MANILA, 24 & 26 July 2019 – CIC reiterate one of its goal which is reinforcing in the heart of the Micro Financial Institutions (MFIs) the facts and figures of the actual financial behavior of the borrowing population and its significance to the growth of their institutions during the Annual General Meeting of the Microfinance Council of the Philippines (MCPI) held at the Manila Prince Hotel, Malate, Manila.

SVP for Business Dev’t & Communications Group, Atty. Aileen L. Amor-Bautista discussed that R.A. No. 9510 was created to provide solution in the global financial crisis that impacted several countries, including developing economies. That’s why said economies were encouraged to strengthen their financial infrastructure, including the establishment of a reliable credit reporting system.

CIC, as the central repository of credit information in the Philippines, receives and collates both positive and negative credit data from financial institutions providing credit facility. President and CEO Jaime Casto Jose P. Garchitorena said that now with 8.9 Million individual records, the CIC expects that credit data coming from the MFIs will further strengthen these credit data through regular data submission.

In return, the MFIs will have the capacity to see the financial exposure of borrowers as the CIC has widespread data sources. Looking forward to making the credit information of the borrowers even more complete, the CIC is currently on the works of onboarding records from other government agencies with credit-related transactions. These initiatives are seen to protect the lenders from acquiring high default risk and for borrowers to practice good payment behavior and avoid over-indebtedness.