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a. |
Institutes and operationalizes a system of accreditation for MF-NGOs: that shall include sound and measurable standards of financial performance, social performance and governance; |
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b. |
Issues certificate of accreditation as an MF-NGO upon determination that the criteria set for this purpose have been fully satisfied; |
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c. |
Monitors performance of the Microfinance NGOs to ensure continuing compliance with the provisions of the Act and its implementing rules and regulations; |
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d. |
Places under probation, suspend or revoke any certificate of accreditation upon due determination that a MF-NGO no longer meets the criteria for accreditation; |
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e. |
Requires regular submission of reports by MF-NGOs; |
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f. |
Collects reasonable accreditation and monitoring fees from a MF-NGO which shall be used for the accrediting entity’s operational requirements; |
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g. |
Submits an annual report to the President of the Philippines and the concerned committees of both the Houses of congress; and |
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h. |
Performs such other functions as may be necessary to accomplish the purposes and objectives of the Act. |