CREDIT INFORMATION CORPORATION

REFORMING THE ASIA-PACIFIC FINANCIAL INFRASTRUCTURE Jaime Garchitorena CEO Credit Information Corporation

KEY FEATURES CREDIT INFORMATION CORPORATION  Created by law under Republic Act 9510 in 2008  New board organized in 2011  CIS ready for data submission June 2015  Supervised by the Securities and Exchange Commission  Acts as a REGISTRY and NOT A BUREAU  Private-Private venture 60% Government 40% Private Sector  Mandatory submission. Non-mandatory use  Positive and Negative Credit Data  Private and Corporate Data

KEY RESULT AREAS CREDIT INFORMATION CORPORATION  Greater access to credit for MSMEs  Enabling start-ups and expansion  Reducing need for physical collateral  Developing an “affluent” consumer market for SME support  Inclusive growth: potential to access credit via under banked and under served  Consumer and Lender Education  Consumer Protection

DATA TO BE COLLECTED CREDIT INFORMATION CORPORATION  Positive and Negative Credit Data  Private and Corporate Data  Sources of data:  Banks, Cooperatives, Micro Lending Institutions  Telco's and other utilities  Others as may be determined by the CIC

ECOSYSTEM & INFORMATION FLOW CREDIT INFORMATION CORPORATION

SUBMISSIONS CREDIT INFORMATION CORPORATION Submitting EntityDeadline Credit card issuers 30 November 2015 Universal and commercial banks, including their trust departments 31 March 2016 Thrift banks, including their trust departments 30 April 2016 Rural banks and entities with quasi- banking license issued by the BSP, including their subsidiaries and/or affiliates that are engaged in the business of providing credit 30 June 2016

SUBMISSIONS CREDIT INFORMATION CORPORATION Submitting EntityDeadline Financing Companies31 August 2016 Government-Owned and-Controlled Corporations engaged in lending 30 September 2016 Large Cooperatives as defined by the CDA 30 October 2016 Medium Cooperatives as defined by the CDA; Insurance Companies, mutual benefit associations and other similar entities supervised by the Insurance Commission; and Non- stock savings and loan associations 31 December 2016

UPDATE CREDIT INFORMATION CORPORATION Financial Institutions in Test Phase 8 Universal/Commercial Banks 3 Thrift Banks Rural Banks 4 Credit Cards 2 Cooperatives Micro Finance Institutions 3Others (Leasing and Finance)

CHALLENGES and SOLUTIONS CREDIT INFORMATION CORPORATION CHALLENGE: DATA COLLECTION from smaller, less technology invested lending institutions. EMERGING SOLUTION/S: 1.Early identification of lenders with difficulties to submit 2.Identify pain points via apex organizations or regulators 3. Encourage use of third party tools 4.Develop further simplified submission process if necessary

MILESTONES CREDIT INFORMATION CORPORATION Availability of Test Environment June 2015 UAT Testing on live Database January 2016 Accreditation of Special Accessing Entities January 2016 Full Access to CIC Database (estimated) December 2016

REFORMING THE ASIA-PACIFIC FINANCIAL INFRASTRUCTURE Jaime Garchitorena CEO Credit Information Corporation