{"id":36979,"date":"2019-11-06T05:51:13","date_gmt":"2019-11-05T21:51:13","guid":{"rendered":"http:\/\/www.upgrademag.com\/web\/?p=36979"},"modified":"2019-11-06T05:51:15","modified_gmt":"2019-11-05T21:51:15","slug":"philippines-improves-in-getting-credit-indicator-in-world-banks-doing-business-2020-report","status":"publish","type":"post","link":"http:\/\/www.upgrademag.com\/web\/2019\/11\/06\/philippines-improves-in-getting-credit-indicator-in-world-banks-doing-business-2020-report\/","title":{"rendered":"Philippines improves in \u2018Getting credit\u2019 indicator in World Bank\u2019s ‘Doing Business 2020’ report"},"content":{"rendered":"\n

The World Bank\u2019s\u00a0<\/strong>Doing Business<\/strong><\/a>\u00a02020 report is out, and the Philippines improved as expected in the \u2018Getting credit\u2019 indicator in both score (from EODB score of 5.0 to 40.00) and ranking (from 184\/190 economies to 132\/190\u2500increasing by 52 notches). This followed requests for modification of last year\u2019s data, for which TransUnion has contributed in.<\/strong><\/p>\n\n\n\n

In particular, the Philippines logged improvements in the \u2018Depth of credit information\u2019 index (7 out of 8) and \u2018Credit bureau coverage\u2019 (13.5% of the adult population) from previous scores of 0 and 2.7%. \u2018The Strength of legal rights\u2019 index and \u2018Credit registry coverage\u2019 scores remain the same at 1 and 0, respectively, as some reforms have not been considered in this cycle. <\/p>\n\n\n\n

\u201cLast year\u2019s ‘Doing Business’ survey results for the \u2018Getting credit\u2019 topic were disappointing and arguably not how the Philippines would like to be regarded. Across the industry, we\u2019ve been working hard to come together and tell our story. TransUnion has worked closely with World Bank representatives, sharing high level credit statistics that our data privacy laws allow. The Philippines has a lot to be proud of and TransUnion will always do everything in our power to reinforce our belief in\u00a0Information for good,\u201d said\u00a0TransUnion Philippines President and CEO Pia Arellano.\u00a0<\/p>\n\n\n\n

The most improved economy in Southeast Asia, the Philippines earned an overall EODB rating\u00a0of 62.8 and ranked 95th<\/sup>\u00a0(previously at 124th<\/sup>). At a press briefing organized by the Department of Trade Industry (DTI) for the survey results, DTI Sec. Ramon Lopez expressed approval\u00a0that a more realistic assessment of the Philippines\u2019 credit information ecosystem has been reflected in the World Bank report and\u00a0acknowledged the contribution of TransUnion and other public and private sector members.<\/p>\n\n\n\n

\u201cMay I take this opportunity to recognize our partners from both government and the business community who made the +29 notches possible. Congratulations for your dedication, patriotism, and hard work,\u201d Lopez said. \u201cIn Getting credit \u2013 private sector organizations like TransUnion.\u201d<\/p>\n\n\n\n

Lopez has also assured \u201cthat the ARTA (Anti-Red Tape Authority), DOF (Dept. of Finance), SEC (Securities and Exchange Commission), DTI team are all behind you (credit bureaus) in your quest to promote financial inclusion. We recognize the need to continue the work. We have to expand the coverage of distributed credit information of TransUnion to firms not only individuals, so we shall help in that respect, pursue data exchange between credit bureaus and SSS, GSIS, and utility companies and retailers, and fully utilize the credit information system.\u201d<\/p>\n\n\n\n

The availability of credit information is an important indicator of the ease of doing business as it gives stakeholders insight into how lending decisions are facilitated in the economy. The broader the credit information available to financial institutions, the better they can assess an individual\u2019s or firm\u2019s creditworthiness.<\/p>\n\n\n\n

\u201cOur increased grade in \u2018Getting credit\u2019 reflects the positive effect TransUnion has had on the economic standing of the country. It\u2019s tangible proof recognized by the World Bank that the work we do can improve people\u2019s lives. We\u2019re creating a virtuous cycle of empowered businesses that empower consumers to gain access to financial services which can uplift their lives and the economy as a result, and that is something we\u2019re enormously proud of,\u201d Arellano said.<\/p>\n\n\n\n

The World Bank\u2019s ‘Doing Business’ survey provides objective measures of business regulations for local firms in 190 economies. A country\u2019s ranking in this report is indicative of the regulatory and financial structures which are readily available to businesses in order to effectively conduct their business and promote economic growth in the country. The higher the ranking, the \u201ceasier\u201d it is for businesses to more confidently invest in their growth due to their access to credit information, financial services, and regulatory protections.<\/p>\n\n\n\n

Celebrate today, continue the work tomorrow<\/em><\/strong><\/p>\n\n\n\n

The spike in ranking puts the Philippines in the top 50% of the economies surveyed but there remains more work to be done to reach the next goal of being in the top 40%. An immediate action mentioned by Sec. Lopez is the expansion of coverage of TransUnion\u2019s credit information to firms and not just individuals, in order to complete the perfect score of 8 in the \u2018Depth of credit information\u2019 index.<\/p>\n\n\n\n

\u201cThere is much work to be done to achieve our goals but for now, we will continue to grow our relationships with government bodies and other stakeholders to find productive ways in making a positive impact on the economy. We are working to establish a credit bureau association together with the rest of the private credit bureaus to foster the common goal of consumer education on credit information and financial responsibility when getting credit. We are passionate about what we believe we can achieve together,\u201d Arellano concluded.<\/p>\n","protected":false},"excerpt":{"rendered":"

The most improved economy in Southeast Asia, the Philippines earned an overall EODB rating of 62.8 and ranked 95th (previously at 124th).<\/p>\n","protected":false},"author":6,"featured_media":33902,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[1974,96,6194],"class_list":["post-36979","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-headlines","tag-online-transactions","tag-technology","tag-transunion"],"_links":{"self":[{"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/posts\/36979","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/comments?post=36979"}],"version-history":[{"count":0,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/posts\/36979\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/media\/33902"}],"wp:attachment":[{"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/media?parent=36979"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/categories?post=36979"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/tags?post=36979"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}