The 400-member Credit Management Association of the Philippines said Tuesday it plans to have a wider coverage of credit information by exchanging financial data with neighboring countries.
CMAP president Luis Arriola said during the group’s 86th founding anniversary at Manila Diamond Hotel in Manila this was on top of the group’s plan to put up local chapters in Luzon, Visayas and Mindanao.
“We want to raise the standards of credit information and we want to extend the organization… starting with our Asean neighbors,” Arriola said.
“If we have that mechanism on people coming in [from other countries], it will be of great help,” Arriola said.
Arriola said CMAP organized chapters in Cebu and Davao recently. Luzon chapters will be organized next month.
Bangko Sentral ng Pilipinas Deputy Governor Diwa Guinigundo underscored in a speech during the event the vital role CMAP plays in the area of credit information that is useful in terms of sound credit decisions.
He said credit information was very important especially for small and medium enterprises that account for around 99 percent of all registered business enterprises nationwide.
“By providing access to capital, SMEs will become more productive part of the economy,” Guinigundo said.
He said this was one of the reasons why the Bangko Sentral initiated the creation of credit surety facilities nationwide in August 2008.
The CSF is a credit enhancement program for the micro, small and medium enterprises that could not tap bank credit due to lack of hard collaterals and credit history.
CMAP was formed in April 1932 and one of its missions is to be the repository and medium for the exchange of reliable and credible credit information. The association promotes the active and voluntary interchange of credit information among members.
It gathers data from members and from other sources of legitimate credit information and organizes the data specially assets and liabilities for an easy reference relevant to members’ business decision making.