system as mandated by the Credit Information System Act (CISA), rural
banks are encouraged to avail of the credit information services offered
by the Bankers Association of the Philippines-Credit Bureau Inc. (BAP-CB).
The CISA was passed into law in October 2008 and the implementing rules
and regulations (IRR) were finalized the following year.
Under the law, the credit information body is mandated to receive and
consolidate basic credit data and to act as a central registry of credit
information. It will provide access to reliable standardized information
on the credit history and financial condition of borrowers.
However, it all remains in paper as the Securities and Exchange
Commission (SEC), designated by the law as lead government agency, has
not taken any action since the approval of the IRR.
