Tag: BSP

Latest UpdatesMicroinsurance

USAID and RBAP Receive BSP Financial Inclusion Partner Award

At the 2012 Awards Ceremony and Appreciation Lunch for stakeholders on July 4, 2012, the Bangko Sentral ng Pilipinas (BSP) presented the United States Agency for International Development (USAID) and the Rural Bankers Association of the Philippines (RBAP) the Financial Inclusion Partner Award for the implementation of the USAID-supported RBAP-Microenterprise Access to Banking Services (RBAP-MABS) Program. BSP Governor Amando M. Tetangco Jr. and members of the Monetary Board hosted the event that was attended by several BSP partner institutions from the National Capital Region (NCR). This annual event is held by the BSP to recognize the significant contribution of partner institutions and to honor those who have exhibited sustained support considered to be above par with respect to their contemporaries.

The Financial Inclusion Partner Award recognizes the 15-year partnership between the USAID and RBAP, which has provided vital contribution to the BSP’s work in financial inclusion, policy development, capacity building,

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Latest UpdatesMicroinsurance

2012 RBAP-MABS Microfinance Conference and Awards Ceremony

Over 200 rural bankers and other participants throughout the Philippines attended the 2012 National Roundtable Conference organized by the Rural Bankers Association of the Philippines (RBAP) – Microenterprise Access to Banking Services (MABS) Program. The two-day conference is a gathering of all RBAP-MABS participating banks to share and exchange experiences on microfinance operations, new developments in the field, and marks the Programs’ 15th anniversary. The United States Chargé d’Affaires, Ms. Leslie Bassett, opened the 15th year anniversary of RBAP-MABS and Awards Dinner along with Bangko Sentral ng Pilipinas’ Monetary Board Member Ignacio Bunye.

The MABS Program, now on its 15th year, was developed by the United States Agency for International Development (USAID) in partnership with RBAP.  The Program is overseen by the Office of the President through the Mindanao Development Authority.  The Program works with rural banks to develop their capacity to profitably provide financial services – microloans, microdeposits, microinsurance, …

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In the NewsLatest Updates

Phl has best microfinance framework

Philippine Star – The Philippines has the best policy and regulatory framework for microfinance in the world, according to the Economic Intelligence Unit (EIU).

The EIU is a global consultancy and research outfit that helps business leaders prepare for opportunity, empowering them to act with confidence when making strategic decisions.

Bangko Sentral ng Pilipinas (BSP) Monetary Board member Ignacio R. Bunye said one of the key reasons for the distinction is the existence of a regulator that issues supportive and enabling policy as well as capacity building regulations.

“Our main approach as been, and will continue to be, to facilitate the delivery of commercially sustainable microfinance products and services,” Bunye said during awarding ceremonies of the Rural Bankers Association of the Philippines – Microenterprise Access to Banking Services (RBAP-MABS) program.

A few years back, the BSP was recognized as the only central bank that was encouraging the practice …

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Latest UpdatesMicroinsurance

Banks Now Serve 1 Million Active Micro-Borrowers

Opening the 2012 National Roundtable Conference of the Rural Bankers Association of the Philippines – Microenterprise Access to Banking Services Program (RBAP-MABS) on June 7, 2012, Ms. Chuchi Fonacier, Managing Director of Bangko Sentral ng Pilipinas (BSP), cited a set of impressive statistics on how banks in the Philippines have now expanded access to microfinance services.

In her keynote address before the participants of the conference, she cited BSP data on the lending side: 190 banks with microfinance operations are reaching about one million active borrowers with an outstanding loan portfolio of PhP 7.2 billion (US$170 million). In addition to micro-loans, the BSP has been actively expanding the definition of microfinance to encourage banks to offer a broader range of inclusive financial services in the countryside.

Taking advantage of the regulations, twenty-two (22) banks have introduced micro-agri loan products to their clients; twenty-four (24) banks are offering housing microfinance; while …

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AnnouncementsLatest Updates

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 …

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Latest Updates

RBAP-MABS Prepares Rural Banks for the New Effective Interest Rate Calculation Rules

The first of a series of seminar workshops to prepare banks for the new rules on effective interest rate calculations was held at the Bangko Sentral ng Pilipinas (BSP) Complex at Pasay City last March 8, 2012 to discuss the new regulations and what banks must prepare for. Attended by participants from fifteen (15) rural banks, the workshop was conducted by the United States Agency for International Development-supported Rural Bankers Association of the Philippines-Microenterprise Access to Banking Services (RBAP-MABS) Program, together with the Rural Bankers Research and Development Foundation, Inc. (RBRDFI). Representatives from the BSP were on hand to answer questions from the participants.

At the seminar participants learned about how effective interest rates (EIR) are calculated based on BSP Circular 730 and BSP Memorandum M-2011-040. The circular, entitled “Updated Rules in Implementing the Truth in Lending Act to Enhance Loan Transaction Transparency”, aims to disclose the effective …

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AnnouncementsLatest Updates

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
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Latest UpdatesMicroinsurance

RBAP-MABS Microinsurance Partners Recognized at Gabi ng Parangal

To culminate Microinsurance Month, the Insurance Commission spearheaded an awarding ceremony themed “Gabi ng Parangal at Pasasalamat sa mga Tagapagtaguyod ng Microinsurance” to recognize organizations promoting microinsurance in the country. The awarding ceremony was held on January 31 at the Philippine International Convention Center.

Four partner insurance providers and two participating banks of the United States Agency for International Development-supported Rural Bankers Association of the Philippines-Microenterprise Access to Banking Services (RBAP-MABS) Program were among those recognized during the ceremony. Country Bankers Life Insurance Corporation, Mapfre Insular, Pioneer Insurance, and Philippine Prudential Life Inc., were cited as outstanding life and non-life commercial companies while the Rural Bank of Talisayan and Katipunan Bank were recognized for their mutual benefit associations.

Since 2008, RBAP-MABS has been collaborating with rural banks and the regulatory institutions to improve access to insurance options of low-income households. To do this, RBAP-MABS works with the insurance-providers …

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Latest UpdatesMABS Highlights

Rural Banks Prepare for Pricing Transparency

In preparation for the Bangko Sentral ng Pilipinas (BSP) regulation on effective interest rate calculations, Ms. Leila Deles of Microfinance Transparency (MFT) showed how this regulation impacts on how interest rates are disclosed to clients and the profitability of microloans.

Ms. Deles set the context of the session by emphasizing that pricing transparency refers to the terms and the condition where financial products are disclosed to clients in a manner that allows both accurate understanding of prices and comparison of different products. She also provided information on the promotion of transparency, data collection, standardization of pricing calculations, and development of educational materials to support this initiative. More importantly, MFT consulted with regulators and policy makers to establish the basis for pricing in the microfinance sector.

She also gave updates on MFT’s transparent pricing initiative in the country by showing the different perspectives about transparency from regulators, investors, and clients. In …

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AnnouncementsLatest UpdatesMABS Reports

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 …

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