The Transparent Pricing Initiative in the Philippines has published standardized pricing data from 43 microfinance providers, representing USD $351 Million in loan portfolio and 2.2 million active borrowers, whom over 80% are women. Launched in 2011 the Initiative is funded by MicroNed.
Microfinance in PhilippinesThe majority of banks, non-bank financial institutions and rural banks are included in the supervisory framework of the Central Bank of the Philippines. Cooperative societies are overseen by the Cooperative Development Authority. However, a significant part of the Philippines microfinance market consists of NGO MFIs, pawn shops and credit unions who are not included in the formal regulatory oversight. The Philippines has a long standing Truth in Lending Act No. 3765 issued in 1963. This Act has been strengthened by the issuance of the Microfinance Consumer Protection Guidebook of 2007.
Following the success of the Transparent Pricing Initiative in the Philippines, the Central Bank has updated the truth-in-lending act with the issuance of Circular No. 730. The Circular aims to promote responsible finance and consumer protection. It specifies requirements for pricing disclosure and reporting, and mandates the use of declining balance as the interest computation method. It requires interest rates to be communicated using Effective Interest Rate (EIR) terms. It is expected that the diverse nature of the Philippines microfinance providers may pose a challenge in the tracking and enforcement of activities related to consumer protection and responsible practices.
Philippines Institutions
Institution | # Borrowers | Portfolio (US$) | Products | Transp. Index | Participating Since | Age of Data |
---|---|---|---|---|---|---|
1st Valley Bank | 38,900 | 48,291,000 | 3 | 38 | 2011-Nov | 157 mos. |
AJDFI | 13,100 | 884,000 | 6 | 31 | 2011-Nov | 157 mos. |
ARDCI | 44,600 | 9,403,000 | 1 | 38 | 2011-Nov | 157 mos. |
ASA Philippines | 333,400 | 29,282,000 | 1 | 47 | 2011-Nov | 157 mos. |
ASHI | 35,400 | 5,231,000 | 6 | 36 | 2011-Nov | 157 mos. |
ASKI | 60,000 | 15,247,000 | 4 | 35 | 2011-Nov | 157 mos. |
Bangko Kabayan | 8,900 | 2,373,000 | 2 | 41 | 2011-Nov | 157 mos. |
BSEI | 600 | 73,000 | 2 | 31 | 2011-Nov | 157 mos. |
CBI | 8,100 | 2,010,000 | 5 | 31 | 2011-Nov | 157 mos. |
CCT | 70,300 | 9,504,000 | 4 | 29 | 2011-Nov | 157 mos. |
CEV | 35,400 | 5,111,000 | 4 | 29 | 2011-Nov | 157 mos. |
DSPI | 59,300 | 3,676,000 | 3 | 29 | 2011-Nov | 157 mos. |
ECLOF | 5,400 | 1,836,000 | 4 | 67 | 2011-Nov | 157 mos. |
FCB | 12,000 | 2,392,000 | 2 | 30 | 2011-Nov | 157 mos. |
FMB | 2,700 | 710,000 | 2 | 25 | 2011-Nov | 157 mos. |
GM Bank | 23,500 | 1,553,000 | 3 | 24 | 2011-Nov | 157 mos. |
HSPFI | 19,100 | 1,899,000 | 2 | 28 | 2011-Nov | 157 mos. |
JVOFI | 1,300 | 281,000 | 1 | 28 | 2011-Nov | 157 mos. |
Katipunan Bank | 42,100 | 5,325,000 | 2 | 26 | 2011-Nov | 157 mos. |
KDCI | 20,500 | 2,095,000 | 3 | 37 | 2011-Nov | 157 mos. |
KGI | 32,300 | 3,421,000 | 4 | 41 | 2011-Nov | 157 mos. |
KMBI | 245,000 | 15,098,000 | 1 | 34 | 2011-Nov | 157 mos. |
LTMPC | 37,400 | 8,935,000 | 3 | 56 | 2011-Nov | 157 mos. |
Mallig Plains | 6,500 | 641,000 | 2 | 28 | 2011-Nov | 157 mos. |
MILAMDEC | 29,800 | 3,278,000 | 2 | 19 | 2011-Nov | 157 mos. |
MWIMPC | 11,800 | 1,740,000 | 4 | 36 | 2011-Dec | 156 mos. |
NWTF | 105,500 | 12,698,000 | 5 | 28 | 2011-Nov | 157 mos. |
OFMPC | 4,400 | 964,000 | 1 | 35 | 2011-Nov | 157 mos. |
PBC | 50,700 | 10,434,000 | 4 | 44 | 2011-Nov | 157 mos. |
PCSD | 700 | 167,000 | 1 | 22 | 2011-Nov | 157 mos. |
PMPC | 23,500 | 5,565,000 | 8 | 38 | 2011-Nov | 157 mos. |
RB Angeles | 900 | 1,502,000 | 2 | 38 | 2011-Nov | 157 mos. |
RB Labason | 500 | 289,000 | 1 | 39 | 2011-Nov | 157 mos. |
RBLI | 5,200 | 1,026,000 | 2 | 27 | 2011-Nov | 157 mos. |
RBMI | 11,900 | 1,750,000 | 2 | 12 | 2011-Nov | 157 mos. |
RMB | 100 | 173,000 | 1 | 32 | 2011-Nov | 157 mos. |
RSPI | 39,600 | 2,834,000 | 4 | 33 | 2011-Nov | 157 mos. |
SAFRAGEMC | 1,100 | 229,000 | 1 | 23 | 2011-Nov | 157 mos. |
Salve | 10,900 | 1,191,000 | 3 | 36 | 2011-Nov | 157 mos. |
SEDP | 27,000 | 3,914,000 | 3 | 26 | 2011-Nov | 157 mos. |
TSKI | 212,900 | 25,187,000 | 2 | 36 | 2011-Nov | 157 mos. |
TSPI | 264,500 | 31,290,000 | 7 | 42 | 2011-Nov | 157 mos. |
Valient | 1,700 | 672,000 | 2 | 43 | 2011-Nov | 157 mos. |