CIBI Information, Inc. or CIBI, formerly known as Credit Information Bureau, Inc., is the first and the only local

credit bureau in the Philippines Credit bureaus in the Philippines are credit bureaus that are licensed and accredited by the Philippine governments department of Credit Information Corporation (CIC) to operate within the Philippines. History In 2016, the Credit Information Cor ...

. CIBI started as a government entity under the

Central Bank of the Philippines The Bangko Sentral ng Pilipinas (; commonly abbreviated as BSP in both Filipino and English) is the central bank of the Philippines. It was established on January 3, 1949, and then re-established on July 3, 1993 pursuant to the provision of Re ...

Department of Loans and Credit to initiate a

credit Credit (from Latin verb ''credit'', meaning "one believes") is the trust which allows one party to provide money or resources to another party wherein the second party does not reimburse the first party immediately (thereby generating a debt) ...

information exchange system in the country. Founded in 1982, CIBI was established through the power of Presidential Decree 1941 created under Central Bank of the Philippines, now

Bangko Sentral ng Pilipinas The Bangko Sentral ng Pilipinas (; commonly abbreviated as BSP in both Filipino and English) is the central bank of the Philippines. It was established on January 3, 1949, and then re-established on July 3, 1993 pursuant to the provision of Re ...

(BSP); the

Securities and Exchange Commission The United States Securities and Exchange Commission (SEC) is an independent agency of the United States federal government, created in the aftermath of the Wall Street crash of 1929. Its primary purpose is to enforce laws against market m ...

(SEC) and the Financial Executives Institute of the Philippines (FINEX) In 1997, Credit Information Bureau, Inc. was incorporated and transformed into a private entity and became CIBI Information, Inc. CIBI is a provider of information to businesses and individuals. The company also supplies compliance reports before accrediting agencies, industry partners and even hiring professionals. In March 2016, CIBI Information, Inc. was one of the three credit bureaus and the only local firm accredited by the Credit Information Corporation (CIC) as a Special Accessing Entity.

History

In 1981,

Ferdinand Marcos Ferdinand Emmanuel Edralin Marcos Sr. (September 11, 1917 – September 28, 1989) was a Filipino lawyer, politician, dictator, and Kleptocracy, kleptocrat who served as the tenth president of the Philippines from 1965 to 1986. He ruled the c ...

, then President of the Republic of the

Philippines The Philippines, officially the Republic of the Philippines, is an Archipelagic state, archipelagic country in Southeast Asia. Located in the western Pacific Ocean, it consists of List of islands of the Philippines, 7,641 islands, with a tot ...

, issued a Letter of Instructions No. 1107 mandating the Central Bank of the Philippines to analyze the probability of establishing and funding the operation of a

credit bureau A credit bureau is a data collection agency that gathers account information from various creditors and provides that information to a consumer reporting agency in the United States, a credit reference agency in the United Kingdom, a credit report ...

due to the disturbing increase of failures on corporate borrowers. In adherence to the order, Central Bank of the Philippines organized the ''Credit Information Exchange System'' under the department of Loans and Credit. It was created to engage in collating, developing and analyzing credit information on individuals, institutions, business entities and other business concerns. It aims to develop and undertake the continuing exchange of credit data within its members and subscribers and to provide an impartial source of credit information for debtors, creditors and the public. This will also cooperate and guide government agencies in their credit information requirements. On April 14, 1982, Credit Information Bureau, Inc. was incorporated as a non-stock, non-profit corporation. (See: Presidential Decree No. 1941 )

Incorporation

CIBI CIBI Information, Inc. or CIBI, formerly known as Credit Information Bureau, Inc., is the first and the only local credit bureau in the Philippines. CIBI started as a government entity under the Central Bank of the Philippines Department of Lo ...

was created pursuant to LOI No. 1107 dated February 16, 1981 and was further strengthened by PD No. 1941 which recognizes and supports CIBI as a suitable

to promote the development and maintenance of rational and efficient credit processes in the

financial system A financial system is a system that allows the exchange of funds between financial market participants such as lenders, investors, and borrowers. Financial systems operate at national and global levels. Financial institutions consist of comple ...

and in the economy as a whole. In 1997, CIBI Information, Inc. expand its coverage of background checking in national and international spectrum through groundwork and affiliations with local and foreign information and credit companies. Commercial operations as a separate entity commenced on April 1, 1999. CIBI Information, Inc. became the partner of many corporate industries throughout the Philippines in applying measures for risk management by setting capability, compliance and legitimacy outlines for trade associates and suppliers. CIBI also validates personal information of their clients' current and potential human resources.

CIBI Foundation, Inc.

CIBI Foundation, Inc. is a founding member of the

ASEAN The Association of Southeast Asian Nations, commonly abbreviated as ASEAN, is a regional grouping of 10 states in Southeast Asia "that aims to promote economic and security cooperation among its ten members." Together, its member states r ...

Forum of Credit Rating Agencies (AFCRA), established on November 5, 1993 in

Bangkok Bangkok, officially known in Thai language, Thai as Krung Thep Maha Nakhon and colloquially as Krung Thep, is the capital and most populous city of Thailand. The city occupies in the Chao Phraya River delta in central Thailand and has an estim ...

Thailand Thailand, officially the Kingdom of Thailand and historically known as Siam (the official name until 1939), is a country in Southeast Asia on the Mainland Southeast Asia, Indochinese Peninsula. With a population of almost 66 million, it spa ...

. On April 11, 2008, the

Board of Directors A board of directors is a governing body that supervises the activities of a business, a nonprofit organization, or a government agency. The powers, duties, and responsibilities of a board of directors are determined by government regulatio ...

(BOD) approved the amendment of the Company's

Articles of Incorporation Article often refers to: * Article (grammar), a grammatical element used to indicate definiteness or indefiniteness * Article (publishing), a piece of nonfictional prose that is an independent part of a publication Article(s) may also refer to: ...

to include the development and operation of a

call center A call centre (English in the Commonwealth of Nations, Commonwealth spelling) or call center (American English, American spelling; American and British English spelling differences#-re, -er, see spelling differences) is a managed capability th ...

business and similar services by providing customer management services through various channels and media, including but not limited to, telephone, cable, facsimile, electronic mail, web chat and all allied or related services as its primary activities. The BOD also approved for the company to formally engage in the business of providing services for outsourced business processes. On June 16, 2008, the SEC approved the Company's Amended Articles of Incorporation. The company is 75% owned by Go Kim Pah Foundation and 25% owned by CIBI Foundation, Inc.

Network

Local

CIBI validates and collects any available information using sources from both private and government institutions such as SEC, Department of Trade and Industry, Bangko Sentral ng Pilipinas (BSP), Land Transportation Office (LTO); schools, colleges, universities and other educational institutions. CIBI is also a member and affiliate of various organizations and associations under different industries such as: IT and Business Processing Association of the Philippines (iBPAP); Supply Chain Management Association of the Philippines (SCMAP); Philippine Retailers Association (PRA) and Philippine Management Association of the Philippines - Cebu (PMAP-Cebu).

Other local affiliates

* Philippine Chamber of Commerce and Industry * Credit Management Association of the Philippines * Cebu Association of Credit Practitioners, Inc. * Mactan Export Processing Zone (MEPZ) CIBI also holds a seat as Committee Member of Department of Trade and Industry - Export Marketing Bureau (DTI-EMB). ETCC is an inter-agency committee created to recommended specific actions on export trade complaints filed with any bureau office of DTI which are referred to the EMB.

International

CIBI is a member of COFACE Credit Alliance Network, a worldwide trade-credit information and solutions; ASIAGATE, a company that provides corporate credit information and credit management services; and BIIA, a trade association among the information-provider entities around the world.

Financial inclusion in the Philippines

On their submitted 2016 Year-End Report, credit education towards

financial inclusion Financial inclusion is the availability and equality of opportunities to access financial services. It refers to processes by which individuals and businesses can access appropriate, affordable, and timely financial products and services—which ...

was conducted by CIBI to 30 out of 71 provinces in the Philippines. A percentage of 69% focuses on Luzon, 28% on Visayas and 3% on Mindanao or a total of 1,337 attendees, 636 small to large cooperatives and 117 small to medium enterprise. This corresponds to the impact of data that CIBI is taking into consideration in order to provide a comprehensive credit report and scores. CIBI also actively take part on the credit education campaigns facilitated by the Philippine Cooperative Central Fund Federation (PCF) and the Credit Information Corporation (CIC).

Strategic partnership

With CIBI as a data partner,

FICO FICO (legal name: Fair Isaac Corporation), originally Fair, Isaac and Company, is an American data analytics company based in Bozeman, Montana, focused on credit scoring services. It was founded by Bill Fair and Earl Isaac in 1956. Its FIC ...

's local scoring service partner, Consumer CreditScores Philippines (CCS) are together managing the rollout of the Global FICO Score in the Philippines but with focus on the unbanked and underbanked.

References

{{Reflist

External links

CIBI Information, Inc.
Financial services companies of the Philippines Companies based in Makati Credit scoring Financial data vendors Rating systems Privately held companies of the Philippines