July 2, 2025
4:30 pm
1152




     Republic of the Philippines 
HOUSE OF REPRESENTATIVES 
Quezon City, Metro Manila 
TWENTIETH CONGRESS 
First Regular Session 
HOUSE BILL NO. 1152 
Introduced by: Congressman Irwin C. Tieng 
AN ACT REVISING REPUBLIC ACT NO. 9510, ENTITLED “AN ACT 
ESTABLISHING THE CREDIT INFORMATION SYSTEM AND FOR OTHER 
PURPOSES”, ABOLISHING THE CREDIT INFORMATION CORPORATION, AND 
TRANSFERRING ITS FUNCTIONS TO THE BANGKO SENTRAL NG PILIPINAS 
Section 1. Short Title. - This Act shall be known as the "New Credit Information System 
Act of 2025". 
Section 2. Declaration of Policy. – The State recognizes the need for a centralized credit 
information system to enhance credit availability by providing cost-effective mechanisms and 
reducing reliance on collateral. The State is committed to offering credit data at minimal cost, 
protecting consumer rights, and ensuring fair competition. An efficient credit information 
system will help financial institutions reduce credit risk, promoting a healthier and more stable 
financial system. 
To achieve these goals, the powers and functions of the Credit Information Corporation 
(CIC) shall be transferred to the Bangko Sentral ng Pilipinas (BSP), streamlining credit 
information processes and enhancing regulatory oversight. 
The State recognizes that the establishment and maintenance of an efficient credit 
information system (i) is consistent with the mandate of BSP to effectively regulate and 
supervise credit granting businesses, among others, as may be determined by the Monetary 
Board; (ii) is key to financial stability which is a shared objective of BSP alongside relevant 
government agencies; and (iii) will strengthen the policy formulation of BSP, specifically in 
the areas of banking and credit. The State recognizes, further, that the data from the credit 
information system would serve as basis for the policy directions to be undertaken by BSP in 
terms of money, banking and credit and would assist it in the maintenance of monetary and 
financial stability in the country. 
Section 3. Definition of Terms. - For purposes of this Act: 
(a) "Accessing Entity" refers to any submitting entity or any other entity authorized by BSP
to access credit data from BSP.


 
(b) "Borrower" refers to a natural or juridical person, including any local government unit 
(LGU), its subsidiaries and affiliates, that applies for and/or avails of a credit facility. 
(c) "BSP" refers to the Bangko Sentral ng Pilipinas, created under Republic Act No.7653, 
as amended. 
(d) "CIC" refers to the Credit Information Corporation. 
(e) "Credit Data" refers to positive and negative information provided by a borrower to a 
submitting entity in connection with the application for and availment of a credit facility 
and any information on the borrower’s creditworthiness in the possession of the 
submitting entity and other factual and objective information related or relevant thereto 
in the submitting entity’s data files or that of other sources of information; Provided, 
that in the absence of a written waiver duly accomplished by the borrower, credit data 
shall exclude confidential information on bank deposits and/or clients funds under 
Republic Act No. 1405 (Law on Secrecy of Bank Deposits), Republic Act No. 6426 
(The Foreign Currency Deposit Act), Republic Act No. 8791 (The General Banking 
Law of 2000). Republic Act No. 8367 (Revised Non-Stock Savings and Loan 
Association Act of 1997), Republic Act No. 3844 (Agricultural Land Reform Code 
creating the Land Bank of the Philippines), Executive Order No. 81, s. 1986, as 
amended by Republic Act No. 8523 (The Revised Charter of the Development Bank of 
the Philippines), Republic Act No. 7353, as amended (An Act Providing for the 
Creation, Organization and Operation of Rural Banks, and for Other Purposes), and 
Republic Act No. 7906 (Thrift Banks Act of 1995). 
(f) "Credit Facility" refers to any loan, credit line, guarantee or any other form of financial 
accommodation from a submitting entity; Provided, that for purposes of this Act, 
deposits in banks shall not be considered a credit facility extended by the depositor in 
favor of the bank. 
(g) "Credit Rating" refers to an opinion regarding the creditworthiness of a borrower or of 
an issuer of debt security, using an established and defined ranking system. 
(h) "Credit Report" refers to a summary of consolidated and evaluated information on 
creditworthiness, credit standing, credit capacity, character and general reputation of a 
borrower. 
(i) "Government Lending Institutions" refers to government financial institutions (GFIs), 
and government-owned and controlled corporations (GOCCs) primarily engaged in 
lending activities. 
(j) “Governor” refers to the Governor of the BSP. 
(k) “Monetary Board” refers to the Monetary Board of the BSP. 
(l) "Negative Credit Information" refers to information/data concerning the poor credit 
performance of borrowers such as, but not limited to, defaults on loans, adverse court 
judgments relating to debts and reports on bankruptcy, insolvency, petitions or orders 
on suspension of payments and corporate rehabilitation. 
(m) "Non-Accessing Entity" refers to an entity other than a Submitting Entity, Special 
Accessing Entity or Borrower that is authorized by BSP to access credit data from a 
Special Accessing Entity. 
(n) "Outsource Entity" refers to any accredited third-party provider to whom BSP may 
outsource the processing and consolidation of credit data pertaining to a borrower or 
issuer of debt or convertible securities under such qualifications, criteria and strict 
confidentiality guidelines that BSP shall prescribe and duly publish; Provided, that an 
Outsource Entity or any of its affiliates, shall neither be an Accessing Entity nor a 
Special Accessing Entity. 
(o) "Positive Credit Information" refers to information/data concerning the credit 
performance of a borrower such as, but not limited to, information on timely 
repayments or non-delinquency. 
(p) "Relevant Government Agencies" refers to the Securities and Exchange Commission, 
Department of Finance, Department of Trade and Industry, Insurance Commission and 
the Cooperative Development Authority. 


 
(q) "Special Accessing Entity" refers to a duly accredited private corporation engaged 
primarily in the business of providing credit reports, ratings and other similar credit 
information products and services. 
(r) "Submitting Entity" refers to any entity that provides credit facilities such as, but not 
limited to, banks, quasi-banks, trust entities, non-stock savings and loan associations, 
investment houses, financing companies, cooperatives, nongovernmental, micro-
financing organizations, credit card companies, insurance companies and government 
lending institutions. Submitting Entities shall also refer to entities that have information 
relevant to establish the creditworthiness of borrowers, such as but not limited to, credit 
collection agencies and utility service providers. 
(s) “Transition Team” refers to the team consisting of CIC personnel chosen by BSP to 
facilitate and assist in the transfer of CIC functions and control over the credit 
information system to BSP. 
 
Section 4. Abolition of the Credit Information Corporation. - The Credit Information 
Corporation created by virtue of Republic Act No. 9510, otherwise known as the "Credit 
Information System Act", is hereby abolished. 
 
All positions in CIC are considered abolished; Provided, that pursuant to Section 5 of this 
Act, CIC shall retain personnel relevant in assisting in the liquidation and undertaking of other 
residual tasks, such as administration and maintenance of records, resolution of pending legal 
issues and disputes, and settlement of outstanding obligations with respect to CIC’s service 
contracts. The emoluments of the retained personnel shall be provided by CIC in accordance 
with relevant rules and regulations of the Governance Commission for Government-Owned or 
-Controlled Corporations (GCG); Provided further, that the retained personnel shall also be 
entitled to separation incentive pay upon completion of their assigned tasks in accordance with 
Section 6. 
 
Section 5. Liquidation of Assets and Liabilities and Disposition of Shareholdings in 
CIC. – The GCG, in accordance with existing laws and regulations, shall be responsible for the 
liquidation of assets and disposition of shareholdings of CIC; Provided, that the liquidation of 
the assets and liabilities shall not exceed five (5) years from the effectivity of this Act; Provided 
further, that any asset or liabilities that may be transferred to BSP is subject to the approval of 
the Monetary Board; Provided lastly, that if upon liquidation of CIC it is determined that the 
value per share is less than par as when initially invested by shareholders, BSP shall reimburse 
them in an amount not exceeding their initial investment. 
 
Section 6. Grant of Separation Incentive Pay to Affected Officers and Employees. - 
CIC shall be authorized to grant a separation incentive pay (SIP) to affected officers and 
employees holding permanent positions with the following rates: 
 
Government Service 
Rates 
First 20 years 
1.00 x MBS* x No. of years 
20 years and 1 day to 30 years 
1..25 x MBS* x No. of years 
30 years and 1 day and above 
1.50 x MBS* x No. of years 
*Monthly Basic Salary (MBS) 
 
 
The SIP authorized herein shall be charged against the available corporate funds of CIC, 
and such other funding sources that the Department of Budget and Management may identify, 
subject to existing budgeting, accounting and auditing laws, rules, and regulations. 
 
Section 7. Transfer of Functions of the Credit Information Corporation to the Bangko 
Sentral ng Pilipinas. - All powers, duties and functions vested by law in the Credit Information 
Corporation not inconsistent with the provisions of this Act shall be deemed transferred to BSP. 


 
 
All credit data received and consolidated by CIC pursuant to Republic Act No. 9510 and 
the credit information system are hereby transferred to BSP.  
 
BSP shall create a Transition Team from the employees of CIC to facilitate and assist in 
the transfer of CIC functions and control over the credit information system to BSP. The 
emoluments of the members of the Transition Team shall be provided by BSP. 
 
Section 8. Powers and Functions. - In furtherance of the policy set forth in Section 2 and 
in view of the transfer of the functions of the CIC to BSP under Section 7 of this Act, the BSP 
shall have the following powers and functions: 
 
(a) To compel all Submitting Entities to submit to BSP all credit data that tends to update 
and/or correct the credit status of borrowers on a regular basis; 
(b) To include other entities that have information relevant to establish the creditworthiness 
of borrowers to be subject to compulsory participation, in accordance with such 
standards and rules that BSP may prescribe; 
(c) To use the collected credit data of borrowers to correct/update the credit status of said 
borrowers in the credit information system; 
(d) To have unrestricted access to credit and other relevant information from government 
offices, judicial and administrative tribunals, prosecutorial agencies and other related 
offices, as well as pension plans and other retirement funds administered by the 
government, GOCCs and private entities. 
(e) To release credit data on the borrower, subject to the provisions of Section 10 of this 
Act; and 
(f) To accredit Accessing Entities, Special Accessing Entities and Outsource Entities in 
accordance with such rules and regulations as BSP may prescribe for authorizing access 
to BSP’s credit information system. 
 
Section 9. Borrower’s rights. Borrowers shall have the following rights under this Act:  
 
(a) To be notified of the Submitting Entity’s obligation to submit the borrower’s credit data 
to BSP and the disclosure thereof to BSP, subject to the provisions of this Act and its 
implementing rules and regulations; 
(b) To know the causes of refusal of the application for credit facilities or services from a 
financial institution that uses the credit data as basis or ground for such a refusal; 
(c) To have ready and immediate access to one’s own credit data. In case of erroneous, 
incomplete or misleading credit data, the subject borrower shall have the right to dispute 
the erroneous, incomplete, outdated or misleading credit data before BSP who shall 
investigate and verify the disputed information. Disputed information shall be updated 
or corrected after the investigation and verification. The borrower and the Accessing 
Entities and Special Accessing Entities who have received such information shall be 
informed of the corresponding update or correction within five (5) working days from 
the date BSP conclusively resolves the update or correction of the information. For this 
purpose, BSP shall use a simplified dispute resolution process to fast track the 
settlement/resolution of disputed credit data;  
(d) To access their own credit data free of charge, subject to the rules and regulations 
prescribed by BSP; and   
(e) To have negative information in the borrower’s files corrected and updated within the 
period prescribed by BSP from the time of payment, liquidation, or settlement of debts. 
Negative information on the borrower as contained in the credit history files of the 
borrower shall stay in the database of BSP, unless sooner corrected, for a period 
prescribed by BSP. 
 


 
Section 10. Confidentiality of Credit Data. - BSP, the Submitting Entities, the Accessing 
Entities, the Outsource Entities, the Special Accessing Entities, and the duly authorized non-
accessing entities shall hold credit data under strict confidentiality and shall use the same only 
for the declared purpose of establishing the creditworthiness of the borrower. Outsource 
Entities are absolutely prohibited from releasing such data received from BSP other than to 
BSP. 
 
BSP shall be authorized to release and disclose credit data only to the Accessing Entities, 
the Special Accessing Entities, the Outsource Entities and Borrowers. Credit data released to 
Accessing Entities shall be limited to those pertaining to existing Borrowers or Borrowers with 
pending credit applications. Credit data shall not be released to entities other than those 
enumerated under this Section except upon order of the court or upon prior approval of the 
Governor and/or his delegated officer. 
 
BSP shall be held free and harmless to the fullest extent permitted by law from any 
liability, claim, or legal action arising from the use, release, or disclosure of data made in good 
faith and in accordance with this Act, and its implementing rules and regulations. This 
protection shall extend to its officers and employees acting within the scope of their official 
duties, except in cases of gross negligence, willful misconduct, or unauthorized disclosure of 
confidential or restricted information. 
 
The accreditation of an Accessing Entity, a Special Accessing Entity and/or an Outsource 
Entity which violates the confidentiality of, or which misuses, the credit data accessed from 
BSP, may be suspended or revoked. Any entity which violates this section may be barred access 
to the credit information system and penalized pursuant to Sections 13 and 14 of this Act. 
 
Special accessing entities are prohibited from releasing credit data received from BSP or 
credit reports and credit ratings derived from the credit data received from BSP, to non-
accessing entities unless the written consent or authorization has been obtained from the 
Borrower, subject to the terms and conditions prescribed by BSP; Provided however, that in 
case the borrower is a local government unit (LGU) or its subsidiary or affiliate, the special 
accessing entity may release credit data on the LGU, its subsidiary or affiliate upon written 
request and payment of reasonable fees by a constituent of the concerned LGU. 
 
Section 11. Submission of Credit Data to BSP. - Pursuant to Section 8 of this Act, all 
Submitting Entities are hereby directed to submit credit data to BSP pursuant to its prescribed 
rules and regulations; Provided, that non-compliance of which shall be subject to the sanctions 
provided under Sections 13 and 14 of this Act. 
 
Section 12. Accessing Credit Data. - Accessing Entities, Special Accessing Entities, and 
Outsource Entities when utilizing the credit information system, are required to adhere strictly 
to the standards, rules, and regulations prescribed by BSP. All Accessing Entities, Special 
Accessing Entities, and Outsource Entities shall ensure that their use of credit data is compliant 
with the data protection policies, confidentiality requirements, and other regulatory provisions 
set by BSP and other relevant laws; Provided, that any misuse, unauthorized access, or 
violation of these regulations shall be subject to the penalties provided under Sections 13 and 
14 of this Act. 
 
Fees relating to access of credit data by Accessing Entities and Special Accessing Entities 
shall be provided for by BSP in accordance with its rules and regulations. 
 
Section 13. Administrative Sanctions. - The Monetary Board or the Governor may 
impose applicable administrative sanctions upon any Submitting Entity, Accessing Entity, 


 
Special Accessing Entity, or Outsource Entity, and/or their directors, officers, or employees, 
for any of the following violations: 
1) non-submission of reports, delay, and/or erroneous reporting;   
2) willful making of a false or misleading statement; 
3) submission of a false or misleading document to BSP;  
4) non-performance of other obligations provided under this Act; or 
5) willful failure or refusal to comply with, or violation of, any order, instruction, rule, or 
regulation issued by the Monetary Board, or any order, instruction or ruling by the 
Governor. 
 
The following administrative sanctions shall be imposed, whenever applicable: 
 
a) fines in amounts as may be determined by the Monetary Board to be appropriate, but 
in no case to exceed One million pesos (₱1,000,000) for each transactional violation, 
or in the case of a continuing offense, One hundred thousand pesos (₱100,000) per 
calendar day, taking into consideration the attendant circumstances, such as the nature 
and gravity of the violation or irregularity and the size of the institution; Provided, that 
the Governor is hereby authorized, at his discretion, to impose fines not in excess of 
One hundred thousand pesos (₱100,000) for each transactional violation or in the case 
of a continuing offense, Thirty thousand pesos (₱30,000) per calendar day, which shall 
be final and executory until reversed, modified, or lifted by the Monetary Board on 
appeal; and/or 
 
b) suspension of privileges or access to the credit information system or any BSP credit 
database as may be determined by the Governor. 
 
Section 14. Penal Sanctions. - Any person who willfully violates any of the provisions 
of this Act or the rules and regulations promulgated by BSP pursuant to any of the provisions 
of this Act shall, upon conviction, suffer a fine of not less than Fifty thousand pesos 
(PhP50,000.00) but not more than Two million pesos (PhP2,000,000.00) or imprisonment of 
not less than two (2) year nor more than ten (10) years, or both, at the discretion of the court. 
 
Section 15. Implementing Rules and Regulations. - BSP shall promulgate the rules and 
regulations for the effective implementation of this Act, within one hundred eighty (180) days 
from its effectivity. 
 
Section 16. Transitory Clause. – Pursuant to Section 7 of this Act, BSP and CIC shall 
finalize, within three (3) months from the effectivity of this Act, the transitional arrangements 
for the transfer of CIC functions and control of its credit information system operations to BSP. 
Such transition period can be extended, as mutually agreed upon by CIC and BSP, to a period 
not exceeding another three (3) months. 
 
Section 17. Funding. – Upon the completion of the transfer to BSP of CIC’s functions, 
all credit data and the credit information system, the costs to operate the credit information 
system shall be provided by BSP. 
 
Section 18. Separability Clause. - Should any provision of this Act or the application 
thereof is held to be unconstitutional or invalid, the other provisions or sections of this Act 
which are not affected thereby shall continue to be in full force and effect. 
 
Section 19. Repealing Clause. - Republic Act No. 9510 is hereby repealed by this Act. 
All provisions of existing laws, decrees, executive orders, rules and regulations or parts thereof 
which are inconsistent with the provisions of this Act are hereby repealed, amended, or 
modified accordingly. 


 
 
Section 20. Effectivity Clause. - This Act shall take effect fifteen (15) days following its 
publication in the Official Gazette or in at least two (2) newspapers of general circulation in 
the Philippines. 
 
Approved,