Thanks for reading, Venkatesh! We don't have the data for other Southeast Asia markets at the moment, but credit card penetration has also been low in Indonesia, Thailand, and Vietnam. The decline in the Philippines, as the central bank suggests, is because of the emergence of alternative payment methods like e-wallets. It's uncertain if the decline is indeed a trend, but that's definitely something to closely watch in the coming years. After all, digital banks will be able to issue credit cards as well, and with their potential massive reach compared to physical banks, more Filipinos will get access to cards. The card companies (Visa and MasterCard) are also catching up with the fintech craze, so certainly not the end for the card schemes. However, I'd have to say that stringent bank requirements for credit card approval is also one reason for the low penetration in the Philippines.