CEBU CITY, 7 & 8 September 2017 - A total of 192 participants attended CIC's technical workshop as part of its campaign "Getting Ready for Credit" at the Radisson Blu Hotel in Cebu City.
The technical compliance workshop was attended by participants from cooperatives and rural banking sectors with the theme "Progressing to Credit Data Production" and included the participation of speakers; Dr. Mario B. Lamberte, Ph. D, and Mr. Enrique Abellana.
Credit Information System to work similar to Facebook
Dr. Lamberte, Team Leader of Component 3, Access to Credit of the Advancing Philippine Competitiveness (COMPETE) project implemented by The Asia Foundation, spoke about the USAID's presence in the Philippines through its various projects, such as the CPIP Project, the EMERGE Project and MABS Project and how one of USAID's projects has been helping CIC to operate the credit information system for three years now.
Comparing the credit information system to Facebook, Dr. Lamberte said that submitting entities comply with the credit information system so they would be connected in the sharing of credit information which is vital in the development of the financial system.
The system of sharing credit data would resolve the asymmetric information and high transactions costs because people could soon avail a considerable amount of borrowers' credit data at a cost-effective price.
Compliance with R.A. No. 9510 (CISA)
Atty. Aileen L. Amor-Bautista, SVP for Business Development and Communications of CIC and Ms. Ma. Bernadette Bautista, Acting SVP for Credit Information Management Services Group of CIC spoke about legal contexts of compliance to CISA and led the technical training workshop which includes an overview of CIC's Credit Information System respectively.
CIC will return to Cebu in order to assist the participants to comply with CIC's mandate and aid in CIC's production phase. Atty. Bautista also highlighted the vital role of the Submitting Entities (SEs) in providing information on their mandatory ID's to improve information flow and generate a precise credit information.
Mr. Abellana, an incumbent member of the board of directors of the CIC and a trustee of the Rural Bankers Association of the Philippines (RBAP) Foundation, encouraged the participants to be straightforward with their queries and concerns they have regarding the technical process of data submission as they needed to produce clean data and good credit information in order to facilitate the lending process.
CIC and responsibilities to its stakeholders
Participants asked whether Submitting Entities could get a credit report directly from the CIC rather than the Special Accessing Entities. It was clarified that while the CIC could provide credit reports based on the credit information submitted by the SEs, it cannot provide a credit score and analysis of borrowers’ behavior based on their current and past loans.
It is the CIC’s Special Accessing Entities that can provide those value-added services which were also present during the workshop and spoke about their companies. These SAEs are; Compuscan Philippines Inc., CIBI Information Corporation, CRIF Philippines, and Transunion Information Solutions, Inc.
It was also raised if SEs were required to submit five years’ worth of historical data and the borrowers’ data was still incomplete since it may have negative events. CIC stressed that as long as the borrowers are included in the SEs five-year historical data, the SEs are required to complete their borrowers’ information. Once the information is completed, that’s the only time the data will be loaded onto the CIC’s credit information database.
CIC Technical Workshop Schedule
CIC will also conduct additional technical workshops for cooperatives, rural banks and financing companies that are in testing phase at the Seda Abreeza Hotel in Davao City on 14th and 15th September 2017.
CIC also conducts technical training workshops in its office in Makati City. For inquiries, you may send an email at events@creditinfo.gov.ph.