MANILA, 6 September 2017 - The Credit Information Corporation (CIC) express support to the FINTQ's "Kasama Ka" program held at BSP Assembly Hall. Together with Bangko Sentral ng Pilipinas (BSP), the Securities and Exchange Commission (SEC) and other government and private institutions, they have expressed acknowledgment on Kasama Ka's digital referral system and its digital financial services that are both beneficial to borrowers and lenders.

Kasama Ka Program Ascendancy

The program enables individuals to refer potential borrowers to the Lendr, a platform design to empower the borrower by offering one loan application to be distributed to multiple potential lenders, increasing the chances of the borrower of getting a better deal.

Moreover, FINTQ's Kasama Ka program will help inform borrowers avoid the pitfalls of borrowing from informal borrowers. The program will also give value to individuals whose financial awareness and literacy are exemplary.

BSP Governor Nestor A. Espenilla Jr. commended the private sector's efforts to support BSP's implementation of National Strategy for Financial Inclusion (NFSI). He added that utilization of technology in the distribution of financial services and availability of new financial products are not only an advantage to the Filipinos but to the BSP as well.

SEC Chairperson Teresita J. Herbosa also added that the program would definitely aid in the financial industry of the country. It was also highlighted in her speech how the advent of FINTQ's Kasama Ka will empower entrepreneurs from micro, small and medium enterprises and help lenders in cutting down the cost of lending.

CIC's Credit Information System

On the press conference held for the program, CIC President and CEO Jaime Garchitorena answered questions regarding various aspects involving lending and borrowing.

President and CEO Garchitorena explained that in line with a technology-assisted lending and borrowing system growth, the CIC has its Credit Information System which would retain records of unpaid debts until it's settled. He added that individuals with outstanding debts should reconsider their abandoned debt and resolve their obligations instead of holding a negative event against its lender.

He also assured that negative events in their credit reports, made available through the CIC and its respective credit bureaus, would be removed from the records within three years of being settled with the lender.

Preside and CEO emphasized that the accurate recording of repayment and the maximum three-year retention period of the settled obligation was enough of a curative period to assure future lenders that the borrower’s character exhibited good credit behavior. This, in the end, would assure the borrower that lenders could recognize his diligence and positive creditworthiness.

The CIC, a government-owned and controlled corporation (GOCC) created to build the Philippines’ credit information system is one of the major champions of financial inclusion.