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Republic Act (RA) no. 10693 (the ‘Act’), otherwise known as “Microfinance NGOs Act,” was signed into law last November 3, 2015. This is in line with the declared policy of the State to pursue programs of poverty alleviation encouraging Filipino families to embark on entrepreneurial activities to meet their needs in partnership with the Government. On August 16, 2016, Implementing Rules and Regulations (IRR) RA No. 10693 were approved. On November 25, 2016, Revenue Memorandum Circular No. 124-2016 circularized the said IRR. Revenue Memorandum Circular No. 31-2017 was issued on April 2017 by Microfinance NGO Regulatory Council (the ‘Council’) in relation to the implementation of Revenue Regulations (RR) No. 3-2017 implementing the tax provision of the Act.

As a condition for the availment of the incentives under the Implementing Rules and Regulation (IRR) of Republic Act No. 10693, otherwise known as the Microfinance NGOs Act, Microfinance NGOs must secure accreditation from the Microfinance NGO Regulatory Council (the ‘Council’).

Click here to view UHY MAC 2017012 Advisory RR3-2017 for your reference.