MANILA  - According to President and CEO Jaime P. Garchitorena, compared to banks, non-bank institutions such as leasing companies could have a greater potential to contribute to the economy.

During Credit Information Corporation's (CIC) recognition ceremony for the PCCI Finance Corporation (PCCIFC), banks might be constrained by a number of restrictions that balance profitability against the need to protect its shareholders or borrowers. On the other hand, non-banking institutions do not have to contend with these restrictions when it comes to lending.

PCCIFC was recognized for being one of the prime movers in terms of submission of basic credit data to the CIC. PCCIFC is a non-quasi bank/financing company that was established in 1992 by the Philippine Commercial Capital, Inc., one of the leading investment houses in the Philippines. Its products and services include leasing of commercial equipment, amortized commercial loans, receivables financing and amortized consumer loans.

Garchitorena said, “I go back to the point – that the non-banks could really be those which would push the idea that we can lend to more, lend to more kinds of people, lend to a more diverse set of products, lend to more entrepreneurial ventures and in the end, whether consumer or entrepreneurial or MSME, both sides will generate enough economic activity to move the country forward.”

Beginning May 2017, CIC will make its credit information system (CIS) available for beta testing. Only 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.