Bill mandating BSP to oversee credit information system filed

A BILL mandating the Philippine central bank to oversee Filipinos’ credit history and financial health has been filed the House of Representatives, a measure expected make credit information systems interoperable in the country.

The Bangko Sentral ng Pilipinas (BSP) will operate the country’s central credit information system under House Bill (HB) No. 10922. The bill institutionalizes the transfer of functions and responsibilities of the Credit Information Corp. (CIC) to the central bank, pursuant to a 2022 presidential order.

“The BSP is not explicitly tasked with establishing and operating a comprehensive and inclusive Credit Information Reporting System,” Cagayan de Oro Rep. Rufus B. Rodriguez said in the bill, which he filed on Sept. 17.

“This bill seeks to amend [Republic Act No.] 9510 to institutionalize the transfer of [CIC’s] oversight and supervision to the BSP consistent with the National Strategy for Financial Inclusion,” it said.

“The measure will also facilitate a seamless transition to the administration’s vision of a Bayang Digital by making credit information systems interoperable,” it added. “At the same time, it will streamline bureaucracy, while maintaining efficient operations and minimizing disruptions in the concerned government offices.”

Nonbanking financial entities, such as quasi-banks, life insurance companies, and credit card companies would be required to submit to the central bank the data of its users, according to the measure.

Data requirements include users’ personal data, net income, and assets such as cars and houses owned, among others. — Kenneth Christiane L. Basilio