MAKATI CITY, 31 October 2019 – The Credit Information Corporation (CIC)—the Philippines’ only public registry and repository of credit information—expresses its full support to the celebration of the Economic and Financial Literacy Week (EFLW) from November 4 to 8, 2019, pursuant to Republic Act (R. A.) No. 10922.
CIC President and CEO Jaime Casto Jose P. Garchitorena shared the important role of the CIC in cultivating a financially literate citizenry.
“The goal of the CIC is not just to promote credit but to develop a citizenry that is knowledgeable on the basic concepts of credit, the elements of creditworthiness, the value of credit reporting, and the rights of a borrower including the correction of erroneous data, which all help in making sound financial decisions,“ the CIC PCEO shared.
He further stated that “the CIC is crucial in meeting the goals of financial inclusion and economic growth towards sustainable development.”
Spearheaded by the National Economic and Development Authority (NEDA), the 2019 EFLW shall run the theme, “Our planet’s health, the future’s wealth” which aims to harmonize environmental protection, social inclusion, and economic growth.
CIC and Ambisyon Natin 2040
Garchitorena added that in order to realize the vision of a strongly rooted, comfortable, and secure life for all Filipinos—as stated in the Ambisyon Natin 2040—the country’s financial ecosystem should be anchored on a reliable and comprehensive centralized credit information system.
“This is what the CIC is all about. Getting credit from lenders is a progressive upwards or downwards move. The more reliable a borrower is, the quicker the opportunities for credit will be for him/her. Unfortunately, a downward spiral of over-indebtedness can be just as quick,” he explained.
He likewise emphasized how the CIC aims to empower Filipinos to get credit and to protect themselves from over-indebtedness when opportunities for credit appear: “We also have to equip them with the information they need so that they will not fall prey to abusive lending practices and exorbitant interest rates, especially when they are on that upward trajectory.”
The state-run credit registry is also intent to uphold the rights of the borrowers to ready and immediate access to their credit information. Through the CIC’s online appointment scheduler, borrowers can obtain a copy of their credit reports containing their positive and negative credit information so that they can also check, verify, monitor, and correct erroneous submissions of financial institutions.
The CIC will take part in various activities for the month including the Financial Education (FinEd) Stakeholders Expo organized by the Bangko Sentral ng Pilipinas (BSP) from November 25 to 26, 2019.