RACONTEURPH

CIBI spearheads 1st Philippine Credit Forum

CIBI Information Inc. marked a new milestone as it spearheaded the first-ever Philippine Credit Forum at the Grand Hyatt Hotel in Taguig City. Riding on the theme Be Ahead of the Curve, the forum successfully gathered industry partners and representatives from various sectors, discussing relevant information about benchmarking and credit information.

The first of its kind in the country, the forum put spotlight on financial benchmarking as an effective tool in assessing a firm's financial performance compared to its competitors. An embedded feature in financial institutions, it can be used in mitigating risk and fraud scenarios, and making sound decisions.

"One of the key functions of this service is providing relevant information that gives users an insightful look into their specific industry," says Jim de Castro, VP for Credit Information, CIBI. "CIBI prepares this report through accurate financial data and other key statistics to ensure that the client will have the most complete picture they can get to understand where they stand and what specific strategies they need to employ to stand out," de Castro added.

CIBI Head of Business Analytics Ian Copia emphasized how clients can elevate their industry ranking by acquiring the credit bureau's services. He reiterated how benchmarking maximizes business potential, paving the way for strategic planning. He also added that the main objective of the service is to discover the improvements needed based on the information obtained.

Coinciding with the event, CIBI also staged the ceremonial launch of its latest services such as IndBex: CIBI Industry Benchmarking Solutions and myScore: The CIBI-FICO Score, which was graced by CIBI President and CEO Marlo R. Cruz and Vice President for Credit Bureau Miguel Marquez, together with other executives.

The launch was followed by a panel discussion titled Global Perspective on the Current Conditions and Outlook of Credit Information Exchange in the Country, comprising of Cruz, Consumer CreditScore (Phils.) Chief Operating Officer Klaas van Wyk de Vries, and Credit Information Corporation President and CEO Jaime Garchitorena as panelists.

“Credit information has become a key input for driving growth and enabling businesses to differentiate themselves to maintain a competitive edge,” Cruz said. “Company leaders should recognize the value of their data in order to utilize its essence and respond to the demands of a complex and sustainable information exchange.”

CIBI is the first and only Filipino credit bureau in the country with a proven track record of providing quality financial solutions due to its expertise in data management and analytics. Helping in accelerating digital transformation in the country, CIBI also aims for financial inclusion for every Filipino by turning unbanked to banked individuals. CIBI's credit scoring system leverages on robust local data which makes it an effective tool that supports efficient credit channel facilities for financial institutions, resulting in easier loan acquisition schemes for micro, small, and medium enterprises.