Daily Tribune
Owning one of the most luxurious cars available in the country is not at all fun, thanks to the local dealer, who seems not to care much about the stature and needs of vehicle owners.
The glitzy car can only be repaired at a gas station that doubles as the maintenance hub for the vehicle brand that should thrive on image. Their customers often expect a premium experience — think sleek showrooms, waiting lounges with coffee, and a polished atmosphere.
A gas station, with its utilitarian vibe and transient feel, doesn’t naturally scream “luxury.” It risks diluting the brand’s prestige, which is a big deal for a company that charges a premium partly for the status it conveys. Authorized service centers for the glamorous brand are typically held to high standards, with specialized tools, certified parts, and a controlled environment, which might be tough to replicate next to a pump.
“Proper” care isn’t just about optics — it’s also about execution. An official authorized shop would need to meet the company’s strict guidelines, regardless of location.
The sleek European auto brand might allow a temporary fuel shop as a smaller, satellite service point to expand reach, especially in markets where full dealerships are less dense.
A car owner who had his expensive car worked on expressed feeling that the shop fails to give justice to the glitzy brand.
A Bangko Sentral ng Pilipinas (BSP) official said the central bank is trying to restore the original concept for the Credit Information Corp. (CIC) after it suffered from insufficient funds for operations.
“I don’t want to use the term mangled, but it was different from what the House of Representatives and the Senate came up with,” the bank official said.
“We are trying to do what we can in the central bank to go back to the original concept, and we’re working with the Executive department on how that can be done, even with the next administration,” the BSP official added.
Under Republic Act 9510, the CIC was created to pool credit data of individual borrowers from banks, other financial entities, and government agencies. In this way, various lenders can provide affordable and right-sized loans to the public, especially those who belong to the lower-income classes, marginalized sectors and small enterprises.
To achieve this, the law states that the CIC must acquire “state-of-the-art technology and facilities” to obtain accurate credit data.
The Securities and Exchange Commission was tasked with approving the composition and operations of the CIC, such as those regarding industry representation, capital structure, and the number of independent directors.
“What came out was the removal of the central bank. The original plan was for the central bank to help nurture a working relationship with the private sector,” the BSP official said.
“Sadly, the consequence of that was an insufficient budget, and the CIC became greatly dependent on the annual budget process,” the central bank official added.
According to the law, the national government must own 60 percent of CIC’s common shares, while 40 percent must be held by investors from associations of banks, quasi-banks, consumers and other credit-related associations.
The CIC is also authorized to enter into contracts, incur liabilities, and lease, own, or sell real property to carry out its mandate of supporting the public’s need for financing.
