Chinabank Destinations Mastercard and Chinabank HomePlus were honored as the best in the country at the Philippine Awards 2024 - Excellence in Retail Financial Services Awards of The Asian Banker (TAB) on Sept. 27, 2024, at Shangri-La, The Fort.
Chinabank Destinations Mastercard was named the Best Credit Card for Travelers in the Philippines. It stands out for its strong market position and value proposition, setting a new standard for travel-centric credit cards in the Philippines.
The card has emerged as a top choice for affluent travelers, distinguished for its comprehensive travel rewards and premium experiences. It offers exclusive discounts for hotel and dining through strategic partnerships with Accor Plus and Mastercard, along with travel insurance and airport lounge access.
The card's straightforward air miles conversion and lack of restrictive conditions further differentiate it from competitors. Launched in August 2023, Chinabank Destinations Mastercard accounted for 27 percent of the bank’s new credit cards portfolio by June 2024, with over 30,000 cards issued.
The award-winning credit card comes in three variants: Chinabank Destinations World Mastercard, Chinabank Destinations World Dollar Mastercard, and Chinabank Destinations Platinum Mastercard.
Chinabank HomePlus was recognized as the Best Home Loan Financing in the Philippines. It was acknowledged for its strong market performance and tailored offerings.
The flexible home loan can be used for various property acquisitions, house construction, home renovation, loan takeouts, or reimbursement of recently purchased properties. It offers competitive interest rates that can be fixed from one to five years for protection from future rate increases, a flexible repayment term of up to 25 years, and convenient application online and at Chinabank branches nationwide.
The product significantly contributed to Chinabank’s mortgage portfolio, which grew by 18 percent to P79 billion ($1.4 billion), with new loan volume surging by 58 percent to P28 billion ($480 million). Despite portfolio growth, the bank’s asset quality improved, with past-due rates dropping from 5.5 percent in 2022 to 4.4 percent in 2023, highlighting its robust risk management.
Aloysius Alday Jr., Consumer Banking Segment Head, expressed Chinabank's commitment to being a responsive and reliable lender that consistently delivers the best customer value.
The Asian Banker Awards are among the most rigorous and transparent country-level award programs for retail banking in the Philippines, recognizing financial institutions for their vision, execution, market-leading financial service propositions, outstanding achievements, and best practices.