Prosperity without worries: Welcoming the Chinese New Year
The beginning of the year is often a time for reflection and renewal. After the whirlwind of December’s celebrations, from Christmas parties, gift exchanges and travel plans, many individuals and households are left with a financial hangover.
As we turn the page to 2026, the excitement of Chinese New Year last February brings another round of festivities, but also another round of expenses.
This is the perfect moment to rethink how we celebrate prosperity without falling into a debt trap.
Tradition and spending
As one of Asia’s most significant celebrations, Chinese New Year is deeply rooted in rituals of prosperity and luck, a sentiment that resonates strongly in the Philippines.
In fact, the cultural importance of Chinese New Year took a significant step on Feb. 19, 2015, when President Benigno “Noynoy” Aquino III issued Proclamation No. 831, officially designating it as a national holiday.
This served as a formal acknowledgment of the Chinese Filipino community, honoring their pivotal role in shaping the nation’s cultural identity, history and economic growth.
We can see how Filipinos value this celebration by the festivities that surround the holiday.
To welcome the year, some families prepare reunion dinners featuring symbolic dishes like tikoy and noodles to represent unity and longevity. The streets, particularly in Binondo, come alive with gongs, drums and lion dances to ward off evil spirits.
Most notably, families also give away Ang Pao (red envelopes) to children and relatives to usher in good fortune.
While these traditions are intended to attract wealth and luck, spending during these festivities should not come at the expense of long-term financial stability.
Steering our finances this Year of the Fire Horse
In this Year of the Fire Horse—a sign associated with energy and movement—maintaining control over our financial momentum has never been more critical.
Recent data published by the Census and Economic Information Center shows that Philippine household debt reached $60.9 billion as of September 2025.
This increase in borrowing has pushed the household debt-to-GDP (gross domestic product) ratio to 12.8 percent, an increase from the 10.1 percent recorded in 2023. This tells us that as more families are navigating a delicate balance between festive spending and managing debt.
Welcoming the Year of the Fire Horse is not about running faster toward sales or making impulse purchase decisions. It should be about steering our finances with discipline.
One of the ways to do this is to observe the responsible use of financial tools like our credit cards.
According to the Credit Information Corp. (CIC), the average credit card debt in the country has reached P54,000 across 20 million active accounts.
CIC president and CEO Ben Joshua Baltazar explained that while credit can be a tool for progress, it requires proper knowledge and discipline. To prevent having a negative credit history, which can hinder future loan applications, the public is encouraged to pay debts on time and in full and to regularly monitor their credit reports.
Moreover, there are different ways to maximize credit card use by keeping track of smart deals.
Thoughtful consumers can avoid the dreaded “festive debt trap” by utilizing services like the BPI FlexipayZero, a solution that allows for the conversion of high-value purchase into 0-percent interest installments for up to 36 months.
This strategic approach helps ensure that large-scale celebrations do not disrupt liquidity, allowing households to maintain a steady cash flow.
Complementing this discipline is the use of digital innovation, such as the Oh My Deals! (OMD) app.
OMD utilizes advanced geo-location technology to provide users with a curated view of the best discounts and rewards available in their vicinity.
The app allows cardholders to use specialized filters for dining and shopping, ensuring that every celebratory expense is optimized for value.
Aligning festive traditions with these real-time market insights can help consumers enjoy the season’s richness while maintaining focus on budget efficiency.
Ultimately, integrating these apps and banking features with the principles of responsible credit use, we can navigate the Year of the Fire Horse with a clear path toward abundance and financial stability.
Leveraging financial wellness
Beyond discipline and smart banking, long-term financial resilience is reinforced by government-led initiatives and national policies that provide structural support needed for holistic financial wellness.
For example, the Philippine government has been pushing for stronger financial literacy through the Economic and Financial Literacy Act (RA 10922).
This initiative encourages citizens to make informed financial decisions, especially during peak spending seasons, by fostering a culture of mindful saving and investment.
The Bangko Sentral ng Pilipinas continues to expand its National Strategy for Financial Inclusion, which is designed to bring formal financial services to all Filipinos.
A key pillar of this strategy is the promotion of digital payments like QR Ph.
These platforms do more than just offer convenience; they create a “digital footprint” that makes it significantly easier to track expenses and analyze spending patterns compared to cash, helping households stay accountable to their financial goals.
For long-term prosperity, there is an option beyond traditional savings by allocating part of your year-end bonus into a Personal Equity and Retirement Account (Pera).
Unlike a regular savings account, Pera is a voluntary retirement vehicle that offers significant tax advantages designed to accelerate your wealth.
For every contribution, you are entitled to a 5-percent tax credit that can be used against your annual income tax liability.
Furthermore, all income earned from the investments within your Pera is completely tax-exempt, ensuring that your wealth grows and compound over time.
By leveraging these national policies, you ensure that the prosperity celebrated during the Chinese New Year extends far beyond the festive season and into a secure future.
True prosperity
Celebrations should bring joy, not anxiety.
By understanding spending patterns, resisting impulsive purchases and leveraging financial tools, families can enjoy Chinese New Year while safeguarding their financial health.
True prosperity begins with keeping and managing the wealth you already have.
In 2026, prosperity means not just welcoming abundance, but also protecting it through discipline and foresight.
Jenny Lacerna is head of Mass Retail at the Bank of the Philippine Islands where she oversees the Unsecured Lending and Cards Group.
