State-owned Credit Information Corporation (CIC), governed and supervised by the Securities and Exchange Commission (SEC), implemented its mandatory initial and continuing compliance guidelines to all financial institutions covered under the Republic Act No. 9510 also known as the Credit Information System Act of 2008.
Under the CIC Circular No. 2023-04 titled “Implementing Guidelines for the Compliance of all Submitting Entities under the Credit Information System Act,” the CIC also introduced a Compliance Rating System to monitor faithful compliance of all Submitting Entities in Production (SEPs), as well as implementation of a Compliance Assistance Fee which shall cover the cost of providing technical support and enforcement of the compliance.
“Contributing to financial stability, the CIC has been at the forefront of reducing systemic risk in our financial ecosystem by providing financial institutions with real time access to reliable and accurate credit information. For this reason, implementation of these guidelines and sanctions are crucial. Curbing non-compliant behavior of covered entities will safeguard the effectiveness of the Credit Information System,” President and Chief Executive Officer Ben Joshua Baltazar said.
