Saturday, July 30, 2016

CIC CLEARS ISSUES WITH CO-OPS

 (TO ASSIST IN DISSEMINATING THIS MESSAGE TO COOPERATIVES, I HAVE REPOSTED THIS, ORIGINALLY POSTED IN THE FACEBOOK PAGE OF THE CREDIT INFORMATION CORPORATION-COOPERATIVES PHILIPPINES):
 
 
Credit Information Corporation
Messages from our Cooperative Partners and Answers from our President
IS THERE A TRO FOR DATA SUBMISSION TO THE CIC? HOW WERE THE DEADLINES SET? WILL THE CIC BE CHARGING 30,000.00 PER DAY DELAY IN SUBMISSION OF DATA? WHO SUPPORTS THE CIC? AND WHAT CAN USING CIC DATA DO FOR COOPERATIVES?
"There is a rumor going around that a TRO has been issued to prevent the CIC from fulfilling its mandate to provide better access to credit to MSMEs by halting its data collection activities as provided by law.
This is not true. Deadlines for submission of data to the CIC still stand.
Will the CIC charge cooperatives 30,000.00 pesos a day for non compliant cooperatives?
While the law allows the CIC to do so, in this early stage of submission, the CIC has no intention of charging cooperatives any financial penalties. The CIC however, requires that engage the CIC with the submission of the SUBMITTING ENTITY INFORMATION SHEET as a start of the compliance process. Cooperatives who will have issues in complying on the said data SHOULD contact the CIC PRIOR to the deadline with a reasonable explanation as to why they will be delayed or cannot submit. This explanation will be submitted to the CDA for validation and further discussion. The CIC wishes to avoid instances of WILLFULL NON COMPLIANCE and will appreciate all attempts to comply with the submission process. The CIC commits to extend a helping hand to those who cannot comply for legitimate reasons.
There is also a rumor that most cooperatives do not want to submit data or that cooperatives find submission deadlines unreasonable.
In fact, because the CIC acknowledges that the primary authority on regarding cooperatives is the CDA, the CDA was consulted and has assisted the CIC in identifying large and medium cooperatives that should be able to comply with the CISA law. The CIC in turn has currently deferred submission by small cooperatives because it understands that small cooperatives may not have the current capacity to submit. A position supported by the CDA.
Also in separate discussions with several Federations, the CIC has identified key areas of business improvements that the CIC data can assist the cooperatives with should they begin to use the data either on their own or via the newly accredited Special Accessing Entities (Credit Bureaus). The key issues raised to the CIC were reduction of NPLs, increasing the ability to lend more to their clients using risk based lending methods, and to instill payment discipline among members who do not take their repayment obligations seriously.
The CIC is currently conducting multiple nationwide trainings and orientations FOR FREE to allow the Cooperatives to air out their concerns and learn the benefits of compliance to the CIC directives. Training for HOW TO SUBMIT are also included. For further details on these events please contact events@creditinfo.gov.ph" -Jaime P. Garchitorena CEO Credit Information Corporation 7/29/2016

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