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CIC supports celebration of 2023 Economic and Financial Literacy Week, underscores role of credit in economy

Credit Information Corporation - CIC

MAKATI CITY, 07 November 2023 – The Credit Information Corporation (CIC) expresses its support in celebrating the 2023 Economic and Financial Literacy (EFL) Week on 6-10 November 2023 with the theme of, “Bayanihanomics: Sama-samang Pakikilahok para sa Matibay na Ekonomiya”.

The term bayanihanomics is a portmanteau of the words bayanihan and economics, which depicts the goal of promoting collaboration geared towards inclusive economic growth and development, as in the Philippine Development Plan 2023-2038. Spearheaded by the National Economic and Development Authority (NEDA), EFL Week is observed annually every second week of November pursuant to Republic Act No. 10922 or the EFL Act.

“Financial literacy empowers individuals with more confidence in handling and managing their financial health which nurtures positive financial behaviors and decisions, helping them become more financially resilient. It also has the potential to drive economic growth and improve Filipinos’ financial resistance in recovering from financial shocks and in navigating through challenging economic conditions,” CIC President and CEO Ben Joshua A. Baltazar said.

The PCEO noted how the continuing misconception on credit, how it is often associated with financial mismanagement or instability, proves to be disadvantageous for the economy and the country’s financial system as some financially capable individuals avoid credit altogether.

“While being debt-free is all well and good, by not taking advantage of credit, aspiring and established entrepreneurs are missing the opportunity to venture into business or further expand their capital for bigger profits and growth. As for individuals, they may be missing out on a much earlier expansion of their assets through acquiring real estate properties for passive income. All these missed opportunities could have also helped stimulate economic activity,” the PCEO lamented.

In line with the 2023 EFL Week, the CIC will conduct its 8th CIC Academy webinar series on November 22, and a special webinar session for NEDA employees – to discuss the role of credit and the country’s credit registry in the national development agenda, which they may incorporate in the implementation of NEDA’s programs and other initiatives.

“While credit is a powerful financial tool that empowers MSMEs and individuals to unlock opportunities to achieve their aspirations, key to reaping its benefits is good financial management and responsible borrowing,” the PCEO concluded.

In a bid to address the stigma around credit and in pursuit of its mandate, CIC conducts free financial literacy webinars under CIC Academy, its nationwide educational flagship program. This year alone, over 8,000 participants from all over the country have joined the CIC Academy webinar sessions.

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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