Doing Background Checks in the Philippines
The Philippines, with a population exceeding 119 million, offers a vibrant market for businesses looking to expand and innovate. This diverse talent pool presents numerous opportunities, but it also poses many significant challenges for employers striving to find the right candidates in a competitive environment.
As the business landscape evolves, the necessity for strong background checks has become increasingly vital. With moderately high crime rates and financial instability (high defaults) companies must prioritize the integrity and reliability of their potential employees.
Comprehensive background screening enables organizations to make informed hiring decisions, helping them build trustworthy teams capable of navigating the complexities of the market and driving success.
Understanding the Landscape: Criminal activity in the Philippines
Like most countries, the Philippines faces significant difficulties related to crime and fraud. With approximately 400,000 crimes reported annually, the country has a criminality score of 6.63,ranking it 25th out of 193 nations. This high level of crime includes incidents of theft, fraud, and cybercrime, which have surged, particularly since the COVID-19 pandemic. Reports indicate that the Philippines is among the top victims of cybercrime in Asia, with a 30% increase in cybercrime incidents reported since 2020
Fraudulent activities, such as the issuance of fake documents and identity theft, are alarmingly common. Additionally, fixers: individuals who expedite transactions through questionable means complicate the hiring process, creating an environment where background checks are essential for safeguarding corporate interests.
Financial Risks: Bad Credit, Defaults and Debt
In 2023, the Philippines reported around 427 billion pesos in bad loans, with nearly half the population holding at least one loan. High unemployment rates, which hovered around 6.2% in recent years, combined with aggressive lending practices, have led to an increase in unsecured consumer debt.
A study by the Philippine Institute for Development Studies found that about 60% of workers face some form of financial insecurity. By conducting thorough background checks, employers can identify candidates with adverse financial histories, reducing the risk of hiring individuals who may struggle with financial responsibilities.
How iCOVER Supports Your Hiring Process
At iCOVER, we understand the unique challenges facing employers in the Philippines. Our Background Screening solutions in this country have undergone reviews during 2024 and are designed to enhance your hiring process while providing key benefits:
1- Adverse Financial Checks
Gain insights into candidates’ financial reliability; The Adverse Financial verification process in the Philippines provides financial default information on citizens and foreigners over 18 years of age over the last 24 months, who are or have been tax residents in the Philippines, extracted by a local registered credit bureau, with the explicit consent of the individual.
2. Insolvency and Bankruptcy Checks
Understand candidates’ financial backgrounds more comprehensively. Searches publicly available information related to the subject’s personal insolvency/bankruptcy history through insolvency and/or bankruptcy registers, court or commission filings, and gazettes. The Insolvency and Bankruptcy verification process in the Philippines provides personal insolvency information on individuals who are citizens and/or legal residents of the Philippines, through the online databases of the Supreme Court and the Court of Tax Appeals.
3. Criminal History Checks
Create a safer workplace by screening out potential risks. The subject’s criminal records are verified through criminal records databases and/or registries held by public authorities/registries or government agencies with the candidate’s explicit consent. This Criminal History Philippines verification has nationwide coverage, including citizens and foreigners over 18 years of age.
4. Civil Litigation Checks
Search the subject’s litigation records through available court files and/or databases. In Philippines specifically, The Civil Litigation verification process provides information on the participation of citizens and/or lawfully resident foreigners in civil proceedings in the jurisdiction. The data is extracted through the online databases of the Court of Appeals, the Court of Tax Appeals, and the Supreme Court of the Philippines.
Why Choose iCOVER?
When you choose iCOVER for background checks in the Philippines? Let’s take Adverse Financial Checks in the Philippines as an example, you can benefit from:
- Fast Turnaround: We deliver results fast and guarantee a quick turnaround, for example you can have an Adverse Financial Report for Philippines in just 3 working days maximum.
- Transparency: Our shared credit report for Adverse Financial Checks in the Philippines ensures you receive complete and honest information for every candidate, fostering trust in your hiring decisions and credibility.
- Affordable Solutions: Our competitive pricing, tailored to your hiring volume, helps you manage your budget effectively without compromising on quality.
- Trusted Data: Our exclusive partnership with a local registered credit bureau guarantees that you receive accurate and reliable reports, enhancing your confidence in the information provided.
A Simplified Ordering System
Our user-friendly platform simplifies the background check process. You can place orders, track progress in real-time, and access candidate reports all in one place. This streamlined system equips you to manage your hiring needs with ease and confidence. Furthermore iCOVER has one of the strongest technology stacks in the industry with complex data handling tools that ensure your data is in safe hands and structured effectively.
Conclusion: Building a Safer Future
In today’s Philippine employment landscape, background checks are essential. With rising crime rates and financial instability, ensuring your workforce’s integrity is crucial. iCOVER’s comprehensive screening services give you the confidence to make informed hiring decisions, creating a safer and more productive workplace.
Investing in background checks not only protects your business but also strengthens your reputation as a responsible employer. A reliable team leads to success and growth.
Ready to strengthen your hiring process? Contact us today to explore our background screening solutions and protect your business for a safe future!
