CITING potential in the Philippines’ credit-card market, the world’s third-largest credit-card business JCB (Japan Credit Bureau) International Co. Ltd. said it expects growing its member base by 130,000 a year for the next five years.

“A chunk of the market remains untapped, especially composed of new graduates,” JCB country manager Judith G. Dumapay told reporters on Monday, after the company launched a marketing campaign in line with its expansion plans.

Dumapay said only 6.5 million of the estimated 18 million “cardable” Filipinos own and/or use credit cards. “It’s still a cash market here, and we’re trying to tap this segment by introducing new services and influence the behavior of this market.”

Dumapay’s optimism is shared by executives of their partner-companies Banco de Oro Unibank Inc. and Bankard Co.

“We’re riding on consumer optimism and what’s looking like a very good year for our economy,” Bankard chief executive Oscar B. Biason said.

According to Biason, Bankard has “surpassed its expected growth rate [of 20 percent] this year on customer transactions.”

He added that the volume of transaction, which refers to the peso value, also hit 19 percent and “is a big improvement of customer use.”

Consumer lending group senior vice president Ma. Ophelia Ll. Camiña added that the BDO credit-card business is also doing well, as “consumers are not worried anymore on contraction and lay-offs.”

“They’re spending more this time,” she added. BDO is the country’s biggest credit-card issuer, with a base of 1 million.

Still, both executives said they consider the credit-card business share in their respective companies’ revenue is “still small.”

Nonetheless, JCB Intl  Asia Pacific Pte. Ltd. managing director Kubo Masayuki said they are relying on BDO, Bankard and their two other local partners for their expansion bid.

“Our growth is also relative to the pace of our partners,” Masayuki said.

He added that they will also hold activities to further enhance brand recognition, including more promotions and privileges related to Japan beginning this year.

He said they are also in talks to more than two commercial banks as additional local partners.

The 13-year-old JCB Philippine business currently has a 2-percent share in the market, composed of 100,000 JCB-brand credit cards for 100,000 merchants.

Masayuki said they expect the number of cards to grow 10 percent year-on-year up to 2015.  “The Philippines is part of our plan to expand after going into China, Taiwan and Korea. We’re now on our second phase. The decision to do so has nothing to do with the environment in Japan.”

Masayuki added the Philippines is also one of the “easiest” markets to enter.