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Thursday, July 07, 2005
Visa Int’l launches website on managing finances
Visa International launched yesterday in Cebu its Internet-based financial education portal to some 800 Central and Eastern Visayas university student participants of the one-day Smart Entrepreneurial Program initiated by the Junior Financial Executives Institute of the Philippines (JFinex) and Smart Communications Inc.
The program was part of JFinex’s launch of its national 7th Inter-Collegiate Finance Competition (ICFC) in September.
“The website (www.myMoneySkills.com) is basically a financial literacy program. We are promoting this to students and young professionals because they are the next generation of credit cardholders,” said James Dixon, country manager of Visa International-Philippines.
Dixon said it is Visa’s thrust not only to promote the use of credit cards but also to educate the market on managing finances. It is also for those who are skeptical about credit cards and fear that it will only entice unnecessary spending that will lead to debt.
The website contains topics like budgeting and saving, using credit and debit cards wisely, maximizing banking services, managing debt, smart shopping, and card security and identity theft.
Dixon admitted that there are concerns about credit card fraud.
Earlier this week, Sen. Manuel Roxas advised Filipinos to protect themselves from credit card data theft after a reported security breach that allowed hackers to get the credit card data of over 40 million credit card users in the United States last month.
Dixon said there are nine major credit card issuing firms in the Philippines.
“We coordinate with the Credit Card Association in the Philippines (CCAP) in fighting credit card fraud,” he said.
Keeping credit cards and bank accounts secure, making sure credit cards and receipts are returned after every transaction, and reporting to the company once a cardholder receives no monthly bill are some ways to prevent fraud.
CCAP estimates that 3.85 million Filipinos currently own at least one credit card.
With a 60 percent global market share, 62 percent in Asia Pacific and 50 percent in the Philippines, Dixon said Visa projects a 20 percent growth in the use of its credit cards in the country.
The ICFC is an annual event organized by JFinex to encourage students to aim for excellence and professionalism in the study of finance.
“The quality of education in finance in the Visayas is definitely better (than before). We could see that in the results of the competition. USC (University of San Carlos), for example, has been consistently included in the top six for the past two years,” Antonio Ramon Ongsiako, JFinex chairman, told Sun.Star Cebu. (ALC)
(July 7, 2005 issue)
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