• Grow Your Co-op Members’ Business

    Leni San Roque, Chief Executive of the Association of Asian Confederation of Credit Unions (ACCU), tells participants at the recent Co-op Leaders’ Congress in Iloilo City how and why co-ops should upgrade and make an impact in the communities, in Read More
  • Use Tech or Be Left Out

    We must know what is going on outside our co-ops. While we are optimistic about the digitalization of the economy, the fast pace of technological advancement must still undergo government regulation.  Mertz Tangonan shows us a bird’s eye view of Read More
  • COOP-NATCCO Wins One Seat In Congress

    COOP-NATCCO Partylist has announced that it has won one seat in Congress in the May 13 elections.   In a very impressive display of solidarity, cooperative members, leaders, staff, management and stakeholders voted COOP-NATCCO Partylist (CNPL) in the May 2019 Read More
  • Great Potential for Co-ops in e-Payments

    Jing Gusto, consultant of World Council of Credit Unions, presented before the NATCCO Coop Leaders’ Congress in Iloilo City last April the results of a study that shows the readiness of co-ops and their members for e-payments.     I think Read More
  • Help your Members be Entrepreneurs thru e-commerce

    Do your co-op members have products that need marketing?  Your co-op could be the best aggregator.  Online shopping platform Lazada's Petrus Carbonel shows how your co-op can facilitate entrepreneurship among your members.   In the digital economy, co-ops will have Read More
  • Positioning Co-ops in a Digital Economy

    Trade & Industry Undersecretary  for Competitiveness & Innovation Rafaelita Aldaba shared with the NATCCO Leaders’ Congress that it is important for co-ops  to understand how you can position cooperatives in the new digital economy, take advantage of the opportunities and Read More
  • Co-ops Must Invest in the Youth

      15-year-old co-op leader, Alessandra Daquila or Barbaza Multi-Purpose Cooperative in Antique Province spoke before 800 delegates on the opening day of the 17th Co-op Leaders Congress in Iloilo City, and gave them her mind on what co-ops should do Read More
  • Co-ops ready for Digital Economy

    ILOILO CITY – Co-ops must, can, and will definitely go Digital!   More than 700 leaders from 189 cooperatives converged last April 26-28 at the Grand Xing Imperial Hotel for the 17TH Co-op Leaders’ Congress and 42nd General Assembly.  They Read More
  • Power Speakers to Inspire and Impart at Leaders’ Congress

    A power list of speakers await delegates to the 17th NATCCO Co-op Leaders’ Congress in Iloilo City on April 26-28.  Their topics are in line with the theme for the event: “4.0 Positioning Cooperatives in a Digital Economy.”  The topics Read More
  • Supreme Court Ups Small Claims from 300k to 400k Starting April

    The Supreme Court increased the limit of small claims cases filed before the Metropolitan Trial Courts from P300,000.00 to P400,000.00, beginning  April 1, 2019.     Upon the recommendation of the Office of the Court Administrator to Associate Justice Diosdado M. Read More
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Co-ops' CISA Compliance Good for Economy

Credit Information Corporation CEO Jaime P. Garchitorena lauded the release of the Cooperative Development Authority’s Memorandum Circular 2019-01, as: “a significant step in achieving many of the inclusive lending targets of the National Government.”
 
Asked why co-ops need to be included in the implementation of the Credit Information System Act, which the CIC is designated to implement, he said: “Cooperatives are often designated as conduits of funding for the purpose of supporting agricultural and non-agricultural based ventures, and that cooperatives have the advantage of being closest to the underserved and un-served markets who have the potential of developing creditworthy records. Having cooperatives submit the credit behaviors of their members will also allow other Government Agencies to assess cooperatives for the ability to maintain acceptable NPL ratios and identify Cooperatives that embody best practice in lending.”
 
The Memorandum is dated 5th of November 2018, signed by CDA Chairman Orlando Ravanera.  The said Memorandum requires “cooperatives engaged in lending and/or micro-financing activities and/or extending credit facilities . . . to submit comprehensive, accurate, current, objective, and factual basic credit data of all their borrowers.”
 
The CDA is in charge of the registration and regulation of all types of cooperatives in the Philippines. Cooperatives covered by the memorandum circular are those that have the authority to lend and/or perform micro-finance activities both to individuals and cooperative borrowers.
 
Garchitorena reports: “Currently, the CIC has around 600 medium and large cooperatives registered for submission of data and this is expected to considerably increase with the CDA’s Memo Circular. As part of our capacitation assistance, since 2015, the CIC has continuously provided series of technical trainings with the support of various cooperative federations across the country, we expect this to continue in 2019”. 
 
There are roughly 1,800 reporting large and medium cooperatives as classified by the CDA as of 27 July 2016.
 
He added: “Having a centralized credit registry is a very crucial endeavor towards moving the Philippine lending industry away from collateralized lending practices for individuals and micro-small and medium enterprises (MSMEs). The availability of CIC’s Credit Reports, coupled with Credit Scores being offered by the CIC’s accredited credit bureaus or Special Accessing Entities, will also allow risk-based lending at par with other progressive economies for lenders and will facilitate a fact and data based roadmap for borrowers as they improve their credit behaviors.”
 
This is also considered vital in increasing the volume of lending from 28% to 40% especially that preliminary data released by the Bangko Sentral ng Pilipinas (BSP) on January 8, 2019 showed that outstanding loans of commercial banks have slowed down to 16.8% last November 2018 specifically in credit card loans and motor vehicle loans, and other types of household loans.
 
Currently, CIC’s database has more than Five Million unique data subjects and over Twenty Million contract records.
 
The CIC has been making Credit Reports available on a limited test basis to authorized accessing entities since late 2018 as part of its system and security testing phase. The CIC has also been making Credit Reports available to consumers since January 2019 as a part of its consumer access program.
 
www.creditinfo.gov.ph
 
 

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