Saturday, September 24, 2016

CIC: CO-OP DATA DUE 06/30/17

     It's official! 

    The deadline for submission of co-ops members' credit data to the Credit Information Corporation (CIC) has been extended up to June 30, 2017.

    In its Circular No. 2016-04, series of 2016, and signed on August 19, 2016, CIC said the new deadline involves the "production submission of both current and historical data of borrowers, belonging to large and medium cooperatives.

    Prior to this, the original deadlines were: October 30, 2016 for large cooperatives, and December 31, 2016 for medium cooperatives.

    According to the Cooperative Development Authority, large cooperatives are those with total value of assets of over Php100-million; and over Php15-million up to Php100-million for medium cooperatives.  The list of the names of these cooperatives was contained in CIC Circular No. 2016-01.

    Among the reasons cited for the extension is the absence of the Tax Identification Numbers (TINs) of some cooperative members.  This, according to CIC had been remedied.

    Other reasons which reportedly affected early compliance include limited access to the Internet; lack of technological capacity; and antiquated/manual systems used by the cooperatives.

    The additional time given is seen to be "generous enough" to fully address the challenges faced, CIC said.

    CooperativesPhilippines checked the CIC website, but as of this writing (September 24, 2016), the said Circular is not yet uploaded.  However it was posted in the CIC Facebook page.  (END).





mymfi said...
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mymfi said...

Are you still looking ways to aid your CISA compliance or looking systems to meet CIC data submission requirements? Or just wanting a system to automate your cooperative operations. Try myMFI.

myMFI is capable to submit information in predefined format to CIC in compliance to Credit Information Systems Act. The process, structure and output file is based on CIC Submission Manual document. The information that can be submitted are the INDIVIDUAL in the Subject Data, Subject Negative Information and INSTALLMENTS CONTRACTS in Contract Data.


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