The Credit Information Corporation (CIC) officially welcomed Union Bank of the Philippines (UnionBank) as the first to gain access to the Credit Information System (CIS) in its paid phase access.
In its Memorandum of Agreement (MOA), the CIC authorized UnionBank to access its database either directly from the credit registry or through its accredited credit bureaus.
“We welcome UnionBank as our first accessing entity among universal banks. The decision to recognizing the value of the CIC database in credit decision-making, especially in the time of COVID-19 as a bank that prides itself in its innovations to serve the constantly changing needs of Filipino consumers, accessing credit reports from the CIC puts it first in line to deal with the financial impacts of COVID-19 on its borrowers,” said CIC President and CEO Jaime Casto P. Garchitorena.
CIC Senior Vice President for Business Development and Communications Atty. Aileen L. Amor-Bautista commended UnionBank for its dedication to comply with the requirements for access.
UnionBank President and CEO Edwin Bautista likewise expressed the bank’s commitment to support the economy by ensuring substantially broader access to financial services especially for micro, small and medium enterprises (MSMEs) amid the COVID-19 crisis.
Since the CIC opened the registration for paid phase access in July 2019, there has been an increasing number of requests across the country to become an accessing entity.
As of 30 March 2020, the CIC database contains 11.3 million unique individuals and 83,000 companies/proprietors, with 73.5 million contract data—52.8 million of which are installment transactions, 19.9 million are credit cards, and 767,177 are non-installment.
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