MANILA – CIC eyes its second on-boarding phase by August for financial firms that haven't yet submitted their credit data to the CIC's database.

Deadline of Submission

For financial institutions that haven't yet submitted their credit data with the CIC by 8th of May will have the chance to submit remaining credit data until August. Submission of their credit data to the Credit Information System (CIS) will enable them to access the database on its pilot phase.

In an interview with BusinessWorld, President and CEO Jaime Garchitorena said “We plan on a second on-boarding sometime in August... What we’re doing is we’re trying to regulate the on-boarding and usage of the data. So now that we’re tightly focused on the quality, for sure those in the pilot [phase] by April 28 will be able to use the data."

Only 100 financial entities will be able to join the nine-month pilot phase of the database which starts on 8th of May after 73 corporates failed to provide their credit data as per CIC’s 31st of March deadline.

The CIC anticipated that around 170-200 companies will be able to join the pilot phase after it projected that 117 financial institutions will be able to submit their loan data on top of the current 56 firms that are currently in production.

The credit registry will give the remaining 73 firms a chance to submit their credit data and finish documentary requirements before 8th of May for them to be able to join the pilot phase, with the CIC projecting around 50-70 institutions complying by next month.

Those firms that won’t be able to comply by next month will have to submit their loan data by the second on-boarding in August, Mr. Garchitorena said.