Microfinance Council of the Philippines (MCPI) President Ruben de Lara backs the passage of House Bill 4243 or the “MicroEnterprise Development Institution Act of 2008,” which focuses on development of microfinance sector by encouraging the establishment of MicroEnterprise Development Institutions (MEDIs). Once passed into law, existing non-profit organizations that provide microfinance lending would become accredited as a MEDI by the Securities and Exchange Commission (SEC). Once accredited, MEDIs would be subject to a 2% tax on their gross income, the proceeds of which will be deposited into a trust fund which will be used by the government to pursue poverty alleviation programs. Under the legislation, MEDIs would be subject to regulation by relevant regulatory agencies before they are permitted to undertake deposit-taking activities, engage in insurance business, or carry out fund management. Mr. de Lara hopes that under the bill, MEDIs would offer Filipino families access not only to credit but also to all related micro-finance services, such as insurance, health care, education and housing.
About MCPI:
MCPI consists of a trade association of forty-four institutions working towards the rapid development of the microfinance industry in the Philippines. The mission is to create a national network of microfinance practitioners and allied service institutions that are committed to the reduction of poverty in the Philippines through equitable access to financial and non-financial services. MCPI website: http://www.microfinancecouncil.org/
Bibliography:
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Microfinance+Council+of+the+Philippines+%28MCPI%29
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