Initiative of the Concerned Regulatory Authorities to Examine Microfinance NGOs.
Section 17
SEC. 17. Initiative of the Concerned Regulatory Authorities to Examine Microfinance NGOs. – The Bangko Sentral ng Pilipinas and the Insurance Commission may request the Council to examine the operations of Microfinance NGOs for the purpose of determining that the Microfinance NGOs are not engaged in unauthorized undertaking or activities which are subject to their respective jurisdictions. In case of a finding by the Council that an accredited Microfinance NGO is engaged in an unauthorized undertaking or activities subject to their said respective regulations, it shall place on probation, suspend or revoke the accreditation of the Microfinance NGO based on such ground, as may be appropriate under the circumstances.