ON APRIL 19, 1932, a Tuesday, the Manila press reprinted an interview by Walter Robb in the Chicago Daily News with then Senate President Quezon. The interview quoted Quezon as outlining a plan that the Philippines might remain permanently within the sovereignty of the United States. We know now the plan did not materialize.
Since the Philippines was under colonial rule, foreigners dominated the business sector.
On the same day, April 19, 1932, a group of foreigners doing business in the country formed an organization to address problems particularly in the area of credit information exchange.
The original incorporators, F.N. Berry, W.J. Diehl, C.T. Stark, J. George, E.A. Schenkel, N.W. Watson and P.C. Hartnalnamed their group the Association of Credit Men, Inc.
Before World War II, the association counted 80 members, with A.P. Drakeford of Standard Oil Company serving as its first president.
The succeeding pre-war years saw more expats leading the association: W.J. Diehl of Associated Oil Company, 1933-1934; F.H. Ale of General Electric Appliance Corp. the following year; W.J. Diehl, re-elected and serving from 1935 to1940; and followed by D.S. Fitzgerald of Asiatic Petroleum Company, Inc.
As World War II broke out, the association had to suspend its operation.
After the war, on December 5, 1947, some surviving members decided to revive the association. They petitioned the Securities and Exchange Commission for the reconstitution of the association articles of incorporation and bylaws.
Jose Platon, an employee of the association before the war, handed to Fitzgerald a copy of the articles of incorporation and bylaws on January 8, 1948. Fitzgerald found out that the association was registered as a non-stock corporation on May 10, 1932
On February 7, 1948, the SEC approved the petition for reconstitution of the association articles of incorporation and bylaws.
Decade after decade, the association survived the challenges of the times. The members persevered through several crises—be it political or financial in nature— the growing pains which all organizations must undergo.
In time, as the Philippines gained independence, Filipinos eventually took over from the foreign officers.
As Filipinos proved they are capable of self-governance, the new leaders of the credit association also squarely faced the demanding responsibility of the credit profession.
Under the leadership of Jose Unson of Pacific Banking Corporation, the association changed its name to Credit Management Association of the Philippines, Inc. or CMAP which moved on frommerely a byword to a well-respected institution.
In 1981, under the presidency of Ariston Mitra of Philipps Electrical Lamps, Inc., CMAP bought a new home located at the 4th floor of the Cattleya Condominium at235 Salcedo St., Legaspi Village, Makati City, its headquarters to this day.
On April 19, 1982, CMAP celebrated its golden anniversary at the Philippine International Convention Center under the leadership of the first lady president of the association, Rachel Abellon of Mobil Oil Philippines, Inc.
That year, the SEC extended CMAP’s operation for another 50 years.
In 2002, CMAP changed its logo and renovated the CMAP office under the leadership of Ricardo Sison of Philippine Long Distance Telephone Company.
On April 19, 2007, with Marlo Cruz of PCI Leasing & Finance, Inc. as president, CMAP celebrated its diamond anniversary.
In the same year, CMAP mounted the 27th National Credit Congress at the Centennial Hall of the Manila Hotel.
To date, CMAP counts some 400 member- companies in the banking, financing, services, trading, manufacturing and insurance sectors of the Philippines Business.
CMAP intensifies its service with affiliates outside Manila, such as the Cebu Association of Credit Men, Inc. (CACMI), Davao Association of Credit Men (DACMEN) and Bacolod Credit Association (BACREA).
Much has changed in business since the Philippines struggled through the colonial rule. Through it all, the credit sector has emerged a strong organization, good and ready to face the challenges of the Third Millennium.