CIC, BSP to hold public webinar on savings, creditworthiness

THE Credit Information Corp. (CIC) and the Bangko Sentral ng Pilipinas (BSP) have opened to the public a webinar series on the basics of savings and building wealth to be held on June 29 and July 21.

The CIC, the country’s sole public credit registry and repository of credit information, said the session will tackle practical financial skills such as the importance of savings, different ways to save, as well as building and maintaining a good credit standing.

This webinar series is in line with this year’s celebration of “Savings Consciousness Week,” pursuant to Presidential Proclamation 380 (series of 1994).

“The CIC continues to promote to our fellow Filipinos the importance and value of the CIC Credit Report in their journey towards achieving their financial goals,” CIC President and CEO Ben Joshua A. Baltazar was quoted in a statement as saying. “Through this webinar, we aim to share how having savings contributes to maintaining a good credit standing.”

The CIC said that the webinar, titled “#AdvanceMagisip: The CIC Credit Report and the basics of savings and building your wealth,” is under the agency’s educational flagship program. The agency added the webinar will feature CIC Chief Marketing Specialist Romeo H. Ofrin and BSP Bank Officer V lawyer Clarence Joseph C. Zosa as resource speakers.

Need to save

ACCORDING to Baltazar, the CIC Credit Report “is the equivalent of a regular health record, except this is for your credit health.”

“Through it, you will be able to monitor how your past credit behavior has affected your current financial health and status,” he added. “This ‘Savings Consciousness Week,’ the CIC aims to emphasize how having savings is a need, and not an option, for one to have good financial health and good credit standing.”

Baltazar said the CIC is encouraging Filipinos to check their CIC Credit Reports, “and use this as a basis to start maintaining or building their creditworthiness, all while taking into account the importance of having savings as well.”

To further help Filipino borrowers in monitoring their credit health and establishing their creditworthiness, the CIC launched its “Direct to Consumer” program last April.

The CIC said the program provides individuals with ready and immediate access to their CIC Credit Reports through select “accessing entities” such as banks and lending companies. This program is also set to be launched through digital channels and mobile applications of participating lenders starting Q3 of this year for added convenience to their borrowing clients.