Circular No. 2016-03 Series of 2016
TO: GOVERNMENT-OWNED AND-CONTROLLED CORPORATIONS (GOCCs) ENGAGED IN LENDING ACTIVITIES
RE: DEADLINE FOR PRODUCTION SUBMISSION OF CREDIT DATA
Pursuant to Republic Act ("R.A.") No. 9510 entitled: An Act Establishing the Credit Information System and for Other Purposes otherwise known as the Credit Information System Act, and its Implementing Rules and Regulations ("IRR"), this Circular is hereby issued to serve as an amendment to the deadline for the production submission of credit data set in CIC Circular No. 2015-02.
SECTION 1. Scope
Rule 4.1 of the IRR of R.A. No. 9510 authorizes the Credit Information Corporation ("CIC") to collect current, objective, factual, and basic credit data, both positive and negative, on all their data subjects. It also authorizes the CIC to allow a phasing in, thus, this Circular shall cover entities to submit all credit data in their possession for the last five (5) years prior to the effectivity of this Circular.'
1.6 Government-owned and-controlled corporations engaged in lending activities
SECTION 2. Discussion
Under CIC Circular No. 2015-02, the deadline for production submission of current credit data for GOCCs engaged in lending was originally set at 30 September 2016. Due to reasons inherent in the transition of administration in the Philippine Government, the original deadline is hereby amended. With the transition comes the change in leadership in the various GOCCs which entails the transfer of mandate carefully brought about in order to ensure that government services are not hampered; the CIC is knowledgeably aware of such careful change and thus it gives a wider latitude with regard to the compliance with the submission of basic credit data.
The change in leadership of the various GOCCs is accompanied by a change in the composition of their respective board of directors / trustees. In order to develop a good working relationship, members of the various boards must be acquainted with each other through their corresponding board meetings. As one of the technical requirements in the submission of basic credit data, the Secretary's Certificate may only be accomplished as evidence of the resolution reached by the board pertaining to the authorized persons with whom the CIC will be exclusively dealing with.
SECTION 3. Updated Deadline for Production Submission
Also, please be guided of the following steps leading to the submission of data to the CIC:
1. Registration - this is the stage when the CIC requires the GOCC to submit their Submitting Entity Information Sheet (SEIS). They should send an e-mail to: email@example.com so the CIC can send them the necessary documents and requirements.
This is also the stage where the GOCC defines who are the responsible individuals who will be dealing with the CIC on a regular basis. CIC will then create the account of the operators listed in their accomplished SEIS. The username/ s and password/ s will be sent through email so that they can start submitting test data.
2. Testing - For the Testing Phase, this is the stage when the GOCC can submit sample or dummy data. This will assure the CIC that the GOCC is aware of the correct file format necessary to complete a transaction with the CIC and they can connect to the CIC. In this phase, the GOCC may submit dummy data or a snapshot of their production data.
Results of their submission are automatically forwarded to the GOCCs so that they are aware of any errors in their submission and can correct the same.
3. Validation - After successfully passing the Testing Phase, the GOCC' s sample data will be loaded to the system. Please note that the GOCCs need to have three successful loading to ensure that the data mapping activity that they performed is in compliance with the prescribed Data Format of the CIC.
The GOCCs will then be provided a web access where they will have to search for the data subject that they submitted. They need to generate sample Credit Reports and validate that the data appearing therein is correct.
The Primary Contact Person listed in the SEIS shall forward to the CIC the validated sample Credit Reports and attest to the correctness of the data. The CIC in return shall acknowledge the validated Credit Reports.
This will be the last activity to make the GOCC become eligible for Production. Note that the Production Phase can only be reached after the Testing Phase is completed and authorization from the CIC is received.
4. Production Phase - This is the phase wherein the GOCC will have to submit actual live data. Also, the Error Report that the GOCC receives from the CIC will be actual errors found in their live data submission and should be used to guide them in understanding any deficiencies their reports may have.
The GOCCs must submit all the available fields in their records/ system especially for the subject details to have a higher rate of matching. If they do not have the required IDs i.e. TIN or SSS or GSIS, they should not use any dummy or default value for the ID Number. Instead, they must provide all the IDs reflected in their system. Although the records with no TIN or SSS or GSIS Number will not be loaded but this will help the CIC understand the condition of the records in all the financial institutions.
SECTION 4. Sanctions
Non-submission of reports, and/ or delayed submission of reports as well as submission of erroneous data shall subject the entity to sanctions, as hereinafter promulgated by the CIC.
SECTION 5. Repealing Clause
All issuances, orders, rules and regulations or parts thereof that are inconsistent with the provisions of this Circular are hereby repealed, amended or modified accordingly.
SECTION 6. Separability Clause
Should any provisron of this Circular be declared invalid or unconstitutional, the other provisions not affected thereby shall remain valid and subsisting.
SECTION 7. Effectivity
This Circular shall be effective fifteen (15) calendar days after the date of its publication either in the Official Gazette or in a newspaper of general circulation in the Philippines and upon filing with the University of the Philippines Law Center of three (3) certified copies.
For your information and due compliance.
JAIME CASTO JOSE P. GARCHITORENA