The Philippine Government plans to be the third player in the telecommunications industry in the next few years, joining PLDT and Globe Telecom in providing broadband services.
National Broadband Plan (NBP)
The NBP, with an estimated budget of P77 to P199 Billion to be built, aims to be completed within three to four years. It seeks to establish a broadband infrastructure that would both provide interconnect in government offices and to unserved and underserved areas in the country.
This is an addition to other plans of the NBP that include free Wi-Fi project called Pipol Konek and the National Government Portal 'gov.ph.'
Improved Internet Connection
To improve the country's internet connectivity is seen to refine the ranking of Philippines in overall ease of doing business.
From 103rd, Philippines rose as the 99th in the recently concluded 5th Ease of Doing Business Summit. This development may open many opportunities to the micro, small and medium enterprise (MSME) sector.
For CIC, a better and stable internet connection will pave for many cooperatives and microfinance lenders whose located in areas where connectivity may be sparse or non-existence do their business transactions online and have the means of accessing to the Credit Information System (CIS) of CIC.
Data submitted to the CIC through these channels may help government policymakers that can guide financial institutions identify hot and cold spots for credit. The CIS can also identify the last mile lenders who can exhibit best practice in risk management and become preferred conduits of additional credit.
Improved connectivity to far-flung areas will also give borrowers outside the traditional channels of lending to use online lending platforms that will expose borrowers to lower-cost loans.
Enabling a lending ecosystem that is driven by data and supports both the lender and the borrower is in line with the CIC’s vision of institutions lending more to more Filipinos without significantly increasing risk while preventing over-indebtedness by the borrower.
For more information, you may visit CIC's Official Facebook Page or send us an email at pressrelease@creditinfo.gov.ph.