THE MICROFINANCE NGO Regulatory Council (MNRC)听said the eligibility requirements for accrediting microfinance nongovernment organizations (MF-NGO)听in 2022 to 2025 will include a fund balance of P1 million at any given time and incorporation documents identifying the NGO as specifically organized to offer microfinance services.听
According to听MNRC Memorandum Circular No. 2 Series of 2021,听MF-NGO applicants must be established as a nonstock, nonprofit corporation with minimum funds of at least P1 million upon application, and an operating track record of at least three years.
MF-NGOs听must have听corporate and trade names听that include the word 鈥渕icrofinance.鈥澨鼳pplicants may refer to the听formats outlined in听MNRC Memorandum Circular No. 1, Series of 2017.
Its Articles of Incorporation must state that听the MF-NGO听has 鈥渢he primary purpose of implementing a microenterprise development strategy and providing microfinance programs, products and services for the poor.鈥
The applicant must also designate another NGO as the receiver of its net assets in the event of dissolution, or to the government for public use, or whatever determination might be arrived at by a court.听
The articles must bar any member, officer, organizer, or any person, from being named a beneficiary of the MF-NGO鈥檚 property or income.
No trustee is allowed to receive compensation or remuneration, while administrative expenses may not exceed 30% of total expenses each year.
To be accredited, applicants must submit a copy of their operations or product manuals, specific program objectives 鈥渢o reach the poor,鈥澨齛 functioning management information system, and at least 2,500 active microfinance clients.听鈥听 Keren Concepcion G. Valmonte
