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CIC Proposes p169m Operating Budget, Highlights Database Expansion to Cover More Filipino Borrowers

Credit Information Corporation

QUEZON CITYCredit Information Corporation (CIC), the country’s public credit registry and repository of credit information, proposed a total operating budget of P169,006,000 during the 3rd regular session of plenary budget deliberations on House Bill No. 10153 or the FY 2022 General Appropriations Bill.

The amount consists of P122M government subsidy and P47M corporate funds which shall come from its revenue to be generated from access and subscription fees by financial institutions and Special Accessing Entities (SAEs).

The bulk of the subsidy being sought—or P65M—is intended for the security, licenses, management, storage, and maintenance of the Credit Information System that now contains the credit data of 29 million borrowers—roughly 40% of the country’s adult population.

Database expansion critical to CIC’s vision

With four remaining years to achieve its vision of providing internationally accepted credit data, the CIC is intent to onboard more data of borrowers amongst the remaining 60% of adults in the country, hence the need to continuously expand the capacity of its database.

“We need to implement additional system enhancements in order to efficiently load more credit data covering more Filipino borrowers and finally attain the goal of inclusivity of the credit registry as envisioned by the Credit Information System Act (CISA),” CIC President and CEO Atty. Ben Joshua A. Baltazar said.

In its recently concluded virtual exposition which convened almost a thousand representatives from registered financial institutions, the credit registry presented the reforms and policies intended to improve credit reporting compliance and enhance CIC’s data quality.

“The approval of our request for P122M subsidy is critical in making the CIC database the primary data source for credit risk management of lenders of all shapes and sizes. A lower level of financial support will not only imperil the very existence of the credit registry, but will also deprive Filipino borrowers of their right to complete, accurate, and reliable credit information,” the PCEO explained.

CIC and the road to economic recovery

While the COVID-19 pandemic disrupted the business operations and loan servicing across all sectors, the PCEO believes that the CIC has a stronger role to play in the new normal: “This is because we hold this wealth of information that can improve the management of credit risks which have been magnified by this global health emergency.”

Makati City Pabakuna

Out of the 29 million unique data subjects in the CIC database, almost a hundred thousand are companies. On top of this, CIC holds over 100 million contract data contributed by 600 submitting financial institutions, making it the largest and most comprehensive credit database in the country.

The PCEO emphasized how these numbers are significant for micro, small, and medium enterprises (MSMEs) that were affected by the pandemic: “They can receive a credit score based on CIC data through our accredited credit bureaus to bolster their applications for business loans and help them cope with the ongoing crisis.”

Meanwhile, individuals can use their CIC Credit Report—which should not reflect missed payments during the legally mandated grace periods—to prove their creditworthiness and be given the opportunity to be assessed fairly when availing loans and other credit services.

“The approval of our requested subsidy for FY 2022 will be the key to CIC’s success for the years to come. As they say, Data is the new oil and the CIC is well-positioned to harness this vital resource—its credit data—to aid the national government in the recovery efforts to help both the lenders and borrowers become resilient and bounce back quicker from the devastating effects of the COVID-19 pandemic,” the PCEO underscored.

He likewise expressed his gratitude to Hon. Paul Ruiz Daza, Northern Samar 1st District Representative and Vice Chairman of the House Committee on Appropriations for sponsoring CIC’s proposed budget during the 27 September hearing and citing how the CIC is “critical to the development of the capital market.”

“We will always be grateful as well to Hon. Joey Salceda, Albay 2nd District Representative and our original sponsor, for his unrelenting support to the CIC over the years,” the CIC PCEO added.

In closing, the PCEO hopes to secure full subsidy for the CIC in the final 2022 budget, with the support of both the Congress and Senate.


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.