JICA, BSP roll out phase 2 of credit risk database

The Japan International Cooperation Agency (JICA) and the Bangko Sentral ng Pilipinas (BSP) have launched phase two of the credit risk database to help financial institutions better assess the creditworthiness of small and medium enterprises (SMEs).

- By KEISHA TA-ASAN

Sakamoto Takema, chief representative of the Philippines at JICA, said that since the launch of the Credit Risk Database (CRD) scoring model in May 2023, the project is moving on to its second phase.

During the second phase, the government and its partners should maintain the robustness of the database by creating a secure environment and convenient data provision mechanism for financial institutions.

It should also maintain the accuracy of the scoring model in order to gain and keep trust from end users. This is through regular, internal and third party validation.

The BSP and its partners should also further develop the expertise, skills and knowledge in overseeing the CRD.