Historical Notes: Milestone Dates

 CIBI Foundation, Inc.

1. Credit Information Bureau, Inc. (CIBI) was incorporated on 14 April 1982, as a joint undertaking of the Central bank, Securities and Exchange Commission and Financial Executives Institute of the Philippines. Accordingly, the incorporators were taken from these organizations:

1. Jaime C. Laya

2. Manuel G. Abello

3. Manuel Alberto

4. Victor S. Barrios

5. Arsenio M. Bartolome III

6. Corazon S. dela Paz

7. Santiago F. Dumlao, Jr.

8. Adriano Dy

9. Paterno M. Kintanar

10. Eugenio Nierras, Jr.

11. Eugenio Reyes

12. Carmelita G. Salgado

13. Leonardo L. Tancuan, Jr.

14. Jesus J. Valdes

15. Carlota P. Valenzuela

2. In the organizational meeting of the Board of Trustees on 8 June 1982 the following officers were elected:

Eugenio Reyes - Chairman of the BOT

Eugenio Nierras, Jr. - President

Leonardo L. Tancuan, Jr. - Vice President

Carlota P. Valenzuela - Treasurer

Corazon S. Dela Paz - Secretary

Jaime C. Laya - Ex-Officio member

Manuel Abello - Ex-officio member

Mr. Jaime Y. Ladao was appointed CIBI general manager effective 16 September 1982.

3. CIBI was to operate as a credit information bureau “ 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.” (P.D. No. 1941 recital)

4. On 27 June 1984, Presidential Decree No. 1941 was issued “Recognizing and Supporting the Credit Information Bureau, Inc.”

Section 1 provided: 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 provided further: 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.

5. On 26 March 1985, SEC suggested and CIBI agreed that it conduct credit ratings on commercial paper (CP) issuances, to help promote the CP market. CIBI complied and made its first credit rating on a Shell Company issue. An External Rating Board was appointed.

6. On 10 November 1987, the Board of Trustees discussed guidelines to sell CIBI to private investors, foreign or local. Negotiations with various parties continued, off and on, through 1993.

7. On 18 August 1993, the Board of Trustees decided to keep CIBI, but spin off the Business Information Service into a separate corporation where other investors would be invited.

8. On 21 March 1997, the Board of Trustees decided to spin off the business operations of CIBI into two wholly owned separate corporations: CIBI Information and CIBI Ratings (subsequently renamed Philippine Rating Services Corporation or PhilRatings)

9. On 29 September 1998, CIBI Ratings signed a Letter of Understanding with Standard & Poor’s to develop the credit rating business in the Philippines. This arrangement lasted for two years.

10. On 27 May 1999, the SEC approved the amended by-laws of Credit Information Bureau, Inc. which shall now be called CIBI Foundation, Inc. On 1 July 1999, Jaime Y. Ladao goes on terminal leave and retires on 15 August 1999 upon reaching age 60.

11. In April 2000, Motan Corporation (Antonio L. Go, principal) purchased 75% of CIBI Information, Inc. from CIBI Foundation.

12. On 15 December 2005, Motan Corporation purchased 70% of PhilRatings from CIBI Foundation.

13. Motan subsequently transferred its ownership of shares to Go Kim Pah Foundation.

B. CIBI Foundation Today, 2011

1. The Mission/Vision Statement of CIBI Foundation, as recently revised:

To be a lead private institution promoting the growth of the capital market in the Philippines through research, education and advocacy, particularly in the fields of credit information and credit rating, and through the advancement of a progressive capital market development framework, anchored on ethical practices; working cooperatively with the public and private sectors, and foreign and domestic partners; focusing on good financial governance and on sound financial information as basis for investment decision making; strengthening academic and research institutions by supporting research in its fields of interest.

2. Organizational Profile

2.1 Members

1. Ronnie B. Alcantara

2. Eduardo R. Alvarez

3. Arsenio M. Bartolome III

4. Lilia R. Bautista

5. Roberto T. Borromeo

6. Amelia B. Cabal

7. Josue A. Camba, Jr.

8. Abelardo V. Cortez

9. Santiago F. Dumlao, Jr.

10. Erlinda S. Echanis

11. Baltazar N. Endriga

12. Eduardo V. Francisco

13. Jaime C. Laya 

14. Ricardo G. Librea

15. Francisco E. Lim

16. Vitaliano N. Nañagas II

17. Gregorio S. Navarro

18. Mercedita S. Nolledo

19. Cayetano W. Paderanga, Jr.

20. Renato L. Paras 

21. Alfredo B. Parungao

22. Melito S. Salazar, Jr.

23. Carmelita G. Salgado

24. Jesus J. Valdes

25. Edwin B. Villanueva

2.2 The Board of Trustees and Officers

1. Jaime C. Laya - Chairman Emeritus

2. Alfredo B. Parungao - Chairman

3. Renato L. Paras - Vice Chairman

4. Edwin B. Villanueva - President

5. Santiago F. Dumlao, Jr. - Secretary

6. Carmelita G. Salgado - Treasurer

7. Ronnie B. Alcantara

8. Eduardo R. Alvarez

9. Arsenio M. Bartolome III

10. Roberto T. Borromeo

11. Baltazar N. Endriga

12. Eduardo V. Francisco

13. Vitaliano N. Nañagas II

14. Gregorio S. Navarro

15. Jesus J. Valdes

1.3 The Working Groups

Committees and Chairpersons  

A. Investment Education - Eduardo V. Francisco 

B. Credit Information and Credit Discipline - Vitaliano N. Nañagas II

C. Credit Rating - Santiago F. Dumlao, Jr.

D. Regulatory Concerns - Francis Ed. Lim 

E. Research and Study Grants - Gregorio S. Navarro 

F. 30th Anniversary - Alfredo B. Parungao

3. Contribution to Capital Market Development

The greatest contributions of CIBI Foundation in the last 30 years are the establishment and nurturing to growth of two Philippine capital market institutions: CIBI Information, Inc. and PhilRatings, which are essential components in the framework of capital market development in the Philippines.

CIBI Foundation now moves to new areas of endeavor to promote the growth of our domestic capital market, keeping in mind the contemporaneous efforts to develop as well and to integrate the Asian regional financial markets.

Prepared by SDumlaoJr

November 2011