Spending Behavior of DepEd Personnel on the Use of Local Credit Card: Basis for Personal Financial Plan

Rizalina P. Preconcillo
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Rizalina P. Preconcillo: Department of Education, Camarines Norte State College

International Journal of Research and Innovation in Social Science, 2025, vol. 9, issue 5, 5170-5233

Abstract: Economic growth is driven by rising card payments. According to the study performed by Zandi et al. (2013), cards help stimulate growth for economies. Cards provide customers with convenient and secure access to their funds. Greater usage of electronic payments added $983B in global economic growth from 2008 to 2012. Whereas, electronic payment contributed 0.8 percent increase in gross domestic product in emerging countries and 0.3 percent increase in GDP in developed markets. The economy is unburdened from papers and contribution is added to GDP. As credit card consumption increases, it decreases the amount of cash circulated and ensures that economic activities are registered, and all monetary contributions are recorded in the economic system. As tax revenues increase, the growing economy also brings together new business opportunities and prevents unemployment. Last November 2021, the Credit Card Association of the Philippines (CCAP), celebrated over four decades of its existence. CCAP provides Filipinos with better access to credit cards (The Philippine Star, 2021). As this complements the goal of Bangko Sentral ng Philippines (BSP), transforming the country from a cash-heavy to a cash-lite economy. The BSP aims to convert 50 percent of financial transactions in the country to digital form and raise the number of Filipino adults with bank accounts to 70 percent of the population by 2023, under its Digital Payments Transformation Roadmap. BSP Media and Research – Speeches (2020) has rolled out initiatives toward providing consumers with an efficient, safe, and inclusive payment ecosystem, with the COVID-19 pandemic serving as the catalyst. From percent last 2013, the volume of financial transactions done electronically leaped to 20 percent in 2020.

Date: 2025
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