Credit info system vital to growth of lending in PH says stakeholder

The head of the Philippines’ only central credit registry, Credit Information Corporation, said Wednesay that having credit information systems was vital to economic growth. 

"If you want to see an explosion of credit, if you want to support the economic growth of the Philippines, definitely one of our priorities is to make [sure] the data being submitted by entities today are accurate and complete," said Jaime Casto Garchitorena, president of CIC.

Garchitorena added that institutions should also upgrade systems meant to safeguard data privacy, not just by investing in technology but by taking a closer look at the people safeguarding this data.