MAKATI CITY, 27 November 2019 – Securities and Exchange Commission (SEC) Chairperson and Credit Information Corporation’s (CIC) Ex-Officio Chairperson Emilio Benito Aquino lauded the CIC’s role as the country’s sole public credit registry, stressing that the Credit Information System Act (CISA) “was conceived to bring about a paradigm shift in Filipinos’ access to credit.”
The SEC Chair graced the celebration of the CIC’s charter anniversary on 22 November.
“While the road to implementing the CISA has been a long and arduous journey, we are now finally reaping the benefits of the hard work, sacrifices, and dedication demonstrated by the men and women of the CIC,” Aquino told the Corporation’s 70-strong workforce.
Accessing: Competitiveness beyond compliance
The SEC Chair also emphasized how the continuously growing database of the CIC—currently with 9 million data subjects and over 50 million contract data—ensures the accuracy and inclusivity envisioned by the law. He further relayed that there are financial institutions that are now accessing the credit database and applying them in credit-decisioning activities.
“This is a turning point for the organization,” Aquino stated. “While previous efforts have been focused on building the database and onboarding the same with credit data, access to that data is the crucial step in disseminating the information and translating it to meaningful change in the credit space.”
This resonates with the CIC’s call for financial institutions to be more competitive by going beyond compliance and accessing the CIC database—a valuable tool that will expand their lending portfolios and reduce credit risks.
“Truly, this era of access is a game-changer for the CIC,” the SEC Chair cited.
Transforming the credit space
Meanwhile, CIC President and CEO Jaime Casto Jose Garchitorena expressed his gratitude to Aquino for gracing the occasion. He likewise shared how the quality and quantity of CIC data significantly improved, making it the largest credit database in the Philippines to date, with the most diverse set of contributors.
“We feel that this depth and diversity makes the CIC data more relevant in promoting inclusive, risk-based lending,” the PCEO added. Aquino and Garchitorena both acknowledged the crucial role of the CIC employees as frontliners in the quest to transform the credit space.
“But the game is far from over,” Aquino stated.
He ended by challenging everyone to build on the momentum and “continue working towards improving the Credit Information System (CIS) by onboarding more lenders and borrowers.”