The “Lend more. Lend to more. Lend more safely” CIC Supports Digital Welfare, Rights, and Protection) held the first National Digital Consumer Conference at the Green Sun Hotel with the theme “Enhancing Consumer Welfare, Rights, and Protection”. The two day conference gathered stakeholders from National Government Agencies (NGAs), industry partners, private sector, and academe to discuss prevailing and emerging consumer issues on information and communications technology.
Credit Information Corporation through its President and Chief Executive Officer Jaime Casto Jose P. Garchitorena initially explained the concept of technology, people and processes. CIC is a government-owned and controlled corporation mandated to collect all credit information from the lenders across all Filipinos with existing loans.
CIC secures, aggregates, and disseminates accurate data Known as “Credit Report”, this document gives all borrowers a representation where the complete history of their loan, payments, default if any, are recorded by a reliable source.
In the Philippines, most of the lending institutions do not reveal the reasons for disapproval of loan applications. “Everyone should be given access to credit”, said PCEO Garchitorena. CIC will ensure the accuracy and security of the data as well as make it available 24-7. Through CIC, the concept of credit scoring is promoted, thus elevating the creditworthiness of the Filipinos.
PCEO Garchitorena stressed that the use of data is quite powerful. In the near future, he is positive that DICT can build a national system where all data are easily accessible by the community, but safe from any online threats.
During the event, the stakeholders presented various topics unlocking technological innovations on protecting the consumers online in addition to assisting government operations hence policies which are suitable to the needs of the community can be prepared. DICT likewise tackled their digital strategic plans and programs aspiring to improve the information and communication services towards a cyber-resilient Philippines.
One of the highlights was the signing of Joint Administrative Order by the National Telecommunications Corporation, Department of Interior and Local Government, National Power Corporation and DICT. The memo will establish the delineation of functions of the said national government offices with the establishment of standard procedures in handling online complaints
ABOUT THE CIC: The Credit Information Corporation (CIC) was established in 2008 upon the legislation of Republic Act (R.A.) 9510 or the Credit Information System Act (CISA). The Securities and Exchange Commission (SEC) is the lead government agency mandated to implement the CISA. However, the CIC relies on both the SEC and the Bangko Sentral ng Pilipinas (BSP) to create the context of compliance necessary for the CIC to operate effectively. The CIC is tasked to collect credit related data (positive and negative credit data) from all financial institutions, as well as other potential sources of credit information such as retail, trade, utilities, and other service and product providers that may constitute a form of credit.