TAGUIG CITY, 12 July 2018 – Credit Information Corporation PCEO Jaime P. Garchitorena joined The 1st Philippine Credit Forum with the theme “Be Ahead of the Curve” at the Garden Pavilion, Grand Hyatt Hotel, Bonifacio Global City, Taguig.
CIC was invited to join the panel discussion which talked about the current conditions and outlook on credit information in the Philippines. Together with PCEO Garchitorena was Klaas van Wyk de Vries, Chief Operation Officer of Consumer CreditScore Philippines Inc., and Marlo R. Cruz, President and CEO of CIBI Information, Inc. with Salve Duplito, Resident Financial Advisor of ANC’s “On the Money”.
PCEO Garchitorena discussed the current status of CIC’s data collection. As of May 2018, there are five million unique individual files which financing institutions can access. He then advised the data subjects to be in full control and be responsible in their own score. On a macro-perspective, the quality of data subject has to improve.
“Credit can move out economic fluctuations”, said PCEO Garchitorena. In obtaining the positive and negative credit information, he emphasized the role of CIC as the country’s credit registry, can assist managing with the ups and downs of the economy.
He added that the current administration of President Rodrigo Roa Duterte provides financial assistance down to the grassroots level, hence if the financial institutions allow easier access to credit, there will be substantial improvement in the economy.
The highlight of the forum was the launching of myScore by CIBI. As explained by Miguel Marquez, Vice President for Bureau of CIBI Information, Inc., myScore can assist the approval decisions become faster and accurate while efficiently handling accounts as well as minimizing any form of fraud or lending risk.
CIBI Information, Inc. is the Philippines first and only Filipino credit bureau since 1982, duly accredited as Special Accessing Entity of the Credit Information Corporation. It has partnered with Consumer CreditScore, the exclusive distributor of FICO Scores in the Philippines.