The Cooperative Development Authority-National Capital Region Extension Office (CDA-NCREO), in partnership with the Regional Clustered Organization-Finance Cluster, conducted a two-day Credit Information System Act (CISA) Reorientation Seminar and Workshop, held last March 21-22, 2024 at 1CISP Building, Quezon City. The event, which featured expert resource persons from the Credit Information Corporation, aimed at providing pertinent information relative to RA 9510.
Sixty-eight (68) individual participants from 34 cooperatives attended the activity.
Atty. Philip Gerald S. Fulgeras, Attorney IV of the CIC-Legal Unit discussed the salient features of Republic Act No. 9510 or the Credit Information System Act of 2008 and the impact of the law in the Cooperative with financial services or products. Atty. Jacques Michelle R. Obias, Attorney IV also of the CIC-Legal Unit, explained the mandatory compliance of cooperatives to the law. He reiterated that penalties and sanctions will be imposed to entities that will fail to comply. Further, he strongly encouraged all participant-cooperatives to be an active partner to ensure of CIC services.
CDA Deputy Administrator for Legal Affairs Service, Atty. Leah B. Banagui-Han, expounded on Why Should Cooperative Comply with the CISA Law. DA Banagui-Han emphasized that cooperatives are bound to comply with other laws as provided for in Art. 135 of RA 9520.
Mr. Rayson Rivera and Ms. Vicky Ualat, Data Controller IV, discussed the Credit Information Corporation (CIC) Credit Data Ecosystem. This ecosystem is a comprehensive framework that encompasses various components and processes related to credit information management. It includes the collection, processing, storage, and dissemination of credit information, as well as the governance and regulatory framework that govern these activities.
During the hands-on training session, Ms. Ualat provided step-by-step guidance to participants on effectively using and navigating the compliance tool. The workshop’s primary objective was to familiarize participants with the required data for encoding and to address any potential error messages or concerns that may arise during the process.
Attendees gained a deeper understanding of the benefits of complying with the CISA. By participating in the seminar, cooperatives can improve their credit risk management practices, enhance their access to credit information, and strengthen their overall financial stability. We extend our heartfelt thanks to the Credit Information Corporation for their invaluable contributions and expertise.
Their insights have undoubtedly enriched our understanding of the CISA and its implications for cooperatives. We look forward to more collaborative efforts with the Credit Information Corporation and other key stakeholders to promote compliance with the CISA and support the growth and development of the cooperative sector in the Philippines.
