Tuesday, August 16, 2016
CIC: CO-OPS TO COMPLY, JUNE '17
Apparently heeding the clamor from cooperatives, the Credit Information Corporation (CIC) has reportedly extended the compliance by cooperatives in their submission of co-op members' credit to CIC, to June 2017.
Originally, large cooperatives are scheduled to submit credit data on or before October 30, 2016, and medium-sized cooperatives up to December 31, 2016.
The deadline extension was contained in published reports* following the two-day CISA Roadshow for Cooperatives held by CIC last Aug. 16-17, 2016 in Cebu City, attended by representatives of some 60 large and medium-sized cooperatives in Cebu.
"We still need a significant amount of data from commercial banks, rural banks, co-ops, and microfinance (institutions)," Jaime Garchitorena, CIC President and CEO was quoted as saying.
"Cooperatives hold a critical place in the financial ecosystem as they bare one of the first touch lending institutions for many Filipinos," Garchitorena was supposed to have said.
For the full story/news report, please click/visit the link below:
Now, the question is: Will this mollify those who expressed resistance to cooperatives' compliance with CISA?
And as a matter of prudence, let's wait for the formal CIC Memo Circular on this, before we jump with joy. (END).