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Keisha Ta-Asan - The Philippine Star
February 16, 2025 | 12:00am
MANILA, Philippines — EastWest Banking Corp. is targeting to sustain consumer lending expansion this year as it partnered with Singapore Airlines (SIA) to enhance its brand and tap into the growing travel sector.
Lawrence Lee, executive vice president and head of consumer lending at EastWest, said the tie-up with the global airline giant aligns with the Gotianun-led bank’s strategy to strengthen its market position.
“This partnership is very important for us because we’re partnering with one of the world’s leading, most respected brands, especially in the travel industry,” Lee told reporters.
“From a branding perspective, this is a significant move,” he said.
From Feb. 13 to March 5, EastWest credit cardholders will have exclusive access to attractive discounts on SIA tickets. The discounts apply to eligible SIA flights for travel from Feb. 15 to Dec. 31.
Liwei Tai, Singapore Airlines general manager for the Philippines, said the collaboration offers travelers more value and better flight options.
“The launch is part of a series of upcoming offerings that will synergize great deals and bonus perks from EastWest with SIA’s world-class service and network connectivity, to encourage our customers to embark on more rewarding travel experiences in 2025,” Tai said.
Lee added that the partnership brings benefits to cardholders, like earning 1 KrisFlyer Mile for every P12 spent, along with exclusive promotions such as discounted fares and cash rebates on SIA ticket purchases.
“Whether you’re planning a quick getaway or the adventure of a lifetime, we’re here to help make those dreams a reality. With these amazing offers, you’ll be one step closer to creating unforgettable memories that will last a lifetime,” he said.
Beyond travel perks, EastWest Bank remains optimistic about the growth of its credit card and consumer lending business.
Lee said that travel-related transactions account for 15 to 20 percent of total credit card spending, with fluctuations depending on the season.
“We’re a consumer-led economy, and all economic indicators suggest resilience,” Lee said.
“Of course, we don’t know what’s going to happen with all the recent news with US President Trump and his new policies, but we’re optimistic,” he said.
The bank aims to outpace industry growth to expand its market share, leveraging the Philippines’ young workforce as a key driver of consumer lending.
“The average age of the country is 26 years old, and at that age, people start earning more, spending more and borrowing more to meet their aspirations — whether that’s buying a house, a car, or other big-ticket purchases,” Lee said.
With these factors at play, EastWest Bank sees sustained growth in its consumer lending business, particularly in credit cards, as Filipinos continue embracing digital payments and travel spending remains strong.
