Credit Information Corporation (CIC), the country’s public credit registry and repository of credit information, was recognized for its excellence in credit reporting under the finance category of the 2021 Global Business Outlook (GBO) Awards.
The London-based publication recognizes innovations, achievements, and strategies within the global business community, covering sectors on banking, finance, insurance, brokerage, technology, and leadership, among others.
The CIC is the only institution from the Philippines which won in this year’s GBO Awards. “This is the first time for CIC to receive such accolade and we are honored and grateful to the Global Business Outlook for recognizing the vital role of the credit registry in the country’s financial system,” Senior Vice President for Business Development and Communications, Atty. Aileen L. Amor-Bautista, said.
The SVP also shared how the GBO Team got in touch with CIC: “They contacted us and relayed to us that their Research Team has found CIC’s efforts in the Philippines as highly recommended for the GBO Awards 2021. This is indeed another milestone for the agency, especially at a time when we are struggling with budget and batting for greater subsidy.” She likewise emphasized the credit registry’s potential to contribute to making credit truly inclusive, given its database which now covers 25 million unique borrowers with 80 million contract data.
“The wealth of data that we manage and provide from a diverse set of contributors can lead to streamlining and simplifying loan processes for individual borrowers, MSMEs, cooperatives, and even overseas Filipinos,” she explained.
Beyond Compliance The CIC continuously enjoins its submitting entities to go beyond compliance and become an accessing entity to enjoy the benefits of the credit registry, especially at P10 per credit report inquiry until June 2021.
As of date, around 20% or 112 out of the CIC’s 585 submitting entities in production— financial institutions submitting live credit data of their clients to the CIC database—are already registered as accessing entities. “Like the GBO Award that we received, it is a milestone for us that these financial institutions recognize the value of the credit registry and see an actual solutions partner in CIC,” the SVP ended.
GBO Director for Media and Business Development Mike Lloyd delivered the news about CIC’s excellence award in April: “We would like to congratulate you and your team on emerging as winners in the Annual GBO Awards 2021.”
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The Credit Information Corporation (CIC), a government-owned and controlled corporation, was created by Republic Act No. 9510, otherwise known as the Credit Information System Act (CISA). The primary mandate of CIC is to establish a comprehensive and centralized credit information system for the collection and dissemination of fair and accurate information relevant to, or arising from, credit and credit-related activities of all entities participating in the ecosystem.
Source: Credit Information Corporation (CIC)