A collection of Philippine laws, statutes and codes not included or cited in the main indices of the Chan Robles Virtual Law Library.
Presidential Decrees :
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;
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;
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;
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;
WHEREAS, the country's financial system demands the promotion and development of rational and efficient credit processes in the financial system and the economy;
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;
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:
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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