MAKATI CITY, 29 November 2024 – The Governance Commission for GOCCs (GCG) recognized the Credit Information Corporation (CIC) as one of the best performing government-owned and controlled corporations (GOCCs) in the CY 2023 Corporate Governance Scorecard (CGS), during the GCG Awards Ceremony held at the Philippine International Convention Center in Manila on 25 November 2024.
Garnering a score of 96.5% or “Outstanding” for its 2023 CGS and earning 9th place, this marks the third consecutive year that CIC maintained high marks in the CGS.
With President and CEO Ben Joshua A. Baltazar (center) and Executive Secretary Lucas Bersamin (3rd from left) are (from left to right) GCG Commissioner Atty. Brian Keith Hosaka, GCG Chairperson Atty. Marius Corpus, Senior Vice President Valdimir dela Cruz, Board Secretary V Atty. Veronica Jane F. Diamzon-Gonzales and GCG Commissioner Atty. Geraldine Marie Berberabe-Martinez.
“This recognition underscores CIC’s continuing commitment to international standards for good governance ensuring transparency and accountability, through the stewardship of its Board of Directors with ex-officio Securities and Exchange Commission (SEC) Chairperson Emilio B. Aquino at the helm, as well as the unwavering diligence of management,” President and CEO Ben Joshua A. Baltazar said.
The CGS is a standardized tool used by the GCG to assess the level of corporate governance initiatives and practices of GOCCs.
SEC, CIC’s supervising agency, is a globally recognized leader in good governance by the Cambridge International Finance Advisory for four straight years, also under Chairman Aquino’s term.
Committed to upholding public trust, the CIC continues to embody a strong culture of good governance while broadening access to finance including for micro, small, and medium enterprises as well as individual Filipinos. The CIC allows for data-driven credit decisioning and more accurate risk management. This helps the credit-responsible’s financial access, improves collection efficiency, and reduces non-performing loans. Meantime with the Direct-to-Consumer (D2C) through Accessing Entity program, the CIC is democratizing credit data and eliminating information asymmetries. This allows the average Filipino to take charge and be responsible for their own credit health.
The CIC is maintaining this upward trajectory through its strong financial, governance, and operational performance. And is unwavering in translating the benefits of a robust Philippine credit information system into concrete and tangible realities to MSMEs as well as the average Filipino borrower, most especially those in the underserved and informal sectors.
This press release was also featured in Journal Online.