MAKATI CITY – The Credit Information Corporation (CIC), the country’s sole public credit registry and repository of credit information, will host a webinar series titled “Registry and Cooperative Partnerships: Enhancing Cooperative Performance, Building Trust and Resilience,” on 06 October 2023.
In celebration of the upcoming National Cooperative Month in October pursuant to Republic Act No. 11502, the webinar session will tackle how cooperatives leverage data and technology to increase efficiency and competitiveness, and the importance of the coop sector’s credit data submission to CIC.
“Cooperatives greatly contribute in making communities resilient to various financial vulnerabilities, as they not only extend loans to their members but at the same time, provide assistance and services to further support their communities. As cooperatives are able to reach the unbanked segments of society, create jobs, and further social integration, they are a catalyst for socio-economic development especially in the countryside,” CIC President and CEO Ben Joshua A. Baltazar said.
To further encourage compliance with Republic Act No. 9510 or Credit Information System Act, and promote use of its database, the CIC regularly partners with the Cooperative Development Authority, coop councils, and federations throughout the country. To date, there are 223 cooperatives and cooperative banks submitting actual credit data of their borrowers to the CIC. Further, 18 of them already utilizing the CIC database in their credit-decisioning activities.
“Through their data submission to CIC, coops help their members be credit visible and be able to avail of lower interest rate loans. And by accessing the CIC database, coops can be data-driven in their credit-decisioning and risk management. This ensures that they are able to best deploy their funds to good borrowers and develop their community,” PCEO Baltazar said.
Be #creditworthy with the CIC Academy
The upcoming webinar will feature CIC Attorney Phillip Gerald Fulgueras and PCC Director Garibaldi O. Leonardo as resource speakers.
Register for free at bit.ly/CICAcademy2023Oct6 and join the webinar via Zoom or Facebook Live to receive a certificate of participation.
CIC Academy is our nationwide flagship educational program for raising awareness on the credit information system, promoting financial education and literacy, as well as encouraging responsible borrowing.
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.