BAGUIO CITY (PIA) – – The Credit Information Corporation (CIC) brought its roadshow to the city on August 31 to create awareness on Republic Act 9510 or the Credit Information System Act of 2008.
Dubbed as ‘Credit Infrastructure Roadshow: The Role and Obligations of Coops in Enabling RA 9510’, the activity was attended by officials and representatives of various cooperatives in Baguio City and in Cordillera provinces.
The CIC, n partnership with USAID, IFC and World Bank, are now going around the country for an educational campaign on RA 9510 particularly the CIC and the importance of having a Credit Registry System for the country.
CIC In- House Legal Counsel Atty. Aileen Amor–Bautista provided an introduction of CIC and a briefing on the salient features of RA 9510.
The CIC is a government – owned and controlled corporation whose mandates include receiving and consolidating basic credit data, to act as a central registry or repository of credit information, and provides access to reliable, standardized information on credit history and financial conditions of borrowers.
Cooperatives are also covered under RA 9510 and thus they are also required to submit credit data (both positive and negative credit information) to CIC. They will also be benefitted by the registry specifically on having access to cost – efficient credit facility and the reduction of the use of collaterals in applying for credit or loans, Bautista explained.
For the learning sessions, USAID Compete Project Component team leader Mario Lamberte talked about the benefits of a Credit Information System to borrowers and consumers while International Finance Corporation Senior Financial Sector Specialist Gay Santos tackled Credit Information and Secured Transactions. IFC consultant Atty. Chester Abellera talked about Secured Transactions and Collateral Registry Form.
CIC Information – Technology head Ma. Bernadette Bautista conducted the Credit Information System compliance workshop for the IT personnel of the attending cooperatives.
Other partners present during the roadshow were special assessing entities that can provide coops with value added services such as TransUnion, CRIF, Compuscan and CIBI.
As Bautista calls for a complementary effort in building up the country’s Credit Registry System and the meaningful implementation of RA 9510, she assured that confidentiality of the credit information and the right of the borrowers will be protected as provided by the law.**By CArlito Dar
