ASA Philippines Leads the Philippine Microfinance Industry in Pricing Transparency and Client Protection
First of 16 institutions to submit data to the Transparent Pricing Initiative in the Philippines
LANCASTER, PA USA & MANILA, PHILIPPINES August 19, 2011– ASA Philippines Foundation is the first microfinance institution in the Philippines to submit pricing data to MFTransparency, closely followed by Ahon sa Hirap (ASHI), Rizal Microbank and Kasagana-Ka Development Center (KDCI).
Other leaders in pricing disclosure include, in order of their participation: Jaime V. Ongpin Foundation Inc. (JVOFI), Rangtay sa Pagrang-ay Inc. (RSPI), Community Economic Ventures Inc. (CEVI), KAZAMA Grameen, Alalay sa Kaunlaran Inc. (ASKI), Rural Bank of Liloy Inc. (RBLI), Bangko Kabayan, People’s Bank of Caraga (PBC), Hagdan sa Pag-uswag Foundation Inc. (HSPFI), Simbag sa Pag-Asenso (SEDP) Tulay sa Pag-unlad Inc. (TSPI) and 1st Valley Bank. More information about the Transparent Pricing Initiative in the Philippines, including the full list of participating institutions and instructions for submitting data, is available here:
MFTransparency launched the Transparent Pricing Initiative in the Philippines in March 2011 with widespread support from a range of industry actors. Working in partnership with the Microfinance Council of the Philippines (MCPI) and the Rural Bankers Association of the Philippines (RBAP), MFTransparency began the Initiative with launch workshops in Mindanao, Luzon and Visayas, attended by more than 150 representatives of the leading organizations in the Philippine microfinance industry. The workshops provided participants with training on issues related to transparency and consumer protection.
ASA Philippines Foundation was the first institution in the Philippines to submit pricing data to MFTransparency. They recognized the value in the Transparent Pricing Initiative immediately, attending the workshop in Davao and scheduling a meeting with MFTransparency shortly thereafter. In just two short sessions with MFTransparency staff they quickly completed submission of their data, reflecting ASA Philippines’ core commitment to disclosing its true prices. Established in 2004, ASA Philippines is one of the youngest and fastest growing institutions in the country. This is in part due to their client-centered product design, which will be illustrated in the MFTransparency dataset once it is published and available to the industry globally.
Ahon sa Hirap (ASHI) is one of the oldest microfinance institutions in the country. Over the years, it has actively ensured that it does not drift from its social mission. Showing a strong orientation to social responsibility, it immediately set to work to complete the MFTransparency data collection requirements. ASHI’s Executive Director is also the President of MCPI, leading fellow members by example toward pricing transparency.
Kasagana-Ka Development Center Inc. (KDCI) completed its submission in an organized and swift manner. A social development organization focused on serving urban communities, it adopts microfinance as a method to empower communities economically and socially.
Rizal Microbank, a savings bank acquired by one of the top banking institutions in the Philippines Rizal Commercial Banking Corp., focuses on microlending in Mindanao. While just starting to grow its microfinance operations, it did not hesitate to take part in the initiative to show its commitment to client protection.
It is not too late to join this esteemed group of institutions. MFTransparency is still accepting data submissions in the Philippines. MFTransparency awards transparency certification to all financial institutions that submit data and commit to educating their clients on pricing. All financial institutions in the Philippines who have yet to submit their pricing data to MFTransparency are encouraged to do so, to show their clients, the Philippine microfinance market and the international microfinance community their active practice of transparency.
MicroFinance Transparency is an international non-governmental organization founded in 2008 with the purpose of facilitating transparent markets through pricing disclosure, education and policy advisory. MFTransparency represents an industry movement toward transparent practices and responsibility. Based in the United States, the group has organized transparent pricing efforts in nearly 30 countries on four continents, including India, Cambodia, Bangladesh and nearly 20 countries in Africa. For more information please visit www.mftransparency.org. Grameen Bank’s Dr. Muhammad Yunus and Elizabeth Littlefield, former CEO of CGAP, as well as more than 860 industry professionals and organizations have committed to transparent pricing by endorsing MFTransparency and its initiative. For information on MFTransparency staff, please see Who We Are.
For questions relating to this press release please contact:
To submit data to the Transparent Pricing Initiative in the Philippines, please contact:
Laila Q. Deles
Our experts in the Philippines are available for in-person data collection visits to your institution. Please contact us to set up an appointment.
The Transparent Pricing Initiative in the Philippines is sponsored by Luxembourg Cooperation and MicroNed
Also in partnership with: