In a landmark move aimed at bolstering transparency and trust within the Philippine financial ecosystem, CIBI Information, Inc., the nation’s pioneering and sole local credit bureau, has forged a powerful partnership with the Securities and Exchange Commission (SEC).
Photo shows Pia L. Arellano (left), President and CEO of CIBI Information Inc., while shaking hands with Emilio B. Aquino, Chairperson of the SEC.
CIBI partners with SEC to bridge the information gap
This strategic collaboration will grant local credit bureau enhanced access to crucial regulatory data, significantly strengthening its suite of services for both businesses and individual consumers.
The alliance directly tackles a persistent hurdle in the Philippine financial landscape: the often-limited direct access to comprehensive regulatory information. This existing gap has made it challenging for businesses to conduct thorough due diligence on potential partners, accurately verify the legitimacy of companies, effectively assess inherent risks, and ultimately make well-informed decisions.
By securing access to the SEC’s cutting-edge eSEARCH platform, the local credit bureau is poised to seamlessly integrate vital regulatory data directly into its service offerings, promising more efficient, reliable, and robust solutions for its clientele.
The significance of this partnership was underscored at the official signing event, where key figures from both organizations articulated their shared vision.
CIBI President and CEO Pia Arellano emphasized the transformative potential of this collaboration, stating, “This collaboration between the Securities and Exchange Commission and CIBI Information, Inc. is a powerful step toward bridging the information gap and strengthening the financial ecosystem in our country. With this partnership, we are opening new doors to opportunities for businesses, particularly SMEs, helping them evaluate partners, assess risks, and build trust in their transactions.”
Fueled by strong consumer appetite and robust industry growth, Philippine banking has also seen a notable surge in lending this year, underscoring the importance of accurate credit information.
Enhanced data reliability: Clients to benefit from direct SEC data integration
The immediate benefits for CIBI’s extensive network of clients are substantial. The direct infusion of SEC-verified data will demonstrably enhance the quality, accuracy, and overall reliability of their existing data systems.
Armed with a more comprehensive and undeniably credible information base, businesses across diverse sectors will be empowered to make faster, more confident, and ultimately more profitable decisions.
Individual clients, too, stand to gain significantly from this enhanced data integrity, experiencing increased trust and assurance knowing that the information they rely on is meticulously verified and undeniably credible.
Echoing the sentiment of progress and efficiency, SEC Chairperson Aquino highlighted the agency’s commitment to technological advancement, noting in a speech during the event, “It has been one of our foremost goals to keep the agency abreast with evolving technology to make sure that our stakeholders get the services they need in the best way possible…We hope that this MOA will help both the SEC and CIBI in accelerating our shared commitment to improving the business environment in our country,” Chairperson Aquino said in a speech during the event.
The positive ripple effects of this collaboration extend far beyond the immediate beneficiaries of the local credit bureau and its clients. The partnership is poised to provide crucial support to the broader regulatory framework by actively promoting greater transparency within the financial system, ensuring enhanced data integrity, and fostering more efficient information sharing across the board.
This improved access to accurate and reliable data will, in turn, enable financial institutions to extend credit with greater confidence and reduced risk, playing a vital role in driving financial inclusion across the Philippines and ultimately contributing to greater nationwide economic resilience.
A legacy of trust: Driving financial inclusion since 1982
Established in 1982 under the auspices of the Central Bank of the Philippines (now the Bangko Sentral ng Pilipinas), CIBI Information Inc. stands as the Philippines’ pioneering credit reporting agency and the only local provider of comprehensive background screening services.
As a trusted intelligence partner, accredited by the Credit Information Corporation (CIC), CIBI serves over 500 organizations spanning a diverse range of industries. With a dedicated team of over 200 professionals, CIBI offers a comprehensive suite of solutions designed to make both credit and employment opportunities more accessible and inclusive for Filipinos.
Following its acquisition in 2020 by Creador, a prominent private equity firm, CIBI has strategically collaborated with global industry leaders including FICO, GDS, and Smart Consulting. Furthermore, CIBI maintains a close working relationship with CTOS, Malaysia’s leading credit reporting agency, actively integrating international best practices into the Philippine market.
CIBI remains steadfast in its commitment to staying at the forefront of the information services industry, driving meaningful financial inclusion, and creating tangible economic opportunities for communities across the nation.
For more in-depth information about CIBI and its services, please visit www.cibi.com.ph.