MANILA, 27 September 2019 – As part of its mandate to establish a comprehensive and centralized Credit Information System (CIS) in the country, the Credit Information Corporation (CIC) published the official list of financial institutions that are submitting the credit data of their borrowers to the CIC database.
The participating financial institutions consist of credit card issuers, universal and commercial banks, thrift banks, rural banks, cooperatives and cooperative banks, savings and loan associations, private lending institutions, private leasing and financing companies, microfinance institutions, government-owned and controlled corporations (GOCC), and insurance companies.
“This is another milestone for the country’s central credit registry because in less than two years after our system went live in 2017, we have already covered all sectors in the CIS ecosystem, as cited in R. A. No. 9510,” CIC President and CEO Jaime Casto Jose P. Garchitorena stated.
The CIC was able to capture the credit cards industry including BDO, Bank of Commerce, BPI, Chinabank, Citibank N. A., Eastwest Bank, HSBC, Maybank, Metrobank, PNB, RCBC, Security Bank, Standard Chartered, Union Bank, Asia United Bank, and Equicom Savings.
Likewise, the CIC was able to onboard rural banks and financing companies across the country, as well as the Government Service Insurance System (GSIS).
“This is a first in the Philippines — having a comprehensive and encompassing database that can serve as a tool in improving access to credit and achieving financial inclusion,” Garchitorena mentioned, adding that the entities in the published list are already submitting live or actual basic credit data to the production phase of the CIS.
“We are also recognizing their compliance to the law, as well as their intent to support consumer rights, enable inclusive lending, and allow for the collection and dissemination of fair and accurate information on credit and credit-related activities of all entities participating in the financial system,” the CIC PCEO noted.
Not included in the published list are the financial institutions that are still at the registration, testing, and validation phases.
“We will help these entities every step of the way to expedite the process of onboarding them,” Garchitorena said.
Discrediting misconceptions
In addition to raising public consciousness on the mandate of the CIC, compliance of submitting entities, and the process of collecting, storing, and disseminating credit information, the published list is also aimed at avoiding the inappropriate and unlawful use of the name of CIC.
“We are regularly receiving inquiries and information regarding individuals and companies that fraudulently claim to be submitting negative credit data to the CIC and use this as a leverage to daunt, intimidate, and/or harass a borrower to pay loans or debts,” the CIC PCEO shared.
Further, the list shall promote transparency, contribute to safeguarding consumer protection and ensuring freedom of information, especially for the Filipino borrowing public.
The official list of the submitting entities in production may be by click this link.