For the past couple of years, Transunion Philippines has been working to promote bureau awareness and its benefits. In 2016, TUPH was excited to be a part of the private and public collaboration to leverage data financial institutions will be sharing with the government bureau, especially those in the cooperative or microlending sector to help further propel financial inclusion in the regions.
The cooperatives or microlending sector is considered a strong force in the Philippine financial ecosystem. There are more than 24K of these institutions spread nationwide with a total of 14 Million members who focus on small loans granted mostly to the poor and low- income households. These small loans help households start or expand their businesses and experience remarkable gains not only in income and consumption but also in health, education and social empowerment.
TUPH knew this was a sector that would benefit the most, once we deploy our financial inclusion initiatives to the regions. After several roadshows nationwide and discussions with key government officers and agencies, the team started visiting the provinces, specifically Region 3, to present the proposed project called “Data Migration Project”.
This aim to help the cooperatives in compliance to RA9510 is also known as the Credit System Information Act. It provided for the creation of the CIC (Credit Information Corporation). The agency is primarily tasked with collect and disseminate relevant and reliable credit information concerning the credit standing and track record of borrowers, thus potentially improving chances of loan approvals, and enabling lenders to make appropriate decisions regarding loan applications.
Traditionally, banks and commercial financial institutions are not inclined to extend loans to the poor and low-income population due to lack of information regarding collateral and credit history. TUPH aims to open that door to those who don’t have access or are inadequately served by the formal financial sector through this project.
After four months of numerous general assemblies and bureau awareness programs in the Region, we’re very happy to announce the pilot launch of the Data Migration Project. An event was held on 23 June at the Royce Casino and Hotel at Clark Pampanga. Attendance exceeded expectations as more than 200 people came to witness the project launch. Part of the program was a TransUnion game wherein participants would answer questions by raising either a blue or yellow TransUnion fan.
Speakers at the event were:
1. Marietta Hwang – Region 3, CDA regional director, gave the opening remarks (Attachment 4)
2. Dr. Mario Lamberte – Team leader at COMPETE, The Asia Foundation, provided a perspective on financial inclusion in the Philippines (Attachment 8)
3. Atty. Aileen L. Amor-Bautista from CIC spoke about CIC update on value of cooperative data in the Bureau (Attachment 9)
4. Tina Stockdale – TUPH President and CEO discussed the TUPH solutions and the road ahead (Attachment 7)
5. Elmer Pasigan discussed the Data Migration’s latest development (Attachment 5)
6. Erika Raymundo – Director, strategic partners solutions made closing remarks (Attachment 10)
7. Rey Castro, TUPH Senior Manager was the emcee of the program (Attachment 11)
We had 80 cooperatives both medium and large, from 6 different provinces in Region 3 agreed to partner with Transunion! The next three months will focus more on data mapping and understanding data before we run this using UDA and eventually migrate it successfully to CIC – helping the cooperative to become fully compliant.