The Credit Information Corporation (CIC), the country’s sole public credit registry and repository of credit information, directs its Submitting Entities (SEs) to include the Philippine Identification (PhilID) card number (PCN) of borrowers in their submission of basic credit information to the CIC database.

The directive was issued through CIC Letter Memorandum No. 2022-02 dated 11 April 2022, which requires SEs to submit the PCN as a secondary ID.

“We are currently working on the full compatibility of the National ID into our Credit Information System (CIS). The seamless integration of the PhilID in the CIC database will greatly enhance the reliability and accuracy of our credit data,” CIC President and CEO Ben Joshua A. Baltazar said.

Compliance to Credit Information System Act (CISA)

Under Rule 4.4 of the Implementing Rules and Regulations (IRR) of the Republic Act No. 9510 or Credit Information System Act (CISA), participating SEs are required to submit basic credit data of all their data subjects to the CIC. Among the data required to be submitted is the data subjects’ government-issued identification information.

The CIC directive is in compliance with the Advisory from the Philippine Statistics Authority (PSA) dated 19 May 2021, advising all concerned government agencies, the private sector, and the general public that, “PhilIDs issued by the PSA shall be the official proof of identity of the cardholder in dealing with national government agencies, local government units, government-owned or controlled corporations, government financial institutions, state universities and colleges, and all private sector entities.”

In anticipation of the implementation of the Republic Act No. 11055 or the Philippine Identification System (PhilSys) Act, the CIC has been preparing its internal systems to receive information derived from PhilSys, in compliance with the PhilSys Act and the CISA IRR.

PCEO Baltazar added that, “With the further distribution of the PhilID cards and implementation of the PhilSys Act, the CIC is looking forward to having all credit information associated with the use of the National ID submitted to the CIC database. This will greatly improve the scope of our borrowers’ historical credit information, which will improve its accuracy and usefulness in the assessment of their creditworthiness.”

The CIC is a member of the inter-agency technical working group that is developing and refining the policies and standards for implementing PhilSys.

As of 04 March 2022, the PSA reported that a total of 8.1 million PhilID cards have been distributed nationwide. This is equivalent to 24.2 percent of its distribution target for 2022, which is set at 33.8 million PhilID cards.

To see the list of financial institutions already submitting live credit data to the CIC, you may visit the CIC website and follow the official Facebook page of CIC for further issuances and updates. For financial institutions compliance as an SE, please send an email to [email protected].