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Circular No. 685 (microfinance institution rating agencies)
(enacted in 2010)
Circular No. 685 of 2010, issued by the Bangko Sentral ng Pilipinas (BSP), provides rules and regulations governing the recognition/derecognition of Microfinance Institution Rating Agencies (MIRAs), which are third-party rating agencies of microfinance institutions or banks with microfinance operations in the Philippines.
This circular covers the following topics:
- Pre-qualification requirements;
- Minimum eligibility criteria regarding:
- Organizational structure,
- Disclosure requirements,
- Credibility, and
- Internal compliance procedures; and
- De-recognition of MIRAs.