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:
    

 http://cebudailynews.inquirer.net/101718/unified-credit-information-system-to-roll-out-in-2017


    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).


 

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