The Credit Information Corp. (CIC) generated 10 million credit reports in 2024, doubling the previous year’s output as it pushes for broader adoption of credit data in lending decisions.
CIC president and CEO Ben Baltazar said the surge reflects increasing awareness of credit information’s value, though many financial institutions have yet to fully integrate it into their decision-making processes.
“The credit market in the Philippines is actually a 100 million credit report market. That is something we can achieve in the coming years,” Baltazar said. “But we won’t get there unless we drive mass adoption of credit data in lending.”
Under Republic Act 9510, the state-run CIC operates the country’s centralized public credit registry, supplying borrower data to banks, lending firms, and financial institutions.
To accelerate uptake, CIC has accredited new special accessing entities, including Island Credit Solution Inc., which uses AI-driven analytics and alternative data to refine credit assessments.
“Our goal is to bridge the gap between financial institutions and borrowers, particularly those who have been underserved or unbanked,” said Island Credit Solution Deputy CEO Hongcheng (Steven) Zhou. “By offering fully digital services, we’re helping new borrowers establish credit while making lending more inclusive.”
Baltazar said CIC is focused on ensuring its accredited firms have the technology and expertise to navigate the evolving credit landscape.
“As their regulator, CIC is committed to providing reliable and representative borrower data to support their operations,” he said.
