MICROCAPITAL BRIEF: MFTransparency Announces First Microfinance Data Submissions for Transparent Pricing Initiative in the Philippines

MFTransparency, a US-based nongovernmental organization (NGO) that collects and publishes information on microcredit products and pricing, recently received the first data submissions from Filipino microfinance institutions (MFIs) that are participating in its “Transparent Pricing Initiative.” Sixteen MFIs have so far submitted data to the program, which expanded to the Philippines in March 2011 in partnership with the Microfinance Council of the Philippines (MCPI), an association of MFIs in the country, and the Rural Bankers Association of the Philippines (RBAP), a nonprofit organization that supports the rural banking sector. The project is sponsored by MicroNed, a Netherlands-based technical service provider and microfinance consultant, and Luxembourg Development Cooperation, the country’s agency in charge of allocating international aid. Through this initiative as well as efforts in 23 other countries, MFTransparency is aggregating and publicizing pricing data, as well as organizing training sessions that cover topics in transparency and consumer protection.

The first sixteen MFIs to submit data are ASA Philippines, Ahon Sa Hirap, Incorporated (ASHI), Kasagana-Ka Development Center Incorporated (KDCI), Rizal Microbank, Jaime V Ongpin Foundation Incorporated (JVOFI), Rangtay sa Pagrang-ay Incorporated (RSPI), Community Economic Ventures Incorporated (CEVI), Kazama Grameen, Alalay sa Kaunlaran Incorporated (ASKI), Rural Bank of Liloy Incorporated (RBLI), People’s Bank of Caraga (PBC), Hagdan sa Pag-uswag Foundation Incorporated (HSPFI), Bangko Kabayan, Simbag sa Pag-Asenso, TSPI Development Corporation and 1st Valley Bank. According to an MFTransparency press release, 32 additional MFIs in the Philippines have begun the data submission process.

The data will be posted on the MFTransparency website after it has been processed and standardized. Data from microfinance products in nine other countries is available on the MFTransparency website as of August 2011.

By Rohan Trivedi, Research Associate

About MFTransparency:
MFTransparency is a US-based nongovernmental organization (NGO) that was launched in July 2008 to provide information on microcredit products and their prices. MFTransparency collects data on the interest and fees charged on microfinance loan products in order to calculate the effective interest rates on those loans. Its intention is to establish the industry standard for pricing disclosure and to facilitate a fair exchange of microfinance products between suppliers and consumers. According to its website, between the time of MFTransparency’s launch and December 2010, 691 industry stakeholders, including microfinance institutions and apex banks currently serving 107 million clients worldwide, have endorsed its efforts. Data from microfinance products in nine countries is available on the MFTransparency website as of August 2011. Sixteen countries are currently participating in the data collection stage.

About Microfinance Council of the Philippines (MCPI):
Microfinance Council of the Philippines (MCPI) is a trade association for microfinance-related organizations in the Philippines. MCPI is a network of 36 lenders and 9 service providers that seeks to further develop the microfinance industry in the Philippines in partnership with government agencies and institutions including Bangko Sentral ng Pilipinas (BSP), Department of Finance-National Credit Council, National Anti-Poverty Commission, People’s Credit and Finance Corporation, Land Bank of the Philippines and the National Economic and Development Authority.

About Rural Bankers Association of the Philippines (RBAP):
The Rural Bankers Association of the Philippines (RBAP) is an organization founded to promote the rural banking industry in the Philippines. Founded in 1955, RBAP was established by representatives from the original eighteen rural banks operating in the Philippines. RBAP’s mission is to support its 599 members to offer banking services to their constituencies, comply with regulatory requirements and to promote the welfare of the communities in which they operate. Financial information is not available for Rural Bankers Association of the Philippines (RBAP).

Sources and Additional Resources:

[1] MFTransparency Press Release: “ASA Philippines Leads the Philippine Microfinance Industry in Pricing Transparency and Client Protection”, http://www.mftransparency.org/pages/2011/08/19/asa-philippines-leads-the-philippine-microfinance-industry-in-pricing-transparency-and-client-protection/

[2] MicroCapital.org story, March 20, 2011: “MICROCAPITAL BRIEF: MFTransparency, Rural Bankers Association, Microfinance Council of the Philippines to Launch Transparent Pricing Initiative”, https://www.microcapital.org/microcapital-brief-mftransparency-rural-bankers-association-microfinance-council-of-the-philippines-to-launch-transparent-pricing-initiative/

MicroCapital.org story, June 20, 2011: “MICROCAPITAL BRIEF: MFTransparency Announces First Microfinance Data Submissions for Ghana Transparent Pricing Initiative”, https://www.microcapital.org/microcapital-brief-mftransparency-announces-first-microfinance-data-submissions-for-ghana-transparent-pricing-initiative/

MicroCapital Universe Profile: MFTransparency, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=MFTransparency

MicroCapital Universe Profile: Microfinance Council of the Philippines (MCPI), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Microfinance+Council+of+the+Philippines+%28MCPI%29

MicroCapital Universe Profile:: Rural Bankers Association of the Philippines (RBAP), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Rural+Bankers+Association+of+the+Philippines+%28RBAP%29

Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/

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