Planet Rating, a microfinance rating agency and member of the France-based PlaNet Finance Group, has been recognized by Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, as a microfinance institution (MFI) rating agency. This recognition follows the company’s establishment of a regional office in Manila in 2009.
Rating agencies need not be recognized as a prerequisite for conducting business in the Philippines. However, Otto Wormgoor, Operations Manager at Planet Rating, has told MicroCapital that the firm is working with BSP on the possibility of using ratings from recognized firms to increase efficiencies in its supervision of MFIs.
By: Alexandra Pattee, Research Associate
About PlaNet Finance: Founded in 1998 in Paris, France, PlaNet Finance is a nongovernmental organization (NGO) with the mission of alleviating poverty through microfinance development. PlaNet Finance is active in approximately 80 countries as of 2008 and is comprised of eight independent units: PlaNet Finance Advisory Services, which provides technical and advisory services; Planet Rating, a microfinance rating agency; PlaNIS responsAbility SAS, which specializes in advisory services and structuring and managing microfinance funds; MicroCred, an investor in microfinance; PlaNet Guarantee, which specializes in microinsurance; FinanCites, a social venture capital company; MicroFit, a microfinance software unit; and PlaNet University, a microfinance training provider.
About Bangko Sentral ng Pilipinas (BSP): Bangko Sentral ng Pilipinas (BSP) is the central bank of the Republic of the Philippines. Established in July 1993 under the provisions of the 1987 Philippine Constitution and the New Central Bank Act of 1993, BSP took over from the Central Bank of Philippines as the country’s central monetary authority. Headquartered in Manila, BSP has three regional offices performing cash operations and eighteen branch offices. BSP participates in advocacy programs concerning microfinance, financial education and consumer protection.
Sources and Resources:
[1] Planet Rating Press Release, “Planet Rating receives recognition from Philippines Central Bank”, Submitted directly to MicroCapital
[2] The Philippine Star, “BSP sets rules on recognition of microfinance rating agencies”, http://www.philstar.com/Article.aspx?articleId=562700&publicationSubCategoryId=66
[3] Direct communications between PlaNet Finance and MicroCapital
MicroCapital.org Article, March 30, 2011, “Bangko Sentral ng Pilipinas (BSP) to Allow Only “Trained and Documented” Financial Institutions to Offer Microinsurance in the Philippines”, https://www.microcapital.org/microcapital-brief-bangko-sentral-ng-pilipinas-bsp-to-allow-only-?trained-and-documented?-financial-institutions-to-offer-microinsurance-in-the-philippines/
MicroCapital.org Article, March 20, 2011, “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 Article, March 1, 2011, “Bangko Sentral ng Pilipinas (BSP) Study Indicates High Density, Advanced Technology, Larger Profits in Philippine Banking Sector”, https://www.microcapital.org/microcapital-brief-bangko-sentral-ng-pilipinas-bsp-study-indicates-high-density-advanced-technology-larger-profits-in-philippine-banking-sector/
MicroCapital.org Article, October 19, 2011, “Bangko Sentral ng Pilipinas (BSP) Approves Establishment of Microfinance Institutions in Underserved Areas of the Philippines”, https://www.microcapital.org/microcapital-brief-bangko-sentral-ng-pilipinas-bsp-approves-establishment-of-microfinance-institutions-in-underserved-areas-of-the-philippines/
MicroCapital.org Article, September 3, 2009, “Philippines-Based MFI CARD Raises $10.4 Million In A 5-Year Privately Placed Bond Issue Supported By Grameen Growth Guarantee Program And “A(-)” Rating By Planet Rating To Expand Its Microfinance Business”, https://www.microcapital.org/microcapitalorg-story-philippines-based-mfi-card-raises-104-million-in-a-5-year-privately-placed-bond-issue-supported-by-grameen-growth-guarantee-program-and-a-rating-by-planet-rating-to-ex/
MicroCapital’s Microfinance Universe: PlaNet Finance: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=PlaNet+Finance+India
MicroCapital’s Microfinance Universe: Bangko Sentral ng Pilipinas (BSP), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Bangko+Sentral+ng+Pilipinas+%28BSP%29%2C
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/
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