Call for Nominations: Paeng Microfinance Awards 2012

Dear Partners and Friends,

Rafael B. Buenaventura Micro Finance Resource Center Foundation, Inc. (the RBB Foundation) in partnership with Microfinance Council of the Philippines, Inc., the Rural Bankers Association of the Philippines-Microenterprise Access to Banking Services (RBAP-MABS), PinoyME Foundation, and the Bangko Sentral ng Pilipinas, are launching the first Rafael B. Buenaventura Award for Outstanding Microfinance Institutions (the “Paeng” Microfinance Awards).

Through this award, the RBB Foundation will recognize Microfinance Institutions (MFIs) who through their initiatives have been able to carry out exemplary work, worthy of emulation, empowering community, sector or barangay. Specifically, the Paeng Microfinance Awards will honor five (5) MFIs for their PIONEERING work in the microfinance industry. PIONEERING work can be typified either as a product, service or delivery mechanism that has been refined or innovated and introduced for the first time or, it can refer to the MFI’s entry into new or remote areas and making …

Pricing Transparency Workshop

The Rural Bankers Association of the Philippines-Microenterprise Access to Banking Services (RBAP-MABS) and the Rural Bankers Research and Development Foundation, Inc. (RBRDFI) with support of the Bangko Sentral ng Pilipinas (BSP) will hold a series of seminars on the new pricing transparency or Circular 730. Seminars for the month of March will be at the following dates and places:

  • March 8 – the Executive Business Center, Visayas Room, 5/F Multistory Bldg., BSP, FB Harrion Street, Pasay City
  • March 14 – Holiday Plaza, Cebu City
  • March 21 – Gov. Licaros Hall, RBAP Building, Intramuros, Manila
  • March 29 – Lenox Hotel, Rizal St., Dagupan City, Pangasinan
  • March 30 – Hotel Ariana, National Highway, Barrio Paringao, Bauang, La Union

Microinsurance Basic Training Course for Northern Bicol Federation on December 16-17

We are pleased to announce the Microinsurance Basic Training Course for Northern Bicol Federation is scheduled on December 16-17 at Cafe Frederico in Naga City.

This course is designed to help rural banks qualify for licensing as microinsurance agents/brokers in order to market, sell, and service microinsurance services in compliance with BSP Memo Circular 683-2010 and BSP Memo 15-2011.  This training will also provide participants with a step-by-step guide and templates for the licensing and approval process with the Insurance Commission and the Bangko Sentral ng Pilipinas.

Topics covered will include:

Module 1 >  Fundamentals of Insurance & Microinsurance

Module 2 >  Microinsurance regulations on formalization and responsible sales, marketing and distribution (includes a step-by-step guide with all forms and letters required to comply with microinsurance authorization process)

Module 3 >  Effective Marketing and Service Delivery Standards…

BSP’s New Rules on Interest Rates Promote Transparency

The new rules by the Bangko Sentral ng Pilipinas (BSP) (Circular No. 730, Series of 2011) that seek to promote transparency in loan prices by requiring all banks to charge interest based on the outstanding balance of a loan at the beginning of an interest period, and to quote the effective interest rates of loan products in their loan documents and marketing materials. The new rules will take into effect on 1 July 2012.

According to BSP, loan pricing transparency will protect consumers, promote healthy competition, and enable smooth and orderly functions of the entire financial system. This new policy will be applied to all institutions that offer credit in the Philippines including credit NGOs, credit cooperatives, lending investors, pawnshops, as well as banks.

To allow banks and other microfinance institutions to better understand their effective interest rates, MicroFinance Transparency has launched Transparent Pricing Initiative for the Philippines.  The aim …

Call for Nominations: Citi Microentrepreneur of the Year (MOTY) Awards

Dear Friends and Partners,

Citi Philippines, the Microfinance Council of the Philippines Inc., and the Bangko Sentral ng Pilipinas are conducting the ninth run of the Citi Microentrepreneur of the Year (MOTY) Awards, a nationwide search for outstanding Filipino microentrepreneurs. The awards program aims to elevate awareness of and provide support for microfinance by recognizing outstanding microentrepreneurs.

There are two awards categories: the Masikap Award and the Maunlad Award. The Masikap Award is open to microentrepreneurs who successfully started a business that is now a reliable source of income for the family. The Maunlad Award, on the other hand, is open to microentrepreneurs that have grown a business to a level that is now generating employment for people apart from household or family members.

A national awardee and three island group (Luzon, Visayas, and Mindanao) awardees will be chosen for each category. The respective prizes are as follows: PhP200,000 for …

RBAP-MABS conducts microinsurance workshop for rural banks

The Rural Bankers Research and Development Foundation, Inc. (RBRDFI) and the RBAP-MABS program supported by USAID/Philippines organized a half-day microinsurance workshop for rural banks on May 27. The workshop was primarily aimed at further enhancing the knowledge and capability of rural banks as microinsurance agents and brokers.

Facilitated by RBAP-MABS Microinsurance Consultant Michael McCord, the event was participated in by nine representatives from eight rural banks trained by RBAP in Basic Microinsurance.  Also in attendance were members of the RBAP-MABS team and two members from the RBRDFI team for microinsurance.

Mr. McCord engaged the participants in a course of simulation games and interactive group activities built on topics such as the value of microinsurance, its fundamental principles and strategies for selling microinsurance by rural banks.  While this deepened the learning of basic concepts and principles for rural bank trainees, the RBRDFI microinsurance training team picked up new approaches to expand …

Important Guidelines for Rural Banks on Other Banking Offices

To our participating rural banks:

On October 14, the BSP issued Circular no. 694: Amendment of Regulations on the Establishment of Other Banking Offices and Notes to Microfinance: BSP Circular 694 (signed document).

These were shared during the recent RBAP-MABS Regional Roundtable Conferences in Manila by Ms. Pia Roman and in Davao by Ms. Rochelle Tomas. (click to view presentation)

The new guidelines dramatically expand the range of financial services that Microfinance-Oriented Other Banking Offices (MBOS) can offer including:

Accepting micro-deposits including initial deposit
Accepting check deposits of microfinance clients for collection and credit to own deposit accounts
Disbursing/releasing proceeds of micro-loans and collect loan amortization payments and related charges
Presenting, marketing, selling and servicing microinsurance products
Receiving/paying out funds in connection with authorized remittance transactions
Acting as cash/money in and cash/money out outlet for electronic money (e-money) transactions
Collecting premiums/pay out benefits from/to members of social security institutions such