creditinfo.gov.ph CIC SAE Application Philippines : Credit Information Corporation

Organisation : Credit Information Corporation (CIC)
Facility Name : SAE Application
Country : Philippines
Application Period : September 11, 2023 to October 11, 2023
Website : https://www.creditinfo.gov.ph/

How to Apply CIC SAE Application Philippines?

CIC shall assess the qualifications of Applicants taking into account its financial resources, technical expertise, and reputation to operate as or form an SAE.

Who May Apply :
The following may apply for accreditation as an SAE:
(a) A corporation duly incorporated under the laws of the Philippines;
(i) If the Applicant is a domestic corporation, it may file for the accreditation to operate itself or establish a Subsidiary to operate as an SAE subject to the, undertaking that the entity that will operate as an SAE shall comply with post-qualification requirements as to form, capitalization, and corporate registration to maintain its accreditation;

(b) A foreign corporation, provided that it shall be bound by the laws of the Philippines and all issuances and regulations promulgated by the CIC and SEC;

(i) If the Applicant is a foreign corporation, it may file for accreditation to establish a Subsidiary which will operate as a Special Accessing Entity. This Subsidiary, as a post-qualification requirement, shall be incorporated in the Philippines in accordance with the form and capitalization herein prescribed, and shall be majority-owned by the Applicant.

Furth er, all Applicants shall be engaged in any of the following lines of business as their primary purpose in their incorporation documents:
(a) Credit Bureau;
(b) Credit Analytics;
(c) Credit Scoring; and
(d) Other analogous businesses, as may be accepted by the CIC

Documentary Submissions SAE Application

Applicants shall submit the following documents during the application period set by the CIC:
(a) For Domestic Corporations :
(i) Certified True Copy of Certificate of Incorporation;
(ii) Certified True Copy of Articles of Incorporation and By-Laws, as well as its amendments, if any;
(iii) Certified True Copies of the General Information Sheet for three (3) years prior to the date of application; and
(iv) Clearance issued by the SEC.

(b) For Foreign Corporations :
(i) Apostilled or Consularized Proof of Corporate Existence, as the case may be;
(ii) Apostilled or Consularized Certified True Copy of Articles of Incorporation and By-Laws issued by the applicable relevant corporate registry or regulatory agency, as the case may be;
(iii) Company Profile;
(iv) Apostilled or Consularized Certificate of no Derogatory Record issued by applicable relevant corporate registry or regulatory agency, as the case may be;

(c) For both domestic and foreign corporations:
(i) A certified true copy of Audited Financial Statements stamped received by the Bureau of Internal Revenue or relevant Tax Authority for the last three (3) years from the date of application for accreditation, provided, that for foreign corporations, the same shall be Apostilled or Consularized, as the case may be;

(ii) Notarized, Apostilled, or Consularized, as may be applicable, Board Resolution indicating the following:
(1) Authorization to designate representative / s to apply for accreditation as SAE or for another on behalf of the Applicant;
(2) Name of the Representative for accreditation;
(3) Authorization of designated signatories for the Applicant who will sign any relevant documents of behalf of the Applicant;

(iii) Business Plan for at least the next three (3) years regarding the operation of the Applicant or the Subsidiary under Rule II., Section 2., as the case may be.

The Business Plan shall contain the following:
a) Description of products currently offered, if any, and / or products to be offered once accredited and intended pricing models;

b) Marketing and Financial sustainability plan, including information on target consumers whether by demographic or geographic considerations, including channels of distribution, short-term and long-term business expansion plans for credit- related operations, local and/ or abroad;

c) Detailed track record of credit-related operations, local or abroad;
d) Expected growth and profitability and detailed justifications used for such projections;
e) Data protection policies and security measures; and
f) Other information relevant for its intention to operate as SAE in the Philippines.
(iv) Organizational Structure and Projected Staffing requirements to implement its Business Plan;
(v) Curriculum Vitae of the Board of Directors and Corporate Officers of the Applicant, provided, that for Subsidiaries, the same shall likewise be required;
(vi) Detailed information on technical description and/ or specification of internal Security Policies, Communications, and Technology Infrastructure, and Procedures to ensure the confidentiality, integrity, and security of credit data to be processed, consolidated and/ or analyzed;

(vii) Manual/ s or Internal Guidelines and / or Handbooks on the following internal corporate policies and procedures of the Applicant and the corresponding Apostilled or Consularized Secretary’s Certificate or Board Resolution, as the case may be
(1) Good Gov e rnance;
(2) Risk Management;
(3) Information Security;
(4) Operational Policies and Procedures;

Criteria for Accreditation :
The ac creditation of all Applicants to become an SAE shall consider primarily, but not be limited to, the following factors
(a) Established experience and capability to operate measured through :
(i) Reputation in their applicable industry ;
(ii) Market share;
(iii) Client base;
(iv) Product quality and development;
(v) Pricing;
(vi) Financial growth and sustainability;
(vii) Customer Service;
(viii) Adoption of Industry Best Practices; and
(ix) Proven track record of compliance with relevant laws, rules, and regulations, including oth er markets wher e it operates.

(b) Adoption and implementation of up-to-date, relevant and appropriate technology for:
(i) Security;
(ii) Infrastructure;
(iii) Security of Premises; and
(iv) Internal control procedures and systems to protect confidential data from improper, unauthorized, or accidental access, use and loss and to ensure business continuity .

(c) Good governance structure and risk management frame that is clearly defined and implemented through its previous operations in its industry;

Additional Simplified Procedure

The Credit Information Corporation (CIC) in the Philippines is currently open for applications for new Special Accessing Entities (SAEs). The application period will run from September 11, 2023 to October 11, 2023.

To apply for a CIC SAE application in the Philippines, you must meet the following requirements:
* Be a duly incorporated private corporation in the Philippines.
* Have a paid-up capital of at least PHP 10 million.
* Have a sound financial condition.
* Have a good reputation.
* Have the necessary technical expertise to operate as an SAE.

The application process for a CIC SAE application in the Philippines is as follows:
1. Download the application form from the CIC website : https://www.creditinfo.gov.ph/.
2. Fill out the application form and submit it to the CIC office along with the required documents.
3. The CIC will assess your application and will notify you of the outcome within 30 days.

The required documents for a CIC SAE application in the Philippines are:
** Application form
** Articles of incorporation and by-laws
** Latest financial statements
** Proof of paid-up capital
** Board resolution authorizing the application
** CVs of key personnel
** Technical proposal

If your application is approved, you will be issued a certificate of accreditation as an SAE by the CIC. As an SAE, you will be authorized to access and use the credit information records of the CIC.

Here are some additional tips for applying for a CIC SAE application in the Philippines:
** Make sure that you meet all of the requirements before you apply.
** Be clear and concise in your application form.
** Submit high-quality copies of your documents.
** Follow up with the CIC office if you have any questions about your application.