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,
    • Resources,
    • Objectivity,
    • Independence,
    • Transparency,
    • Disclosure requirements,
    • Credibility, and
    • Internal compliance procedures; and
  • De-recognition of MIRAs.