Credit Information System Act Advisory

Approved on 31 October 2008, Republic Act No. 9510, otherwise known as the Credit Information System Act or CISA, was released to address the need for a comprehensive, centralized and reliable credit information system in the Philippines. It is intended to improve the availability of credit especially to micro, small and medium-scale enterprises; provide credit information at the least cost to eligible participants; ensure the protection of consumer rights and fair competition in the industry; and reduce overall credit risk, leading to a healthier and more stable financial system.

In order to implement these objectives, the CISA created the Credit Information Corporation (CIC) to act as a central repository and source of credit information. The law requires all entities that provide credit facilities, including banks and financial institutions, to submit basic credit data, including updates and corrections thereto, to the CIC.

In compliance with the CISA and all its related guidelines and provisions, BPI will submit and disclose the required information regarding any loan or credit facility you have obtained from the Bank to the CIC.

For more information, please click here.