Contrary to claims by Singapore-based fintech firm Roshi Pte Ltd, Filipinos are not buried in credit card debt, according to the Credit Information Corporation (CIC).
Roshi earlier claimed that the average Filipino credit card borrower carries a debt of around P92,800 (S$2,092)—more than four times the country’s average monthly income of P21,900. But CIC president and CEO Atty. Ben Joshua Baltazar questioned the methodology, noting that the data might have been based on general averages that don’t reflect the reality on the ground.
“Mahirap po sabihin na dapat i-contrast natin ‘yung average credit card debt sa average income ng buong Pilipinas,” Baltazar said in a DZMM interview. He emphasized that only a small portion of Filipinos actually own and use credit cards.
According to CIC’s July 2025 data, the average credit card debt in the Philippines stands at P54,000. Credit card loans account for only 20 million of the roughly 390 million active loan contracts in the country—far fewer than installment loans (300 million) and salary loans (50 million).
“Twenty million lang ang active credit card loans sa Pilipinas. So kung kumpara natin sa population ng Pilipinas ay napakaliit,” he added.
Baltazar also stressed that there’s no significant uptick in credit card defaults or missed payments. “Wala naman mga increases or any significant trends na hindi nakakabayad ang mga Pilipino,” he noted, adding that Filipinos are increasingly turning to buy now, pay later (BNPL) schemes, which are easier to access and more budget-friendly.
“Kaya siguro ginagamit ito kaysa sa credit card kasi yung application nito mas madaling i-process online,” he said, explaining that BNPL platforms process transactions at the point of sale, rather than offering open-ended spending like credit cards.
The Bangko Sentral ng Pilipinas has not issued any warnings regarding surging credit card debt, further supporting CIC’s stance that the situation remains under control.
