MFTransparency, RBAP and MCPI to Launch Transparent Pricing Initiative in the Philippines

MFTransparency, RBAP and MCPI to Launch Transparent Pricing Initiative in the Philippines

MFTransparency, a US-based nongovernmental organization (NGO) that aims to provide information on credit products and pricing, is expanding its Transparent Pricing Initiative to the Philippines in partnership with Microfinance Council of the Philippines, a trade association of microfinance organizations in the Philippines, and Rural Bankers Association of the Philippines (RBAP), a Philippines-based organization founded in 1955 to promote the rural banking industry .

The initiative will be launched in the Philippines at workshops in the cities of Manila, Davao and Iloilo. In this workshop series, Chuck Waterfield, Chief Executive Officer and President of MFTransparency, and Alexandra Fiorillo, Vice President of MFTransparency, will provide training on pricing transparency to local industry stakeholders including staff of microfinance institutions (MFIs), regulators, funders and support organizations .

Through the initiative, MFTransparency will collect and publish pricing data on microfinance products and develop education materials in an effort to foster a healthy microfinance market. The effort is sponsored by Luxembourg Cooperation, an agency that manages aid funds from the government of Luxembourg .

About MFTransparency

MFTransparency is a US-based nongovernmental organization (NGO) launched in July 2008 that aims to provide information on microcredit products and their prices. MFTransparency collects data on the interest and fees charged on microfinance loan products in order to calculate the effective interest rates on those loans. Its intention is to establish the industry standard for pricing disclosure and to facilitate a fair exchange of microfinance products between suppliers and consumers. According to its website, between the time of MFTransparency’s launch and December 2010, 691 industry stakeholders, including microfinance institutions and apex banks currently serving 107 million clients worldwide, have endorsed its efforts.

About Microfinance Council of the Philippines (MCPI)

Microfinance Council of the Philippines (MCPI) is a trade association for microfinance institutions in the Philippines. MCPI is a network of 45 institutions consisting of 36 lenders and 9 service providers that seeks to further develop the microfinance industry in the Philippines in partnership with government agencies and institutions including Bangko Sentral ng Pilipinas (BSP), Department of Finance-National Credit Council, National Anti-Poverty Commission, People’s Credit and Finance Corporation, Land Bank of the Philippines and the National Economic and Development Authority.

About Rural Bankers Association of the Philippines (RBAP)

The Rural Bankers Association of the Philippines (RBAP) is an organization founded to promote the rural banking industry in the Philippines. Founded in 1955, RBAP was established by representatives from the original eighteen rural banks operating in the Philippines. RBAP’s mission is to support its 599 members to offer banking services to their constituencies, comply with regulatory requirements and to promote the welfare of the communities in which they operate. Financial information is not available for Rural Bankers Association of the Philippines (RBAP).