CIC acknowledged IBM Global Financing Philippines (IBM Global Financing) as one of its “prime movers” in terms of submission of basic credit data to the CIC.
IBM Global Financing is a provider of technology financing using project-specific payment plans, loans, payment deferrals, asset recovery and buy-back offerings to assist in the disposal of obsolete systems by recycling, reselling or replacing them through IBM.
The financial flexibility IBM Global Financing provides enables its clients to adopt new technologies sooner with lower initial investment, lower risk, and improved cash flow.
IBM Global Financing president Luis Pineda acknowledged the CIC’s recognition and noted that this comes at an auspicious time in the company’s history.
“This is such an honor to get this recognition,” Pineda said. “This is our eightieth year in the Philippines. We’re one of the oldest IBM entities outside North America, so this year is a big year for us. We celebrate our one hundred years globally.”
As it had done so in the past, IBM complied with CIC’s mandate of submitting basic credit data, saying that compliance is equivalent to being a good corporate citizen.
“One of the things that we want to do is to comply,” the IBM Global Financing president said. “We want to comply as a good corporate citizen, being here for eighty years. We comply with everything, from taxes to regulatory requirements. That’s part of being a good corporate citizen here in the Philippines.”
In reply, CIC president and CEO Jaime Garchitorena noted technology’s vital role in the life of any individual or business.
Responding to Mr. Pineda’s statement, he said, “It’s interesting that you say eighty years because I think in the eighty years of existence, we’ve seen technology move from being a nice-to-have to a threat to job security; and we’ve seen it as an I-want-it-but-I-can’t-afford-it. And now, today, for any business person that wants to be connected or any business that wants to move forward beyond the four walls of this room, or the one-kilometer radius that’s his arms’ length reach as a barangay or beyond even his town or city or country, technology is absolutely essential. But the bottom line is always, can I afford it?”
Garchitorena said that IBM Global Financing’s role in making technology, not necessarily cutting-edge technology but one that is highly functional, secure and meets one’s needs was commendable in its ability to help Filipinos, both individuals, and businesses.
As the CIC President and CEO said, “It’s enabling the customer, it’s protecting the business, as well. We’re promoting a technology that is used by a technology company to sell technology for the benefit of the Filipino people. It just works on all levels.”
Beginning May 2017, CIC will make its credit information system (CIS) available for beta testing for those financial institutions that have complied with the CIC’s mandate of submitting their basic credit data to the CIC will be given access to the CIS.
The CIC will have a grand launch of its CIC in 2018, during which time its CIS will be made available to institutions, as well as individuals.