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MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) is proposing to open its credit registry to banks, credit bureaus and borrowers in a move that would give lenders broader visibility into consumers’ financial histories while tightening safeguards on privacy and cybersecurity.
In a draft circular now open for stakeholder feedback, the central bank outlined an “Open Access Framework” that would set the rules for who can access the registry and how sensitive credit data should be shared, processed and protected.
READ: BSP tightens rules on bank group credit risk
The BSP has institutionalized the collection of granular borrower-level data from supervised institutions through the Comprehensive Credit and Equity Exposures Report, processed and stored in its credit registry system, the Credit Information Management System (CRIMS).
