Saturday, August 13, 2016

WILL CIC RELENT?




    A definition of "relent":  To become less severe, harsh or strict, usually from reason of humanity.



    To rephrase the question at hand, will the Credit Information Corporation (CIC) modify or extend the deadlines for compliance by cooperatives in their required submission of the credit data of cooperatives' members to CIC, pursuant to R.A. 9510, the Credit System Information Act? (By any means, I don't say or imply that CIC is "severe", "harsh", or "strict". That is clear.)



    It may be recalled that CIC's Roadshow for cooperatives held on June 6, 2016, if I remember it right, met some scathing opposition from former Rep. Pablo Garcia, current chairperson of the Cebu CFI Community Cooperative (CCCC). He may be just one voice in the wilderness (there might be more unheard from?) but his effect on the cooperators who attended was quite strong.  By the way, I just heard about it in a youtube video uploaded by Co-op TV Federation.



    In the video, he not only expressed strong opposition, but even promised/threatened to file a case in the early week of October 2016 against the implementation of CISA among cooperatives.  I am not sure if this action will push through.



    I can only surmise that the impact is such that CIC decided to hold another Roadshow in Cebu this August 16-17, 2016.  The Philippine Cooperative Central Fund, which promotes the event in social media, commented that there could be some updates, clarifications, and announcements from CIC.  To that effect anyway.



    My guess that something is afoot, by way of possible (this is just my own conjecture; take this with a sackful of salt) repositioning of
CIC's stand and compliance deadlines earlier set in CIC Circular/s, may be in the offing.  The August 16-17, 2016 Cebu Roadshow might be a possible venue for an announcement on this.  Why do I say/hazard a guest on this?


    This was after I read of a group of cooperative federations who had a "roundtable discussion" with CIC Pres. Jaime Garchitorena.  Proceeding from said discussions, it was reported that the group resolved to recommend the following action:

  
    1)  Request the Cooperative Development Authority to issue as soon as possible  a Memo Circular, as a guide to cooperatives in complying with CISA;


    2)   Request the CIC to extend the deadline of compliance "to be defined according to the following":


    a)  October 2016- Deadline for the submission to CIC  of "Submitting Entity (in this case, the Cooperative's) Information Sheet by the large cooperatives.



    b)  November 2016- Deadline for the Submission of  Submitting Entity Information Sheet by the medium cooperatives.



    c)  June 2017 - Deadline for the Submission of credit data in the correct form by the large and medium cooperatives.



    d)  December 2017 - Deadline for the Submission of quality credit data by the large and medium cooperatives.



    Let's see how these unfold.  Let's wait for the announcements come August 16-17, 2016, if any.  Maybe the cooperative officers should go to Cebu and attend this once again?  Or just wait for the CIC Circular. Will Rep. Pabling Roman be mollified?  As they say, abangan ang susunod na kabanata...(END).


 


    

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