Credit bureau eyes 3-fold hike in database

MANILA, Philippines — State-run Credit Information Corp. (CIC) is set to more than triple the subjects in its database within the next two years as it stressed the importance of a strong ecosystem in the country.

 Jaime Casto Jose Garchitorena, president and chief executive officer at CIC, said there is a need to focus on the importance of data sharing while implementing a fast and secure system of access to further establish a stronger credit ecosystem in the country.

 “The CIC is intent on efficiently and effectively collecting and providing accurate credit data through a reliable and comprehensive centralized credit information system in order to safely and securely contribute to a truly inclusive financial ecosystem in the Philippines,” Garchitorena said.

CIC intends to include 30 million data subjects in its registry within the next two years from the current nine million data subjects and 45 million contracts.

 It currently distributes its credit reports through two of its four accredited credit bureaus— CRIF Corp. and CIBI Inc.

 Its other two bureaus, Transunion Information Solutions Inc. and Compuscan, are still completing their CIC-mandated security audits and are expected to be able to begin accessing the CIC credit data within the year.

 Garchitorena said the agency is not just about enabling loans.

 “We hope that as far getting credit is concerned, we do not only focus on the concept of getting credit. We should also focus on protecting Filipinos from over-indebtedness, usurious types of interest rates, and unfair debt collection practices which support the current campaigns of the Securities and Exchange Commission and the National Privacy Commission,” he said.

 He said the country’s sole public credit registry is committed to help all Filipinos gain access to their own data so they can check, verify, monitor, and correct erroneous submissions on their credit report.

 Garchitorena said the country’s ranking in the Doing Business 2020 Report of the World Bank jumped 29 notches higher to 95th from last year’s 124th.

 He noted the country’s ranking in the getting credit indicator surged by 52 notches to 132 from 184.

 Two other metrics that pushed up the country’s ranking dealt with construction permits to 85th from 94th and protecting minority investors to 72nd from 132nd.