Manila, 26 August 2003 - Visa Asia Pacific and the Philippines Department of Tourism (DOT) announced today their strategic partnership to promote tourism through the country's retail sector. The DOT, thru its marketing arm the Philippine Convention and Visitors Corporation (PCVC), is organizing the WOW Philippines Shopping Fiesta 2003 for which Visa has been appointed the Preferred Card and Sponsor. The promotion will run from 1 October to 31 December 2003. Over the next few weeks, Visa is investing over Php15 Million in the nationwide Visa WOW Philippines Shopping Fiesta Promotion.

All it takes for Visa cardholders to win exciting prizes during the shopping fiesta, is a minimum purchase of Php500 made anywhere in the Philippines on their Visa Credit or Visa Electron cards, in a single receipt. A draw will be held at the end of the promotion, where cardholders stand to win the grand prize of a car, one of five Php50,000 in shopping credit, an all-inclusive 6D/5N Holiday Vacation Tour Package for Two and ten (10) jewelry sets worth Php 20,000 each.

Visa cardholders will also enjoy exclusive privileges at the Shopping Fiesta in Makati in October. In addition, cardholders who spend a minimum of Php500 on their Visa card at the Shopping Fiesta in Makati as well as the Sports Tourism and Travel Show at Intramuros Manila in November stand to win instant prizes including ice cream and car decals. As a bonus, Visa cardholders spotted with the decals on their cars will receive Php1000.

Anton Romulo, Visa's Country Manager for Philippines said, "Given the combined strengths of the DOT and Visa in this initiative, we expect to see excellent response in terms of boosting spend in the country. As the Preferred Card of the WOW Philippines Shopping Fiesta's, we are delighted to play a pivotal role in the promotion to ensure that shopping in this country will not only be an enjoyable but a rewarding experience as well. Over the years, Visa has been instrumental in making shopping convenient, simple and secure for Philippine nationals and visitors alike, whether by Visa credit card or by the debit card, Visa Electron."

"With the many benefits and privileges to be extended to our cardholders through our network of 45 thousand merchant outlets in the country, we will be strengthening recognition of Visa as an "everyday card", to be used in place of cash, whenever and wherever payment must be made," he added.

Cynthia Carrion, Travel Trade Deputy Executive Director and Sports Tourism Director from the Philippines Convention and Visitors Corporation said, "Philippines has a strong reputation for being a country of vibrant color in its vast natural resources, excellent beach resorts and beautiful people. What has less prominence in the minds of visitors is the variety and value for money which they get from shopping here. Our partnership with Visa will certainly draw their attention to what our retail industry has to offer, and shoppers will be rewarded for it. By tying up with the number one payment brand in the country and in Asia Pacific, the DOT will be able to reach Visa's massive card base in the region. In Southeast Asia alone, Visa has over 37 million cardholders. This partnership is indeed very exciting news for us and we look forward to working even more closely with Visa."

Other elite national shopping events for which Visa Asia Pacific is the official card and sponsor are the Great Singapore Sale and Amazing Thailand Grand Sales.

Visa International
Visa is the world's leading payment brand generating more than US$2.5 trillion in annual card sales volume. Visa has unsurpassed acceptance in more than 150 countries. The Visa organization plays a pivotal role in developing innovative payment products and technologies to benefit its 21,000 member financial institutions and their cardholders. Visa is a leader in Internet based payments and is pioneering the creation of u-commerce, or universal commerce, the ability to conduct commerce anywhere, anytime and any way. For more information, visit www.corporate.visa.com.

Visa Asia Pacific
In Asia Pacific, Visa has a greater market share than all other payment card brands combined with 59 percent of all card purchases at the point of sale being made using Visa cards. There are currently 192 million Visa-branded cards in the region. During the twelve months ended 31 March 2003, US$430 billion was spent at point of sale or withdrawn from ATMs in Asia Pacific using Visa cards, an increase of 22 percent over the previous year. Visa Asia Pacific's Internet address is www.visa-asia.com.