Manila: An official of Visa Philippines expressed optimism for the sustained growth of Filipinos' spending levels during the Christmas season, citing the 8 percent year-on-year growth in 2024.

According to Philippines News Agency, a Visa study released on Wednesday showed that December is the month when Filipinos spend the most throughout the year. Josh Bosinos, head of data analytics for Visa Philippines and Cambodia, noted that the peak of spending, based on Visa card usage, occurs on December 23. Although no specific figures were provided on the volume, Bosinos highlighted an 8 percent annual growth in peak spending, based on December 2023 and 2024 levels.

"So, that means Filipinos are really spending a lot during December, and it will continue to grow every year. And an expectation for this year, it will also grow at the same trend," Bosinos stated. Moreover, while domestic spending peaks on December 23, Bosinos mentioned that Filipinos traveling overseas during the end of the year spend the most on December 28.

In terms of foreign travelers using Visa cards in the Philippines, Bosinos reported that the bulk of spending by inbound Visa cardholders is on lodging and entertainment. The majority of these tourists come from the U.S., followed by Taiwan and Japan, as indicated in the Visa report.

Jeffrey Navarro, Country Manager for Visa Philippines, emphasized the socio-cultural and economic significance of Christmas in the country. "Christmas brings people together, and our data underscores the holidays' enduring socio-cultural and economic significance to the country," Navarro said. He also highlighted the importance of enabling personal journeys and experiences through fast, seamless, and secure payments, ensuring meaningful celebrations for Filipinos and tourists alike across the country and abroad.