Visa pins its hopes on Philippines’ market

Visa expects its business to further expand as more customers are shifting from cash and check payments to using credit cards, as noted by the Philippines manager Bob Joubert. While Visa has a "cautiously optimistic" view of the global economy Mr. Joubert noted that Philippine economy is "resilient."

"Things seem to change frequently that almost everyday you have new shocks; it is very hard to forecast. For this year, we are cautiously optimistic we will have a sound growth but not anything stellar as for the rest of the world. In the long run, we are very optimistic about the prospects for the Philippines. Like anybody else, we see the Philippines as a good, strong developing Asian country. We are committed to the country; we are determined to be here for the long haul," he added.

Earlier Visa launched its first global advertising campaign called "More People Around the World Go with Visa" in the United States and Japan. Now Philippines is the first in Asia to launch the same program while focusing on Visa’s growth strategy of migrating consumer and business spending from cash and checks to electronic payment.

"We don't expect people to buy more stuff. But we hope they will switch their method of purchase from using cash and checks to using Visa cards because it is more convenient and secure. It also gives them a good budgeting tool to plan their spending for the future. Internet purchase is a growing phenomenon. Visa provides that ability to enjoy using that channel," Joubert said.