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PRESIDENTIAL DECREE NO. 1941
PRESIDENTIAL DECREE NO. 1941 -
RECOGNIZING AND SUPPORTING THE CREDIT INFORMATION BUREAU, INC
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WHEREAS, in
the wake of failures of corporate borrowers in 1981, the President of
the Republic of the Philippines issued Letter of Instructions No. 1107
directing the Central Bank of the Philippines to initiate a credit
information exchange system and to study the possibility of organizing,
and funding the operation of, a credit bureau; chanroblesvirtualawlibrary
WHEREAS, pursuant to Letter of Instructions No. 1107, the Central Bank
organized the Credit Information Exchange System, which now operates
under the Central Bank's Department of Loans and Credit;chanroblesvirtualawlibrary
WHEREAS, on April 14, 1982, upon the instance of the Central Bank,
other government agencies and the private sector, the Credit
Information Bureau, Inc. was incorporated as a non-stock, non-profit
corporation, to engage in the business of collating, developing and
analyzing credit information on individuals, institutions and all types
of business concerns; to develop and undertake the continuing exchange
of credit information among its members and subscribers; to provide an
impartial source of credit information for debtors, creditors and the
public; and to cooperate with and assist government agencies in their
credit information requirements; chanroblesvirtualawlibrary
WHEREAS, the Credit Information Exchange System and the Credit
Information Bureau, Inc. as presently constituted are unable to secure
credit information from government agencies and private institutions
because of certain doubts regarding the legal ability of said agencies
and institutions to make available to them credit information;chanroblesvirtualawlibrary
WHEREAS, the country's financial system demands the promotion and
development of rational and efficient credit processes in the financial
system and the economy;chanroblesvirtualawlibrary
WHEREAS, the Credit Information Bureau, Inc. is a viable credit
information bureau, and a convenient and practical vehicle through
which the promotion and development of efficient credit processes can
be realized in the shortest possible time;chanroblesvirtualawlibrary
WHEREAS, it is advantageous and in the public interest to make legally
available to the Credit Information Bureau, Inc. credit information in
the possession of government and private entities, and to allow the
Credit Information Bureau, Inc. to continue to fulfill and serve the
purposes for its creation.
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers vested in me by the Constitution, do hereby
decree and order the following: chanroblesvirtualawlibrary
Section 1. It is hereby declared to be the national
policy of the State to promote the development and maintenance of
rational and efficient credit processes in the financial system, and in
the economy as a whole, by providing structured mechanisms for the
organized supply of information to all parties involved in credit and
credit-related activities.
Section 2. The Credit Information Bureau, Inc. is
hereby recognized by law as a competent and suitable credit bureau to
implement the declared national policy stated in Section 1 hereof, and
as such, worthy of governmental and private sector support. The
operation and functions of the existing Credit Information Exchange
System are hereby transferred to the Credit Information Bureau, Inc.,
and the Credit Information Bureau, Inc. shall integrate the Credit
Information Exchange System with its system.
Section 3. Notwithstanding the provisions of Republic
Act No. 265, as amended, including but not limited to Sec. 27 (c)
thereof, the Central Bank may, as its discretion, make available to the
Credit Information Bureau, Inc. upon the Credit Information Bureau,
Inc.'s request, information relating to the condition of business of
any banking or financial institution subject to its supervision or
examination, or any other data or information needed by the Credit
Information Bureau, Inc. in order to discharge its functions in
implementation of the declared national policy stated in Section 1
hereof.
Section 4. Notwithstanding the provisions of Republic
Act No. 337, as amended, including but not limited to paragraph 1 (b)
of Section 87-A thereof, and notwithstanding the provisions of special
charters of government banking or financial institutions such as but
not limited to the Philippine National Bank and the Development Bank of
the Philippines, all banking and other financial institutions may, at
their discretion, make available to the Credit Information Bureau,
Inc., upon the Credit Information Bureau, Inc.'s request, information
relative to the funds or properties in the custody of said institutions
belonging to private individuals/corporation or any other entity, and
any other data or information needed by the Credit Information Bureau,
Inc. in order to discharge its function in the implementation of the
declared national policy stated in Section 1 hereof. chanroblesvirtualawlibrary
Section 5. The Credit Information Bureau, Inc. shall
take steps to safeguard that the information supplied to it under
Sections 3 and 4 hereof shall be furnished only to its accredited
subscribers or credit information who have legitimate interest in the
information so supplied.
Section 6. The Central Bank, any banking or financial
institution, or any of its officers, employees or agents supplying any
of the information to the Credit Information Bureau Inc. under Sections
3 and 4 hereof shall be immuned from all civil, criminal,
administrative or other liability. All reports, evaluations,
watchlists, basic information reports, credit reports, credit ratings
and the like produced by the Credit Information Bureau, Inc. and
distributed to its subscribers who have legitimate interest in the
information or data supplied, shall be considered as privileged
communication under Title Thirteen, Chapter One of the Revised Penal
Code on libel.
Section 7. If any provision of this Decree shall be
held invalid, the remainder of the Decree not otherwise affected shall
remain in full force and effect.
Section 8. All other laws, orders, rules and
regulations, or parts thereof, inconsistent with any provision of this
Decree are hereby repealed or modified accordingly.
Section 9. This Decree shall take effect immediately.
Done in the City of Manila,
this 27th day of June in the year of Our Lord, Nineteen hundred and
eighty-four.
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