Sunday, August 14, 2016
CO-OPS TO CIC: MORE TIME
Will the Credit Information Corporation (CIC) yield to the recommendations of a group of federations of cooperatives, to defer by a year the full compliance by cooperatives in the latter's submission of credit data to CIC pursuant to the Credit Information System Act (CISA)?
The original deadlines are on October 30, 2016 for large cooperatives, and on December 31, 2016 for medium cooperatives.
The proposed extension is on June 2017, for submission of "credit data in the correct form by large and medium cooperatives; and on December 2017 as deadline for the "submission of quality credit data by the large and medium cooperatives."
During the CIC Roadshow On Cooperatives' compliance with CISA, on June 6, 2016 in Cebu City, CIC met opposition from the Cebu CFI Community Cooperative through its chairman, former Rep. Pablo Garcia.
According to reports, CIC will hold a second roadshow in Cebu on August 16-17, 2016 apparently to clarify issues, provide updates, and possibly consider and announce the requested deadline of compliance.
To view the complete set of recommendations by the group of cooperatives, please visit my earlier blog post at www.cooperativesphilippines.com/2016/08/will-cic-relent.html