IS CREDIT INFORMATION BUREAU ESSENTIAL TO  A CREDIT BASED SOCIETY LIKE THE PHILIPPINES?

Imagined a clearance certificate as an essential personal documentary requirements in all personal undertakings like applying for a job, securing a personal o business loan that will soon be implemented once , the passage of the bill in the House of Congress which soon become into Law as being advocated by the former actor now an corporate advocates Mr. Jaime Garchetorina .

My own interpretation of Certificate Clearance of No Debt :

Credit Information Bureau

This is to certify that  Mr.Hayme Nikolai Alaala has no outstanding liability to any person or juridical entity as of to date ------------.This certificate is valid from today ------- until ---------.


Charing-to Dalelimot
Signatory

The need to have a derivative department which will encharge of the master listing index of the good creditors and past due account is necessary in the credit based society like the Philippines.

Kindly visualize your paper bills (money), and the note printed on it " Ang Salaping Ito Ay Bayarin ng Republica ng Pilipinas". Means in English " This money is to be paid ( accountable) ng Republika ng Pilipinas.

But for the reason alone of being past due  (deliquent) is not a good reason at all to lack out a certain person to the circuit of financial system.

Advocates of the credit information  bureau and its necessity of existence by the name of Mr. Jaime Garchitorena speakes the logic of the credit Information Corporation.

Together with the CRIF(www.crif.com) , an Italian base IT Information Technology  company represented by Simone Colombara , managing Director CRIF Corp . Philippines explained the practical usage of the credit information bureau, as the official national vault of the creditors (master list) ,credit history of each creditor .Thus CRIF will officially host the IT infrastructure being an expert in the field as a custom designer of integrated business IT solutions proven effective in Asean Countries, European, Middle East, Africa, Americas, Australia and Canada.

If the purpose of the Credit Bureau is for the Philippines Financial Realm to have a single window , releasing a clearance for each citizenry of his credit status .Wither one is of good creditor , habitual absentee of payments or wither one has no obligatory records .This will facilitate for another third party like a loan institution for a good decision making , releasing the loan to a deserving one.The certificate of debt status or no debt will serve as a character reference and will give the bearer a better  chance for a job promotion or good social standing  . If this will be the purpose of the Credit Information Bureau , then the elements of its existence is undoubtedly necessary.

But on the other hand , if the Credit Information Bureau's purpose is to finalize individual , condemning him into oblivion of excommunicated into any financial inclusion , then the Bureau has no right for existence. Because its existence violates the very basic rights for economic freedom for a man to exercise his self reliance, be able to run and acquired his own private property.

But on the other hand, if the Credit information Bureau's purpose is to inquest one banking preferences, based on his religious beliefs, culture, currency affiliation , then the credit bureau existence is go against for the universal human basic rights.

(this article is inspired by the Movie : The Hunger games now on showing at all SM  Shoe Mart Cinema nationwide)

"we all responsible with our fruits of labor and we will not work just for scraps"

Henry Estipona
Philippines