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CIC grants Advanced Tier Accreditation to CIBI – Expands privileges and benefits to the credit information system

Credit Information Corporation - CIC

MAKATI CITY, 25 October 2023 – State-owned Credit Information Corporation (CIC), governed and supervised by the Securities and Exchange Commission (SEC), officially accredits CIBI Information, Inc. (CIBI) as an Advanced Tier Special Accessing Entity (SAE).

Under the CIC Circular No. 01, series of 2022 titled “Rules on Accreditation of Advanced Tier Special Accessing Entities and Advanced Outsource Entities,” incumbent SAEs may apply for the Advanced Tier Accreditation. On top of the benefits and privileges accorded to SAEs under the Basic Tier Accreditation, CIBI as an Advanced Tier SAE, shall also enjoy more privileges related to the deployment of proprietary technology, customized data processing, flexibility in product development, and special commercial terms among others. This comes with the deeper commitment of CIBI in developing the Philippine credit information industry and growing its portfolio of value-added products and services to meet the constantly evolving market’s needs.

“We are thrilled to announce this milestone which further empowers CIBI with enhanced access to the Credit Information System (CIS). This accreditation represents our continuous commitment in improving the credit landscape in the country through providing credit information solutions in collaboration with our SAEs,” CIC President and CEO Ben Joshua A. Baltazar expressed.

“We are very excited to embrace this opportunity and express our gratitude to the CIC, our shareholders, and our clients for their trust and continued support in CIBI for this major project. Together, we embark on this journey that will redefine financial inclusion in the Philippines.” CIBI President and CEO Yolanda Zubieta.

During the Advanced Tier Early Adopters Launch last 23 October 2023, Monday, CIC PCEO Ben Joshua A. Baltazar expressed to the clientele of CIBI the value of credit data submission in continuously improving the CIS data quality. Additionally, he stressed the benefits of accessing the CIC database which presently has over 44.9M unique individuals and almost 130K corporations.

For CIBI, it will facilitate access to information, empower informed decisions, and expand opportunities for all in pursuit of one goal, which is to advance and bring into realization the financial inclusion objectives in the country, thanks to the enhanced data access and unique product offering.

CIBI, first and longest credit bureau in the country, proudly commemorates 41 years of dedicated service and continues to thrive as an innovative, data-driven institution. Our mission is to empower financial institutions, lending organizations, and individuals to make better and accurate credit and business decisions. Leveraging over 4 decades of profound expertise in the Philippine market, coupled with the invaluable insights into the Southeast Asian region gained through the Creador’s investment three years ago, we have incorporated best practices and additional knowledge which put us in an exceptional position to drive forward financial inclusion in the country.

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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.

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