Credit providers, collectors organize

The Credit Management Association of the Philippines (CMAP) created a Cebu chapter last week in a meeting with stakeholders from the banking industry and lending institutions.

CMAP President Luis T. Arrola said the group was founded in 1932 as a non-stock, non-profit organization called the Association of Credit Men (Philippines) Inc. to promote credit information exchange.

They thought it was one way to help companies solve problems in credit and collections.

CMAP hopes to develop and nurture credit consciousness among credit practitioners; instill discipline among credit users and credit grantors; and to contribute to the country’s economic develop- ment through effective credit management. It wants to help educate the public about the proper use of credit.

Arriola said a credit information exchange under CMAP will be the repository of credit data on persons and companies in the Philippines. It will include an online search facility that includes lists of court cases, returned checks, past due accounts from manufacturing companies, accounts endorsed to lawyers, and past due accounts from telecommunication companies, among others.

He added that CMAP currently has close to 400 member-companies from various fields such as banking, finance, manufacturing, trading and services.