Section 11Sec./Art. 11

Functions and Responsibilities of the Microfinance NGO Regulatory Council. As the accrediting entity, the Council shall have the following functions and responsibilities:

(a) Institute and operationalize a system of accreditation for Microfinance NGOs: Provided, That the criteria for accreditation shall include sound and measurable standards of financial performance, social performance and governance, pursuant to Sections 12 to 16 of this Act;

(b) Issue certificate of accreditation as a Microfinance NGO upon determination that the criteria set for this purpose have been fully satisfied: Provided, That the certificate of accreditation shall be valid only for such period as may be prescribed under the implementing rules and regulations of this Act;

(c) Monitor the performance of Microfinance NGOs to ensure continuing compliance with the provisions of this Act and its implementing rules and regulations;

(d) Place under probation, suspend or revoke any certificate of accreditation upon due determination that a Microfinance NGO no longer meets the criteria for accreditation;

(e) Require regular submission of reports by Microfinance NGOs;

(f) Collect reasonable accreditation and monitoring fees from a Microfinance NGO which shall be used for the accrediting entitys operational requirements;

(g) Submit an annual report to the President of the Philippines and the concerned committees of both Houses of Congress; and

(h) Perform such other functions as may be necessary to accomplish the purposes and objectives of this Act.