CIBI IN THE ASIA-PACIFIC ECONOMIC COOPERATION SUMMIT DURING APEC WEEK
The Asia-Pacific Economic Cooperation Summit was held at the Dusit Thani Manila Hotel, Makati City last November 12, 2015 where the Financial Infrastructure Development Network (FIDN) was launched. It aims to improve the financial framework in the region that will positively affect micro, small, and medium enterprises (MSMEs).
CIBI information Inc. represented by President and CEO, Mr. Marlo R. Cruz attended the event whose company’s participation is vital in improving the credit information exchange and infrastructure of MSMEs in the country. Credit and background checking are the key strengths of CIBI which was nurtured for over 30 years of expertise. This extensive know-how will aid in properly assessing the legal identity and government compliance of the MSMEs to rightfully distinguish their capabilities. By providing a sustainable credit information ecosystem, this allows a fully functional consumer and commercial credit information sharing system that also limits excessive lending through better underwriting.
Having efficient access to financial services is critical to the success of economical activity in all levels. These enterprises can create or continue their business and benefit from trade and economic growth. The sessions also tackled about the reforms on the legal framework for secured transactions. In addition, one of the goals of FIDN is to promote secure transaction reforms that result in a larger and more dynamic market; supplying data about factoring which is an excellent instrument for supporting the SMEs and trade companies as a matured form of receivables which is crucial for the development of the Asia-Pacific region. Asia contributed 26% to the total growth of world factoring in 2014.
Other attendees of the event included APEC member economies with the ABAC, World Bank Group (IFC), SME Finance Forum, and OECD. The conference ended with a grand reception where the National Treasurer of the Philippines, Hon. Roberto Tan addressed all participating individuals and their organizations.
By being one of the central figures in the development of the financial infrastructure; CIBI Information Inc. is dedicated to providing the highest quality of service to achieve unparalleled progress from an economic standpoint; to open the avenue towards different opportunities for Filipinos across the local and global business arena.