The Department of Trade and Industry (DTI) and TransUnion Philippines signed a data sharing agreement on 29 January 2020 in which DTI will provide Publicly Available Data of business enterprises to TransUnion, the country’s largest credit bureau.
The data sharing agreement will allow TransUnion to develop a “firm bureau database” to expand distribution of its credit information to not only individuals but to firms as well. This criterion is measured by the World Bank in their Doing Business (DB) Report under its “depth of credit information index.”
“Today’s signing of the data-sharing agreement between DTI and TransUnion is part of the government’s continuing effort to improve our competitiveness ranking. This partnership signals greater collaboration between the government and the private sector in using data analytics to help us in policy making and program development,” DTI Secretary Ramon Lopez said.
Sec Lopez further said: “This initiative is hitting two birds with one stone. By working closely through information-sharing with TransUnion, we are confident that we will secure additional points under the Getting Credit Indicator. More importantly, the publicly available data we provide will be processed together with their rich database to be used in determining borrowers’ credit worthiness. In the end, this will contribute to increasing the bank’s efficiency in processing loan applications.”
Following the data protest filed by the Philippine government in 2018, the WB accepted the data correction request of the Philippine government when it confirmed that TransUnion is the largest credit bureau in the country with 8.47 million adult population in its database. This is 13.5% of the total adult population in the Philippines, exceeding the 5% WB threshold. The data correction request resulted in a 35-point increase in the Philippines’ score for Getting Credit and a significant +52 notches increase in the indicator ranking.
“At TransUnion, we use information to empower our lending partners in giving financial access to more consumers. In order to do this, we at TransUnion continually strive to bring in more extensive credit information from various sources into our database. The more diverse and extensive data that we have, the more efficient our business partners will be in making decisions to extend credit to both consumers and businesses,” said Ms. Pia Arellano, President and CEO of TransUnion Philippines.
The DB Report is an annual survey report released by the World Bank. In the DB 2020 report, the Philippines reached the Top 100 competitive countries when it recorded a +26-notch increase, which remains the highest recorded annual improvement of the country since 2010. From 124th place, the Philippines rose to 95th.
With the enactment of RA 11032, or the “Ease of Doing Business and Efficient Government Service Delivery Act,” DTI has turned over to the Anti Red Tape Authority (ARTA) the reform initiatives for the succeeding cycles
For more details and event updates, please check DTI Philippines’ official social media websites (@DTIPhilippines on Facebook, Instagram and Twitter).
BATANGAS CITY – The Department of Trade and Industry (DTI) confiscated appliances from two supermarkets during an inspection last 27 January 2020. The appliances included light bulbs, rice cookers, electric kettles, and induction cookers that do not have Philippine Standard (PS) marks or Import Commodity Clearance (ICC) stickers for imported products.
“When buying electric products, consumers should always check for PS or ICC marks, even if they’re from known brands. The stickers certify that the products passed quality and safety standards set by the Philippine National Standards. Substandard products tend to break down sooner and may even cause fire,” said DTI Secretary Ramon Lopez.
DTI also issued Notices of Violation and gave the two establishments 48 hours to respond. If charged, they may be fined up to PHP 300,000 according to DTI Department Administrative Order No. 02 S, 2007.
In one supermarket, DTI seized all appliances under the brand "US Tradition" because they either did not have stickers, or the sticker information did not match the product when scanned by the ICC Verification System app by the DTI-Bureau of Product Standards.
The free app, available on Google Play and the App Store, can scan QR codes on the ICC stickers to reveal product information. Sec. Lopez encouraged the public to download the app and report fake ICC stickers to the 1-DTI (1-384) hotline.
Apart from pursuing erring retailers, Sec. Lopez directed the DTI to go after the distributors and manufacturers of substandard products. This way, they can be confiscated even before they land in stores.
Sec. Lopez was with House Committee on Trade and Industry Chair Weslie Gatchalian, DTI Undersecretary Ruth Castelo, and Department of Agriculture (DA) Assistant Secretary Kristine Evangelista to monitor the prices of basic goods and agriculture products in Batangas City after the Taal volcano eruption.
DTI Batangas declared a price freeze on 13 January, which set a price ceiling for basic necessities like bottled water, canned sardines, bread, instant coffee, and powdered milk. The team found that groceries mostly adhere to the price ceiling, with some products priced even lower than the set ceiling.
DTI, however, issued a Show Cause Order to a supermarket selling bottled water products above the price ceiling. They were given 48 hours to respond and adjust their prices. The management said that since they are part of a supermarket chain, the prices come from the head office. But they said they will lower the prices and inform their head office immediately. If charged with profiteering, establishments may incur a fine between PHP1,000 to PHP1,000,000, under Republic Act 7581 or The Price Act.
Meanwhile, prices of rice, chicken, and pork in wet markets also remained stable since the eruption. Both chicken and pork were priced at PHP 170 – PHP 180/kg. But according to the DA, since the farmgate prices of chicken and pork are PHP 80/kg and PHP 100/kg respectively, the retail prices should only be around PHP 140/kg for chicken and PHP 180/kg for pork.
Sec. Lopez said that since DTI has no authority over agriculture products, they can’t file charges against overpricing vendors. Instead, he suggested that DA set a Suggested Retail Price for these products, especially Chicken, so the DA can have a solid basis for filing charges.
