The state-run Credit Information Corp. (CIC) and Rizal Commercial Banking Corp. (RCBC) is teaming up to promote digital financial inclusion and literacy amid the coronavirus pandemic.

MAKATI CITY, 09 November 2020 – As part of its mandate to promote the benefits of a credit information system to the economy, the state-run Credit Information Corporation (CIC) signed a Memorandum of Understanding (MOU) with Rizal Commercial Banking Corporation (RCBC) to promote digital financia

Whether monetary authorities will place or not a ceiling rate in terms of loan products other than credit cards will require “close coordination” with the industry, an executive from the Bangko Sentral ng Pilipinas (BSP) said.

The country’s central credit registry is open to working with government agencies in implementing stimulus programs for micro-scale, small and medium-scale enterprises (MSMEs).

MAKATI CITY, 31 October 2020 – Two of the accredited credit bureaus of the state-run Credit Information Corporation (CIC)—CIBI Information, Inc. and CRIF Philippines—have reported an increase in credit report inquiries for financial and loan purposes during the COVID-19 pandemic.

An industry-wide study is needed to determine the ceiling of interest rates charged by nonbank financial institutions, such as mobile lending platforms, on borrowings, the Bangko Sentral ng Pilipinas (BSP) said.

The difficulty faced by micro, small and medium-sized enterprises (MSMEs) in obtaining bank financing has been holding back the sector’s growth, the Asian Development Bank (ADB) said.

As a developing economy, it is no surprise that the Philippines still has a long way to go when it comes to financial literacy.

MANILA – Inquiries and requests for credit score information increased significantly during the pandemic as more people apply for loans to help them cope with the crisis.