CIBI Information Inc. recently concluded Financial Benchmarking Forum in the Philippines attended by industry partners and representatives from various sectors, the event which had the theme “Be Ahead of the Curve,” discussed relevant topics about industry benchmarking and credit information.
The Forum is the first of its kind in the country and hosted informative talks from CIBI executives. CIBI Vice President for Credit Information Jim de Castro talked about the importance of Industry Benchmarking and how this service can be used to evaluate a company’s overall standing in relation to others in the same market.
The Forum highlighted financial benchmarking as an effective tool in determining a firm’s financial performance compared to other businesses of the same size and industry. It is an embedded feature of financial institutions to mitigate risk and fraud in order to ensure sound decision-making.
With the presence of CIBI President and CEO Marlo R. Cruz and Vice President for Credit Bureau Miguel Marquez, along with significant executives, CIBI once again set a milestone with the ceremonial launch of latest products such as “IndBex: CIBI Industry Benchmarking Solutions” and “myScore: The CIBIFICO Score” during the forum.
A panel discussion on the “Global Perspective on the Current Conditions and Outlook of Credit Information Exchange in the Country.” also took place. Aside from Cruz, the panel was comprised of Consumer CreditScore (Phils.) Chief Operating Officer Klaas van Wyk de Vries and Credit Information Corporation President and CEO Jaime Garchitorena.
As the first and only Filipino credit bureau in the country with a proven track record of providing quality financial solutions due to its expertise in data management and analytics. CIBI also continues to aim for greater financial inclusion for every Filipino by transforming the unbanked into bankable individuals, making them a vital part of our country’s economic growth.
This is primarily done through CIBl’s credit scoring system which leverages robust local data making it an effective tool that supports efficient credit channel facilities for financial institutions. This promises to make applying and getting a loan simpler thereby helping more micro, small, and medium enterprises develop.