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CIC maintains highest COA audit opinion for 13 years straight

Credit Information Corporation - CIC

MAKATI CITY, 11 May 2023 – State-owned Credit Information Corporation (CIC), governed and supervised by the Securities and Commission (SEC), received an ‘unmodified/unqualified opinion’ from the Commission on Audit (COA) on the fairness of presentation of its financial statements for the years ended December 31, 2022 and 2021.

The assessment is the highest audit opinion the Philippine’s Supreme State Audit Institution can give to a government agency or a government-owned and controlled corporation (GOCC) when its audited financial statements are free from substantial misstatements which could arise from error or fraud.

“This recognition, for 13 years straight, is a testament to the dedication of CIC’s competent, albeit small workforce, we continuously persevere in providing transparent public service and likewise promote confidence and trust amongst our various stakeholders,” President and CEO Ben Joshua Baltazar said.

The Independent Auditor’s Report stated, “the accompanying financial statement present fairly, in all material respects, the financial position of the CIC as at December 31, 2022 and 2021, and its financial performance and its cash flows for the years then ended, and comparison of budget and actual amount for the year ended December 31, 2022 in accordance with International Public Sector Accounting Standards.”

In addition to COA’s assessment, CIC has also maintained for the second straight year its ISO 9001:2015 certification after successfully completing the on-site third-party Surveillance Audit last February 2023. The certification covers the management and maintenance of the Credit Information System, which includes accreditation of Special Accessing Entity, Online Dispute Resolution System, Capacity Building, and Credit Data Management.

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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