Corporate Profile

Cebu International Finance Corporation or CIFC is the only one among the few finance companies with quasi-banking license granted by the Banko Sentral ng Pilipinas that is based outside Metro Manila. It is authorized to accept deposit substitutes, engage in financing, lending and direct mortgage transactions in Pesos or in foreign currency. CIFC has been in operation for 59 years, extending credit to trade, construction, agriculture, manufacturing, services, consumption and other sectors of the Philippine economy.

The company was incorporated in October 8, 1964 as Cebu Industrial Finance Corporation and initially operated as a subsidiary of Industrial Finance Corporation of Makati providing credit access to the Central Visayas region. The company detached from IFC Makati and underwent a corporate restructuring. CIFC merged with Dumaguete Industrial Finance Corporation, its own subsidiary organized years earlier to increase its capital base and qualify for quasi-banking license. With greater access to market funds due to the quasi-banking license granted by Banko Sentral ng Pilipinas, the company expanded its operations nationwide with branches in Dumaguete, Cagayan de Oro and Makati.

In 1982 Cebu Industrial Finance Corporation affiliated with Summa International Holdings and Investments, S.A. of Summa Group, (an international holding company with financial institutions operating in Honkong, Indonesia, Malaysia, Singapore, Philippines and West Germany). To reflect its new ownership and international affiliation, the company changed its name to Cebu International Finance Corporation.

The Securities and Exchange Commission (SEC) approved the increase of CIFC’s authorized capital stock to 50 million pesos in 1989 and 100 million pesos in 1991. The company is currently applying to further increase its authorized capital to P500 million pesos.

The need for strategic positioning and diversify its income stream, CIFC in 1992 bought into Dumaguete City Development Bank, Rural Bank of Sibulan and Summit Financial Advisers, Inc. It constructed the multi-million peso CIFC Towers. The CIFC Towers is the business address of CIFC Corporate headquarters, while the rest of the office spaces are leased to major corporations in the Visayas. In 1997, CIFC rationalized and monetized its property assets by taking a 19% interest in CIFC Holdings, Inc., its sister holding and investment company. In 2002, it took a 22% interest in Hyundai –Cagayan de Oro, the exclusive Hyundai dealership in northern Mindanao.