By 1914, gasoline companies and large retail department stores were also issuing credit cards to their most-valued patrons. These first cards were simply a convenient way for good customers to run a tab with a particular retail business concern, since balances had to be paid in full each month.
It has become a tradition for us at the Bangko Sentral ng Pilipinas to spend our first Tuesday of the year with you. 2020 was an extraordinary year because of the COVID-19 pandemic which, by the way, is more than a health crisis, as the country also felt its debilitating impact on lives, livelihoods, and inequality.