MAKATI CITY - 100 financial entities who have the 31st of March submission of credit data are expected to be part of the CIC's Credit Information System (CIS) pilot phase on 8th of May.
In an interview with BusinessWorld, CIC President and CEO Jaime P. Garchitorena stated that “So right now we have 100 [financial entities], which is not bad. We have more than that who are ready for production na pwede na sana sila magbigay (that could have submitted their data), if not for the documentary requirements."
The CIC President and CEO also added that “Right now it’s at 100, and not that they’re not in production or not that they’re not ready to submit, but there are certain documentary requirements that the CIC requires prior to entering the production phase and these are related to securing the commitment of the organization to adhere to the highest standards of data privacy, how to handle the data and data security. So that takes a bit of a long time to get from the financial institution and we cannot get them into production unless we have those assurances."
Extended Credit Data Submission
Mr. Garchitorena encourages financial entities to submit their credit data before 28th of April – the actual soft launch of the database's pilot phase.
Before the system goes live by January 2018, following a nine-month testing phase, the President and CEO reminded that "If they get the documents on board and they have their data [that they have generated, and they are only waiting for a] go signal, [if they will be able to enter] before April 28, we’ll consider them for pilot."