CIC President and CEO Jaime Garchitorena speaks to reporters at the sidelines of the credit infrastructure roadshow at Marco Polo Plaza Cebu on Tuesday (CDN PHOTO/ VICTOR SILVA)
About 60 cooperatives from all over Central Visayas were asked to provide data to the Philippines’ Credit Information System (CIS) to enable lending institutions to evaluate their credit standing.
Jaime Garchitorena, president of the Credit Information Corp. (CIC), said coops play a vital role in providing credit to Filipinos.
CIC organized a credit infrastructure roadshow at the Marco Polo Plaza Cebu on Tuesday. The CIS consolidates credit information to serve as a comprehensive basis of financing institutions for granting loans.
“Cooperatives hold a critical place in the financial ecosystem as theybare one of the first touch lending institutions for many Filipinos,” Garchitorena said.
He said the on-boarding of coop members to establish a personal financial footprint will gove coops the credit reputation they need once their members go beyond the financial services offered by their respective cooperatives./Reporter Victor Anthony V. Silva