commercial districts.
鈥淐hristmas brings people together, and our data underscores the holidays鈥 enduring sociocultural and economic significance to the country,鈥 Visa Philippines Country Manager Jeffrey Navarro said in a statement. 鈥淔or Visa, it鈥檚 important that we enable these personal journeys and experiences through payments that are fast, seamless, and secure, so that Filipinos and tourists alike can have meaningful celebrations anywhere across the country and abroad.鈥
Locally, Visa saw that holiday spending was also high in areas outside of Metro Manila, including the cities of Cebu, Angeles and Davao.
Meanwhile, overseas spending is projected to pick up post-Christmas and peak on Dec. 29, indicating 鈥渃ontinued leisure and travel-related purchases during overseas vacations.鈥
鈥淭ourists and returning overseas Filipinos drive higher local transactions using foreign-issued cards,鈥 Visa said.
In terms of payment volume in dollars, the United States emerged as the top country source, followed by Taiwan, Japan, South Korea, and Singapore.
Visa also noted that tourists from the US, South Korea, Singapore, Australia, and Hong Kong spend most on lodging, while Taiwanese and Japanese tourists typically splurge on entertainment.
On the other hand, visitors from India spend more on education and the government, while those from Canada and the US prioritize food and groceries.
鈥淎s holiday spending continues to shape consumer trends, Visa remains committed to enabling secure, seamless, and innovative payment experiences for Filipinos and travelers alike,鈥 Visa said. 鈥淭hese insights highlight how payments power connections during the most festive time of the year.鈥 鈥 Katherine K. Chan
