Republic of the Philippines
THE CREDIT Information Corp. (CIC) wants to launch a second on-boarding phase in August for financial firms that have not yet submitted their loan data to the database, the state-run firm’s chief said.
Financial institutions that have not yet given their credit data to the CIC by May 8 will now be given a chance to submit their loan data to the country’s credit information system by August. Consequently, these firms will also be able to gain access to the pilot phase of the database.
Government agencies, including the Credit Information Corporation (CIC), need to work together in creating new jobs for Filipinos. This was the statement made by Ms. Ana Liza M. Ragos, Chief of the Bureau of Local Employment, Department of Labor and Employment (DOLE) under the Employment Service Management Programs Division (ESPMD). This was in reaction to CIC’s participation in the first “Trabaho, Negosyo, Kabuhayan” (TNK) Job and Business Fair held in Riverbanks Activity Center Marikina City which was initiated by DOLE and DTI in partnership with Cong. Bayani F.
100 financial entities will be able to join the pilot phase of the country’s national credit information system next month, below the Credit Information Corp.’s (CIC) 170 to 200 anticipated submitting institutions, due to delays in the submission of documentary requirements of some corporates.
The CIC said only 100 financial institutions have met the March 31 deadline for credit data submission to the nationwide database, with the launch of its pilot phase to be held on May 8.
Non-bank lending institutions are equally important as banks in promoting inclusive growth in the Philippines. This was the point stressed by Credit Information Corporation (CIC) President and CEO Jaime Garchitorena during a recognition ceremony for Aeon Credit Service (Philippines), Inc. (Aeon Philippines) at CIC’s office in Makati City. Aeon Philippines, a subsidiary of Aeon Financial Service Co., Ltd. Japan, is a financing company that provides loan facilities for the purchase of consumer products without the use of a credit card.
Keeping safe your TIN, SSS and GSIS ID numbers is very important nowadays because these numbers are relevant in the credit environment.
Beginning May 2017, all financial institutions that have complied with CIC’s requirements for submission and access of basic credit data will be allowed to test the use of the Credit Information System (CIS) on a limited basis only until year-end. CIC will be providing this service to the compliant institutions to prime up the System in preparation for its grand launch in January 2018.
Eight hundred cooperative members, representing 173 primary cooperatives and federations gathered to hear updates from various government and non-government organizations as part of the 15th Southern Tagalog Cooperative Congress.