Friday, September 2, 2016
LIST: CO-OPS COVERED BY C.I.C.
Is your cooperative included in this LIST?
Click "LIST" above to find out if your cooperative is among the those, reportedly submitted by the Cooperative Development Authority to the Credit Information Corporation (CIC).
This list includes medium, and large cooperatives, who are required under R.A. 9510 ("Credit Information System Act") to submit to CIC their members' credit data, and subsequently to update these regularly.
Originally, the deadline of compliance is up to October 30, 2016 for large cooperatives, and up to December 31, 2016 for medium cooperatives. Recent published reports attributed to CIC say that full compliance has been extended to June 2017, provided that the cooperatives, considered as "Submitting Entities", shall submit initial requirements on or before their original deadlines of compliance expires.
However, no official announcement, by way of a Circular, on the resetting of the deadlines has been issued by CIC to date.
If your cooperative is considered either a medium or large cooperative, but not included in this list, it was informed that you must nevertheless report this to CDA and CIC. (END)