A much needed infrastructural provision for the success of systemic micro-lending is mentioned along with the hopeful news of raising the MF loan ceiling.
The central bank [is pushing] for the establishment of the Central Credit Information Corp. (CCIC) before the end of the year, saying this would help increase access of micro enterprises to bank loans.
With the data to be provided by the credit bureau, the central bank said, banks would be more comfortable to lend to credit worthy micro enterprises.
Republic Act 9510, which mandated the creation of the CCIC, was signed into law in late 2008. Until now, however, the credit bureau has yet to be established. The delay was blamed partly on the reluctance of banks to share vital credit information of their clients with other parties as well as administrative hurdles.
The BSP said it was calling on banks to become more cooperative in the setting up of the credit bureau, saying the banking sector would also benefit from the availability of vital credit information of borrowers.
