Section 9Sec./Art. 9

Establishment of the Microfinance NGO Regulatory Council. The SEC shall establish an accrediting body to be known as the Microfinance NGO Regulatory Council, herein referred to as the Council. The Council shall be composed of four (4) permanent members and three (3) members from the Microfinance NGO sector.

The permanent members of the Council shall be composed of the following:

(a) The Chairman of the SEC or designated representative as the Chairperson of the Council;

(b) The Secretary of the Department of Trade and Industry (DTI) or designated representative;

(c) The Secretary of the Department of Finance (DOF) or designated representative; and

(d) The Secretary of the Department of Social Welfare and Development (DSWD) or designated representative.

The three (3) representatives from the Microfinance NGO sector shall be chosen by at least majority of the permanent members of the Council from among the nominees of organizations, associations, and alliances of Microfinance NGOs duly registered with the SEC. They shall serve for a term of three (3) years.

Once the full membership of the Council is obtained, all members of the Council are entitled to one (1) vote each in the conduct of its business.

The Council shall be assisted by a secretariat to be lodged in the SEC, which shall coordinate the activities involved in the accreditation process.