THE Securities and Exchange Commission (SEC) on Friday defined how microfinance non-authorities businesses or NGOs may be approved underneath Republic Act No. 10693 or the Microfinance NGOs Act following the recent signing of its enforcing rules and rules (IRR).
The new regulation, which seeks to engage microfinance NGOs to promote pro-terrible economic and credit score services, gives for the formation of a Microfinance NGO Regulatory Council.
The council has the strength to accredit, reveal, behavior inspections, or even revoke certifications of microfinance NGOs to uphold standards within the audit of account books, information and papers of the NGOs.
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