THIRTEENTH CONGRESS OF THE 
1 
First Regular Session 
) 
REPUBLIC OF THE PHILIPPINES ) 
S E N A T E  
COMMITTEE REPORT NO. __ 13 
Submitted by the Committee on Banks, Financial Institutions and Currencies on 
RE 
Senate Bill No. 19 2 
c.; 
Recommending its approval in substitution of Senate Bill No. 1843. 
SPONSORS : 
Senators Edgardo 3. Angara and Juan Ponce Enrile 
MR. PRESIDENT: 
The Committee on Banks, Financial Institutions and Currencies to which 
were referred Senate Bill No. 1843, introduced by Senator Edgardo J. Angara, 
entitled 
"AN ACT ESTABLISHING A CREDIT INFORMATION BUREAU 
SYSTEM, AND FOR OTHER PURPOSES" 
has considered the same and has the honor to report this b ck to the Senate 
with the recommendation that the attached Senate Bill No. f $  ,.: i ~ s l  prepared 
by the Committee, entitled 
"AN ACT ESTABLISHING A CREDIT INFORMATION 
SYSTEM, AND FOR OTHER PURPOSES" 
be approved in substitution of Senate Bill No. 1843 with the members of the 
Committee on Banks, Financial Institution and Currencies as authors thereof. 
This report includes, aside from the proposed substitute bill, Senate Bill 
No. 
a narration of discussions and positions considered by the 
Committee with the adoption of the proposed Credit Information System Act. 
Respectfully submitted: 
EDGARDO 
taR/$"u 
I. ANGARA 
Chairman 
Committee on Banks, Financial Institutions 
and Currencies 


fh&,&& Members: 
< Y k k A /  
SERGIO OSMENA 111 
,’ 
AL 
,--‘I i 
MANUEL 9. VILLAR JR. 
MAR ROWS 
Ex Officio Members: 
FRANCIS N.PANGILINAN 
/?fe%kn/ 
Pro Tempore 
Majority Floor Leader 
AQUILINO Q. PIMENTEL, JR. 
Minority Floor Leader 
HON. FRANKLIN M. DRILON 
Senate President 
Pasay City 


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13TH CONGRESS OF THE 
1 
First Regular Session 
) 
REPUBLIC OF THE PHILIPPINES 
) 
Introduced by Senator Edgardo 1. Angara and the Members of the 
Committee on Banks, Financial Institutions and Currencies 
AN ACT 
ESTABLISHING A CREDIT INFORMATION SYSTEM, 
AND FOR OTHER PURPOSES 
Be it enacted by the Senate and the House of Representatives of the Philippines 
in Congress assembled: 
Section 1. Title. - This Act shall be known as "The Credit Information System Act." 
Section 2. Declaration of Policy. - The State recognizes the need to establish a 
comprehensive and centralized credit information system for the collection and 
dissemination of information relevant to, or arising from, credit and credit-related 
activities of all entities participating in the financial system. 
A credit information 
system will directly address the lack of reliable credit information concerning the 
credit history and track record of both individual and corporate borrowers including, 
but not limited to, credit card users. 
The operations and services of a credit information system can be expected to: 
greatly improve the overall availability of credit especially to small borrowers, lower 
the cost of credit to responsible debtors, and reduce the excessive dependence on 
collateral to secure credit facilities. An efficient credit information system, using 
state-of-the-art technology, will also enable financial institutions to lower their 
overall credit risk, contributing to a healthier and more stable financial system. 
Section 3. Definition of Terms.- For purposes of this Act: 


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‘Xccessing Entity” refers to any Submitting Entity or any other entity qualified as 
such by the Monetary Board. 
“6ormwer”refers to a natural or juridical person that applies for and avails of a 
Credit Facility. 
“BSP”refers to the Bangko Sentral ng Pilipinas. 
‘6ureau” refers to the Credit Information Bureau. 
“Credit Faci/ity”refers to any loan, credit line, guarantee or any other form of financial 
accommodation from the Submitting Entity. 
“Credit Information” refers to raw information provided by a Borrower to a 
Submitting Entity in connection with the application for and availment of a Credit 
Facility and other information related or relevant thereto in the data files of other 
sources of information, such as government agencies and utility companies; 
Provided That in the absence of a written waiver duly accomplished by the 
Borrower, Credit Information shall exclude confidential information on bank 
deposits and/or client funds under Republic Act 1405 (Law on Secrecy of Bank 
Deposits), Republic Act 6426 (The Foreign Currency Deposit Act), Republic Act 
8791 (The General Banking Law of 2000), and their amendatory laws. 
“Credit Rating” refers to a published ranking based on financial analysis of a 
Borrower’s financial history, specifically as it relates to the Borrower‘s ability to 
meet debt obligations. 
“Credit Report“ refers to a report containing detailed information on a Borrower‘s 
credit history, including but not limited to identifying information, credit accounts 
and loans, bankruptcies and late payments, and recent inquiries. 
“Government Lending Institutions” refers to government financial institutions 
(GFIs), 
yovernment-owned 
and-controlled-corporations 
(GOCCs) engaged in 
lending activities, and such other institutions that the Monetary Board may deem 
appropriate, excluding however the Philippine Deposit Insurance Corporation 
(PDIC) and the BSP. 
, 
“Monetary Board”refers to the Monetary Board of the BSP. 
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“Outsource E n t i y r e f e r s  to any third-party contractor such as but not limited to an 
academic institution, think-tank or consultative panel or body, other than a Special 
Accessing Entity, to whom the Bureau may outsource the processing and 
consolidation of raw Credit Information pertaining to a Borrower and/or the 
creation of Credit Reports or Credit Ratings and/or financial models for the 
production of such Credit Reports or Credit Ratings. 
“Special Accessing €n€i€y”refers to a private corporation engaged primarily in the 
business of providing Credit Ratings and/or Credit Reports. 
“Submitting Entitf’refers 
to an entity which provides Credit Facilities such as, but 
not limited to, entities regulated by the BSP, investment houses, financing 
companies, cooperatives, non-governmental micro-financing organizations, credit 
card companies, insurance companies and Government Lending Institutions. 
Section 4. Establishment of Credit Information Bureau and Credit 
Information System - 
(a) The Bureau shall be established as a corporate entity under Batas Parnbansa 
Blg. 68 (The Corporation Code), in accordance with the requirements thereof. The 
ownership of the BSP in the Bureau shall not exceed forty-nine percent (49%) and 
its equity investment therein is hereby authorized notwithstanding the prohibition 
under Republic Act 7653. Multilateral international financial institutions, and related 
industry associations, as may be authorized under their respective charters, and 
such other entities as the Monetary Board may allow, may also subscribe and own 
shares in the Bureau subject to a 15% individual ceiling, or such other ceiling as the 
Monetary Board may prescribe; provided that the Monetary Board shall endeavor to 
broaden the base of the Bureau’s ownership. 
(b) Except for the BSP Governor or his designated representative, the directors 
of the Bureau shall come from the private sector. The directors and officers of the 
Bureau, except for the BSP Governor or his designated representative, shall be 
qualified by the BSP under its “fit and proper“ rule for bank directors and officers. 
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(c) The Bureau shall acquire and adopt state-of-the art technology, equipment 
and facilities in its operations in order to provide quality service to the financial 
system and its participants and shall endeavor to continually maintain and upgrade 
its facilities in order to cope with the continuously evolving needs of the credit 
information system. 
(d) I n  furtherance of the policy set forth in Section 2 of this Act, a Credit 
Information System is hereby established. 
(i) Each Submitting Entity is hereby authorized to submit Credit Information, 
on a regular basis, to the Bureau operating under this Act and the Bureau 
is in turn authorized to release Credit Information, Credit Reports and 
Credit Ratings to Accessing Entities, Special Accessing Entities and 
Outsource Entities. 
Banking institutions and their subsidiaries and affiliates that 
provide credit are subject to compulsory participation as 
Submitting Entities under this Act; 
I n  order to achieve comprehensive coverage by the System, the 
Monetary Board may determine other credit providers that are 
subject to compulsory Participation as Submitting Entities under 
this Act; 
Other than those referred to in Section 4(d)(i)(l) and Section 
4(d)(i)(2) of this Act, all other persons qualified to be Submitting 
Entities may participate under this Act subject to their acceptance 
by the Bureau in accordance with such standards and rules as the 
Monetary Board may prescribe. 
(ii) 
Each Submitting Entity shall notify its Borrowers of its obligation to 
submit Credit Information to the Bureau and the release thereof by the 
Bureau. 
(iii) Outsource Entities are prohibited from releasing Credit Information 
received from the Bureau, as well as Credit Reports and Credit Ratings 
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produced on the basis of such Credit Information, other than back to the 
Bureau. 
(iv) Accessing Entities shall hold strictly confidential any Credit Information, 
Credit Report or Credit Ratings it receives from the Bureau. 
Special Accessing Entities are prohibited from releasing Credit Reports 
and Credit Ratings derived from the Credit Information received from the 
Bureau, to non-accessing entities unless written consent or authorization 
has been obtained from the Borrower. 
(vi) The Borrower shall have ready access to the Credit Information pertinent 
to him. I n  case of erroneous Credit Information, the subject Borrower 
shall have the right to dispute the inaccuracy and the Bureau shall correct 
it accordingly. Denial of these rights, without justifiable reason, shall 
entitle the Borrower to indemnity. 
(vii) A Submitting Entity, an Accessing Entity, a Special Accessing Entity, an 
Outsource Entity, the Bureau, and their respective officers and employees 
shall not be civilly liable for acts done by them under Sections 4(d)(i) to 
4(d)(v) of this Act, unless there is a clear showing of bad faith, malice or 
gross negligence. 
(v) 
Section 5. Access to Credit Information from Government Offices and 
Agencies.- The Bureau is hereby authorized to access Credit Information from 
government offices, agencies and pension funds being administered by the 
government, and subject to conformity by the Supreme Court, from the judiciary, its 
courts and offices. 
This authorization supersedes any and all provisions in existing 
laws including, but not limited to, the statutory charters of such government offices 
and agencies, judicial courts and offices, which provide for the confidentiality nature 
of such information. 
Section 6. Confidentiality of Credit Information sourced from the Credit 
Information Bureau.- Accessing Entities, Special Accessing Entities, Outsource 
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Entities and duly authorized non-accessing entities shall hold the Credit Information 
under strict confidentiality and shall use the same only for the declared purpose. The 
accreditation of an Accessing Entity, a Special Accessing Entity and/or an Outsource 
Entity which violate the confidentiality of, or which misuse, the Credit Information 
accessed from the Bureau, may be suspended or revoked. A dully authorized non- 
accessing entity which violates this Section shall be barred access to the Credit 
Information System. 
The Bureau shall be authorized to release and disclose Credit Information, Credit 
Reports and Credit Ratings only to: the BSP, the Accessing Entities, the Special 
Accessing Entities, and the Outsource Entities. Credit Information shall not be released 
to entities other than those enumerated under this Section except upon lawful order of 
the court. 
Section 7. Borrower's Identification System - The Bureau shall implement a 
Borrower's identification system for the purpose of consolidating Credit Information. 
Section 8. Rules and Regulations- For purposes of creating a healthy balance 
between the need for reliable Credit Information and safeguarding consumer 
protection, the Monetary Board shall issue the implementing rules and regulations 
(IRR), which shall include, but not be limited to, the following matters: 
(a) restrictions on the use and transfer of Credit Information; 
(b) rights of the Borrowers to access their respective Credit Information and to 
dispute the factual accuracy of such Credit Information; 
(c) sanctions to be imposed by the Bureau on: 
( i )  
the Submitting Entities for non-submission of reports and for delayed 
and/or erroneous reporting; and 
(ii) Accessing Entities, Special Accessing Entities, Outsource Entities and duly 
authorized non-accessing entities, for breaches of the confidentiality of, 
or misuse of, the Credit Information obtained from the Credit Information 
System. 
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Provided That these sanctions shall be in the form of applicable administrative 
penalties under Section 37 of Republic Act 7653, otherwise known us "The New 
Central Bank Act"; and 
(d) suspension or cancellation of the rights of any Accessing Entity, Special 
Accessing Entity or Outsource Entity to access Credit Information from the Bureau. 
Section 9. Indemnity in Favor of the Bureau, Its Officers and Employees. 
Unless the Bureau or any of its officers and employees is found liable for any willful 
violation of this Act, bad faith, malice and/or gross negligence, the Submitting 
Entities, Accessing Entities, Special Accessing Entities, Outsource Entities and duly 
authorized non-accessing entities shall hold the Bureau, its officers and employees 
harmless to the fullest extent permitted by law and shall indemnify them for any and 
all liabilities, losses, claims, demands, damages, deficiencies, costs and expenses of 
whatsoever kind and nature that may arise in connection with (i) the performance of 
their functions, or (ii) any and all breaches of their covenants, obligations, duties 
and responsibilities, representation or warranties under this Act, or in connection 
with or otherwise relating to any action, suit or proceeding that may be brought 
against the Bureau in connection with Credit Information which was obtained and/or 
disseminated under the Credit Information System. 
Section 10. Penalties. - Any person who violates any of the provisions of this Code, 
or the rules and regulations promulgated by the Monetary Board under authority 
thereof shall, upon conviction, suffer a fine of not less than Fifty thousand pesos 
(P50,OOO) 
nor more than One Million Pesos (Pl,OOO,OOO.OO) 
or imprisonment of 
not less than one (1) years nor more than five (5) years, or both, at the discretion of 
the court. 
Section 11. Separability Clause.- Should any provision of this Act or the application 
thereof to any person or circumstance be held invalid, the other pr-ovisions or 
sections of this Act shall not be affected thereby. 
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2 Section 12. Effectivity Clause.- This Act shall take effect fifteen (15) days 
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following its publication in the Official Gazette or in two (2) national newspapers of 
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general circulation. 
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Approved. 
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COMMITTEE ON BANKS, FINANCIAL INSTITUTIONS AND CURRENCIES 
SUMMARY OF PROCEEDINGS 
I. BACKGROUND 
The absence of a centralized credit information system is a deterrent to 
the development of our financial system. It makes borrowing costly and 
inaccessible to small borrowers, and puts the financial institutions to excessive 
and unnecessary risk. 
The establishment of a centralized credit information system will improve 
the availability of credit especially to small yet responsible borrowers, as their 
good track record in paying their obligations will be made known to the financial 
institutions. Currently, the absence of reliable credit information makes financial 
institutions hesitant in granting credit to small borrowers, leaving the latter at the 
mercy of loan sharks. 
Good and efficient credit information will lower the cost of financing. Since 
the cost of gathering credit information will be lower, the amount to be passed 
on to borrowers will likewise be minimized. Thus, banks will no longer charge 
high interests to known responsible borrowers as the credit risk will be lower. 
Excessive dependence on physical collateral to secure credit facilities will 
be minimized. At present, due to lack of complete and credible credit information 
in assessing the creditworthiness of prospective borrowers, the system relies a 
lot on collateral to be able to extend credit. This further hampers access to 
financing on the part of small borrowers. 
From the regulatory perspective, a centralized credit information system 
will contribute to a healthier and more stable financial system because the 
lending institutions would be able to have access to accurate and reliable credit 
information which will enable them to make sound credit decisions. Moreover, 
this will encourage responsible borrowing attitude as debtors will know that a 
negative credit record will be perpetuated. 
To emphasize the imporLance of the establishment of a centralized credit 
information system, it may be useful to note that the WorldBank, in its reports, 
cited that the existence of a good credit information system reduces the 
difference of information between the borrowers and lenders, thereby lowering 
the credit risk and improving portfolio quality. Also, it will allow lenders to more 
accurately evaluate risks, thereby increases the availability of credit. 
The aforementioned benefits of a centralized credit information system 
prompted the Committee on Banks, Financial Institutions and Currencies to 
immediately act on the Senate Bill No 1843, entitled “AN ACT ESTABLISHING A 
CREDIT INFORMATION BUREAU SYSTEM, 
AND FOR OTHER PURPOSES” 
introduced by Senator Edgardo J. Angara. 
11. COMMITTEE ACTION 
A. The Committee on Banks, Financial Institutions and Currencies (the 
“Committee”) conducted two (2) public hearings on the proposed bill on 
November 9 and 26, 2004. 


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B. The discussions in the hearings, as well as the comments and suggestions 
in the position papers submitted to the Committee, were taken into 
consideration in the drafting of the Substitute Bill. 
111. FINDINGS 
A. On the structure of the Credit Information System 
The Credit Information System will have the following structure: 
PROPOSED CREDIT PNFORIWA TION SYST€IW ,----. 
Contributors 
.................... 
CREDIT BUREAU 
Lesend: 
................ 
Raw Credit Informati 
credit  dit 
in ti^^ 
Borrowers’own Data 
1/ Banks and Other Credit Providers 
- 
2/ Private Credit Rating Agencies and Credit 
--- 
~ 
At the center of the Credit Information System is the Credit 
Information Bureau (the “Bureau”). It will be an entity to be organized 
under the Corporation Code of the Philippines of which the Bangko Sentral 
ng Pilipinas (the “BSP”) will be a major shareholder. There may be other 
investors such as industry associations and international organizations. 
There are two sources in the proposed Credit Information System - 
the borrowers and other transactors/customers. The information will be 
coursed through three types of entities - (1) the banks and government 
lending institutions, (2) other entities that provide credit such as 
cooperatives, micro-financed institutions and other similar institutions 
(Other submitting entities); and (3) Other sources of useful credit 
information such as utility companies. 
The information would be collected through the Bureau, and the 
Bureau could process this information and distribute it through the 
“accessing entities”, who are likewise the primary providers of credit 
information (Le. banks). Credit information may likewise be provided to 
special accessing entities, which include the private credit bureaus and 
private credit rating agencies. These entities can source information from 


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the Bureau and may use the information for creating credit reports and 
ratings and may add whatever value to the report as required by their 
customers. 
The Credit Information System will cover all borrowers. Thus, it will 
cover both natural and juridical persons. A borrower identification system 
will be established to facilitate the consolidation of credit information on a 
borrower. It will gather both positive and negative information. 
The borrowers would have the right to know the credit information 
about them and shall be able to dispute inaccurate information. There are 
also safeguards to be imposed against breach of confidentiality and 
misuse of borrower information. 
The Monetary Board shall have the oversight power over the 
operation of the Credit Information System and shall promulgate the 
implementing rules and regulations (IRR) 
B. On protection against inaccurate and disparaging information 
Discussion 
In a centralized credit information system, inaccurate and 
disparaging credit information imputed upon a person will practically 
destroy him financially. There should be safeguards embedded in the 
system to protect the borrowers.' Although a borrower has a right to 
rectify wrong credit information, the damage may have been done already 
before he can have the chance to correct the inaccuracy. 
In the original scheme contemplated by the bill, the basic 
safeguard is the right of a borrower to know the information about him so 
that he will be able to protect himself. Moreover, the Monetary Board, 
through the IRR, will prescribe administrative sanctions on accessing 
entities and other parties who breached the confidentiality of, or misuse, 
the data. The sanctions contemplated could be in the nature of fines 
and/or denial of access to the system.* 
Committee Consensus 
The rights of the Borrower to access Credit Information about him 
and to have inaccurate information corrected accordingly will be clearly 
provided in the law. Unreasonable denial of these rights will entitle the 
Borrower to indemnity. 
In order to avoid undue delegation of legislative powers, the nature 
and the maximum amount of the administrative sanctions should be 
incorporated in the law itself, and not only in the IRR. Penal sanctions 
should likewise be imposed upon erring parties. 
Senator Edgardo J. Angara, Chairman. 
' Assistant Governor Nestor Espenilla, BSP. 


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In the implementation of the law, it is suggested that the 
borrowers be educated to monitor their credit information and to aptly 
dispute or question inaccuracies therein. 
C. On government ownership 
Discussion 
The proposed bill provides that the Bureau will be majority-owned by 
the government, through the BSP. Does this mean that all of the 
employees coming from the private sector shall become government 
employees as well? I f  so, this may be a problem since the Board will be 
composed mostly of persons from the private sector, who might be 
hesitant to accept the nomination in view of the fact that they will then be 
subjected to severe restrictions being imposed upon public officials. 
The BSP clarified that although the Bureau will be majority-owned by 
the BSP, it will be a purely private corporation, thus its directors and 
employees will not be considered Civil Service  employee^.^ The purpose of 
making the Bureau a private corporation majority owned by the BSP is to 
strike a balance between the credibility and integrity that the BSP 
ownership in the Bureau would add and the necessity of giving the Bureau 
sufficient flexibility to conduct its operation in an efficient manner. 
The SEC expressed doubts on whether a majority-owned subsidiary 
of a government institution can be classified as a private entity.5 It 
suggested that instead of an implicit authority for the BSP to establish a 
subsidiary, it should be only categorically authorized to invest in the 
proposed entity.6 
Committee Consensus 
The Bureau should not be majority-owned by the BSP, However, 
BSP shall maintain a substantial part of the Bureau’s ownership. The law 
shall provide that BSP may own up to 49% of the Bureau in order to erase 
doubts of it being a private corporation. 
D. On the nature of the law 
Discussions 
The way the bill has been drafted is a bit unclear as to what kind of 
institution it is trying to create. Although the Bureau will be incorporated 
under the Corporation Code, it likewise has already provided for the 
ownership structure of the Bureau. It is therefore confusing whether the 
bill calls for the establishment of a system or is a charter of the Bureau. 
Committee consensus 
Former Prime Minister Virata, President of the Bankers Association of the Philippines. 
Assistant Governor Juan de Zuiiiga, Bangko Sentral ng Pilipinas. 
SEC position paper dated 22 November 2004. 
’ Chairperson Fe Barin, Securities and Exchange Commission. 


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The proposed law should not be a charter of the Bureau. It should 
only enable the incorporation of a single Bureau. What the law should 
establish is a centralized credit information system and the Bureau is but 
one component of the system. 
E. On the BSP supervision over the operations and activities of accessing 
entities 
Discussion 
The Bill provides that the operations and activities of accessing 
entities. This might broaden the supervisory powers of the BSP since the 
term “accessing entity” includes entities other than the institutions 
currently being supervised by the BSP.7 
accessing entities is to ensure quality and accuracy of the information.8 
Committee Consensus 
The purpose of allowing the BSP certain supervision over the 
The law should not extend BSP‘s supervisory power to other 
accessing entities. Instead, the Bureau may impose sanctions on erring 
entities. The Bureau may likewise suspend or cancel an entity’s right of 
access to the Credit Information System on certain grounds. The 
Monetary Board shall set forth in the IRR the guidelines for the Bureau’s 
exercise of its authority. 
As the Bureau‘s major shareholder, the BSP can exercise influence 
within the board and ensure that the quality and accuracy of the 
information are being maintained. 
F. On the effect on the Bank Secrecy Law 
Discussions 
A question was raised whether the proposed law will be an 
exception to the Bank Secrecy Law.g The BSP explained that the law will 
not permit the bureau unlimited access to deposit accounts. The 
information that will be gathered on deposits will be purely voluntary on 
the part of the borrowers who disclose their information to the lending 
institutions. 
Committee Consensus 
The non-inclusion from the coverage of “credit information” of 
confidential information on bank deposits and/or client funds under the 
Bank Secrecy Law, Foreign Currency Deposit Act and the General Banking 
Act should be explicitly provided in the law to avoid confusion. 
G. On the participation requirement 
’ Commissioner Joselia Poblador, Securities and Exchange Commission. 
Assistant Governor Nestor Espenilla, ESP. 
Atty Francis Lim, President of the Philippine Stock Exchange. 


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Discussion 
For banks, which are the major sources of credit information, it is 
envisioned that their participation in the system will be mandatory. The 
experience of private credit bureaus would show that where participation 
is merely voluntary, the system would not work. Some banks, for business 
reasons, would not want to volunteer information on their valued clients. 
Thus, it is necessary for banks to be mandatory providers of information 
on all borrowers." 
Committee Consensus 
Banks should not be singled out as there are other rich sources of 
credit information. Thus, subsidiaries and affiliates of banks should 
likewise be required to provide information. Moreover, the Monetary Board 
shall have the authority to designate other institutions to be mandatory 
providers of information. 
Other financial institutions will be required only on a reciprocity 
basis - that is, if they contribute information, they will also be able to 
benefit from the information pool. Thus, once an institution joins the 
system, it will be required, as a matter of duty, to supply information. 
H. On the confidentiality of credit information 
Discussion 
There was a proposal to allow the general public to access credit 
information, subject to the rules of confidentiality and other conditions. 
This information would be useful when conducting due diligence in 
negotiating mergers and acquisitions of companies." 
The BSP reiterated that access is limited only to certain entities - 
accessing entities, outsource entities and special accessing entities. 
However, the special accessing entities can actually provide information to 
third parties, with the consent of the party concerned. 
Committee Consensus 
Credit information should not be made readily available to the 
general public. However, if the subject of the credit information authorizes 
access, a special accessing entity may provide such information to other 
parties. 
lo Assistant Governor Nestor Espenilla, BSP. 
l' Atty. Manuel Yngson, Jr. Founding Chairman and President of Corporate Rehabilitation and 
Insolvency Practitioners Association of the Philippines (CRIPAP)