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CA says CISA Constitutional

THE Court of Appeals (CA) has denied the motion for reconsideration filed by the Baguio-Benguet Community Credit Cooperative (BBCCC) against the Credit Information Corp. (CIC), and upheld the constitutionality of the inclusion of cooperatives in submitting credit data of their member-borrowers to the CIC.

The resolution dated June 6, 2018, signed by Chairman Associate Justice Remedios A. Salazar-Fernando of the Former Second Division CA, declared that the petition raised by the said credit cooperative does not warrant the reversal of the assailed decision. The latter had stated that even if credit cooperatives extend loans only to their members or that cooperatives are autonomous, they are not exempted from the mandatory coverage of the law because they provide credit facilities to their members.

The Former Second Division CA also maintained that the law, which created CIC aims to establish a credit information system that is as comprehensive as possible, and that the exclusion of credit cooperatives from the mandatory coverage and operation of the law will, to some extent, weaken, if not defeat the purpose of the law.

On March 7, BBCCC, through its manager May Ann Bungag with Atty. Nelson V. Gayo, Oscar R. Adversalo, Conrad B. Chan, Mario S. Valdez, Emmanuel V. Tadeo and Consuelo M. Fernandez, filed a motion for reconsideration, saying the CA misinterpreted the issue they raised and the law.

On January 22, 2018, the Court of Appeals on its Notice of Judgment affirmed they were not convinced, denied the petition for lack of merit and dismissed the petition. It upheld the constitutionality of RA 9510 and its Implementing Rules and Regulations.

The CIC has been tasked to be the country’s central credit registry. It was created by Republic Act 9510, or the Credit Information Systems Act (CISA), to receive data from banks, credit cards, cooperatives and other financing institutions in order to establish the Philippines’s comprehensive and reliable credit information.

Once CIC is fully operational, cooperatives will be able to assist their member-borrowers from being over-indebted. This would also ensure that cooperatives extending loans or credits to their member-borrowers get priority to collect unpaid loans from defaulted members.


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July 5 issue

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