"It was expected to slow down. The (local credit industry) growth is usually high - 20 per cent. But compared to the volume from 2007 and 2008, it’s now only about 10 per cent," says Yap, who was recently appointed president of Metrobank Card Corp. (MCC)

"But that’s not bad. Our economy isn’t negative after all," she adds.

Yap, a 20-year veteran of the card-selling business and a bank executive for three decades, is also on her second term as president of the Credit Card Association of the Philippines.

Prior to joining MCC, she held top posts at Hong Kong and Shanghai Banking Corp, Equitable Card and Banco de Oro.

The MCC is a joint venture of Metrobank Group and the Australia and New Zealand Banking Group Limited (ANZ).

Classic cardholders were expected to slow down, she says, but the volume of high-network customers hasn’t gone down at all.

"MCC is doing better than the industry as a whole," Yap says. "I guess that’s because we know our customers and what they want. We’re quite selective and conservative."

The company claims to have the lowest delinquency rate, with more astute card-issuing policies in place.

Right segment

"I think we’re keeping the right segment," Yap says. A pioneer in the local credit-card industry, MCC is eyeing growth in specific markets, with specialty cards for, say, women (Femme), which is the fastest growing segment in its portfolio.

Recently, it was also first to issue Platinum cards for its top-tier customers, a teaser to more high-end products that will be released this year.

The female segment accounts for the high volume of shoppers, since women splurge on themselves. But men also spend - and on bigger-ticket items.

"Our consumers have grown in life cycle. They’ve gotten married, are having kids. They’re looking for cards that better suit their needs. They’re now looking for Gold or Platinum. They also look for deals and rewards that fit what they want, and we have both. We also have (airline) miles."

The company is focusing on families with growing needs. Three years ago, it developed a system where parents or principal cardholders can determine the credit limit of the supplementary card of their children - say, 5,000 pesos (US$103), even if the principal’s limit is 200,000 pesos ($4,140).

"I think my job is very interesting, especially at this time," says Yap, "when we have to have very astute lending policies, how to make it more interesting to customers. Cards have come a long way; there was so much hype about it. But after all is said and done, it’s really for your convenience, where you’d like to put your expenses and not having to carry change."

These days, credit-card use has grown to include payment for utilities, tuition and even at the doctor’s clinic.