Malacañang eyes creation of credit information bureau

The creation of a credit information bureau may solve various complaints against financial institutions that exact high interest rates on credit card users, Presidential spokesperson Edwin Lacierda said Monday.

Lacierda also said President Benigno Aquino III leans on strengthening credit responsibility and better credit identity rather than tax reduction for credit card holders.

"Tax reduction is not something we are looking at right now... but creating a credit information bureau and emphasizing responsibility of credit card holders," Lacierda said in a press briefing.

This was one of the subject matters the President discussed during his meeting with the board of directors of the Asian Development Bank.

Aquino and the officials of the multilateral bank also discussed good governance, anti-corruption efforts, anti-poverty measures, fiscal management policy, and judicial reforms.

Lacierda said the President thanked the ADB for its continued support to the conditional cash transfer program and the public-private partnership initiative of the government. (report from JE, GMA News)