ANGARA PUSHES FOR SWIFT ESTABLISHMENT OF CCIC

Senator Edgardo J. Angara stressed the importance of making the Central Credit Information Corporation (CCIC) fully operational in line with the recommendation of the International Finance Corporation (IFC).

In its 2012 Doing Business report, the IFC said a fully functioning CCIC will give the country a significant edge in terms of making its business climate more attractive to potential investors.

"The CCIC was created under the Credit Information System Act (CISA), which was passed into law back in 2008," said Angara, who authored the measure. "However, its implementation has been slow in coming."

Angara said that the CCIC's implementing rules and regulations were only promulgated last year, while its president, Baltazar N. Endriga, was appointed by President Benigno Aquino III only in May of this year.

"A fully functional CCIC means the creation of a system that tracks credit records of borrowers," explained the veteran lawmaker. "It offers creditors a reliable way to assess potential borrowers and minimize risk, while at the same time also minimizing the need for high interest and collaterals."

"Essentially, the CCIC will create a freer lending climate--more and more Filipinos will have access to financing. This is especially needed by small and medium entrepreneurs, who are the emerging movers and shakers of our national economy," said Angara, Vice Chair of the Senate Committee on Finance. "By institutionalizing credit discipline, we encourage both honesty and a more robust flow of credit."