Microfinance NGO Regulatory Council

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About MNRC

   
  A. Republic Act (R.A.) 10693 Otherwise Known as “Microfinance NGOs Act”
    • “An act strengthening Nongovernment Organizations (NGOs) Engaged in Microfinance for the Poor” was approved on 03 November 2015. It was published in Manila Bulletin on 09 November 2015 and became effective on 25 November 2015, fifteen (15) days after its publication.
    • The Law was enacted by virtue of the policy of the State to pursue a program of poverty eradication wherein poor Filipino families shall be encouraged to undertake entrepreneurial activities to meet their minimum basic needs.
    • The Law shall apply to all NGOs with the primary purpose of implementing a microenterprise development strategy and providing microfinance programs, products and services for the poor. These shall be referred to as “Microfinance NGOs” (MF-NGOs).
  B. Implementing Rules and Regulations of R.A. No. 10693
    • The Implementing Rules and Regulations (IRR) of R.A. No. 10693 was signed on 16 August 2016 by the permanent members.

FUNCTIONS

 
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;
 
b.
 Issues certificate of accreditation as an MF-NGO upon determination that the criteria set for this purpose have been fully satisfied;
 
c.
 Monitors performance of the Microfinance NGOs to ensure continuing compliance with the provisions of the Act and its implementing rules and regulations;
 
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;
 
e.
 Requires regular submission of reports by MF-NGOs;
 
f.
 Collects reasonable accreditation and monitoring fees from a MF-NGO which shall be used for the accrediting entity’s operational requirements;
 
g.
 Submits an annual report to the President of the Philippines and the concerned committees of both the Houses of congress; and
 
h.
 Performs such other functions as may be necessary to accomplish the purposes and objectives of the Act.