MAKATI CITY, 30 June 2023 – The Credit Information Corporation (CIC), the country’s sole public credit registry and repository of credit information, in partnership with the Small Business Corporation (SB Corp.), will host a webinar series titled “#MakabagongMSME: Empowering the MSME through CIC Credit Report,” on 14 July 2023.
In celebration of the upcoming National Micro, Small, and Medium Enterprise (MSME) Week, the speakers will tackle how borrowers can leverage their CIC Credit Reports to improve their access to credit, and discuss SB Corp.’s MSME financing programs which borrowers can avail to help finance their businesses.
“Through the innovative and inclusive MSME financing programs of SB Corp., our previously unbanked and underserved MSMEs can kickstart and scale up their businesses while building their credit history. In the long-term, this helps them have access to more loan and financing options and create a virtuous cycle of lending and growth,” CIC President and CEO Ben Joshua A. Baltazar said.
SB Corp. is one of CIC’s Submitting Entities in Production (SEP) which submits the actual basic credit data of their borrowers to CIC, in accordance with Republic Act No. 9510, and which may also access the comprehensive CIC database for their credit-decisioning activities.
“Access to finance continues to be one of the major challenges for our MSMEs which is why we aim to empower and encourage them to tap into the government’s financing programs such as SB Corp.’s so that they can avail of these low-interest loans, and at the same time, start their journey towards building their creditworthiness,” the PCEO added.
The PCEO also shared that many of the issues contributing to lack of access to finance by MSMEs such as lack of information on borrowers’ credit profiles, costly background checks and lengthy evaluations, and lack of collateral – can be addressed through the use of CIC Credit Reports which function as reputational collateral of borrowers.
CIC is one with the government in providing support to our MSMEs by empowering them towards growth and development. CIC will conduct another MSME-oriented webinar in partnership with the Philippine Trade Training Center, and will participate in the 2023 National MSME Week Summit, hosted by the Bureau of Small and Medium Enterprise Development of the Department of Trade and Industry, in July.
Be #creditworthy with the CIC Academy
The upcoming webinar will feature CIC Attorney III Phillip Gerald Fulgueras and SB Corp. Head of Innovation and Advocacy Group Don Wally G. Calderon as resource speakers.
SB Corp. serves as a financing arm of the Department of Trade and Industry (DTI), which offers various financing and credit delivery systems to small enterprises which are deemed ‘unfinanceable.’
Register for free at bit.ly/CICAcademy2023July14 and join the webinar via Zoom or Facebook Live to receive a certificate of participation.
CIC Academy is our nationwide flagship educational program for raising awareness on the credit information system, promoting financial education and literacy, as well as encouraging responsible borrowing.
Email us at communications@creditinfo.gov.ph or follow the official Facebook page of CIC for the latest information and updates on CIC’s activities and events.
This press release was also featured in Journal Online and Manila Insight.