The Securities and Exchange Commission (SEC) has endorsed the creation of the Philippine Credit Reporting Alliance Inc. (Philcrea), composed of five credit reporting companies with a combined experience of more than 60 years.
The founding members are CIBI Information Inc., Equifacts Information Inc., Asian Credit Consultant & Business Services, First Asia Corporate Business Connection, and Excellent Credit Information Inc.
CIBI Information Inc. president and CEO Cayetano Paderanga Jr., a former Socioeconomic Planning Secretary and also Asian Development Bank director, among others, said Philcrea will set the direction in promoting and increasing the public’s awareness of the vital role of credit and business reports for sound management and business decision.
Aside from bringing out the highest standard of professionalism and competence in the industry, Paderanga said the group will collaborate and work with other affiliate associations such as the credit rating companies, whether local or foreign, to serve as another layer in scrutinizing the credit standing of companies.
"We are going to set the standard for an acceptable credit report," he added.
Credit reporting is a vital component in the evaluation of a company’s financial health, particularly with respect to its ability to meet its loan obligations. Apart from a credit/business report, the group’s services also include property appraisal and valuation, financial statement analysis and background investigation such as bank and supplier dealings. – Conrado Diaz Jr.