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A. Republic Act (R.A.) 10693 Otherwise Known as “Microfinance NGOs Act” |
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“An act strengthening Nongovernment Organizations (NGOs) Engaged in Microfinance for the Poor” was approved on 03 November 2015. It was published in Manila Bulletin on 09 November 2015 and became effective on 25 November 2015, fifteen (15) days after its publication. |
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The Law was enacted by virtue of the policy of the State to pursue a program of poverty eradication wherein poor Filipino families shall be encouraged to undertake entrepreneurial activities to meet their minimum basic needs. |
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The Law shall apply to all NGOs with the primary purpose of implementing a microenterprise development strategy and providing microfinance programs, products and services for the poor. These shall be referred to as “Microfinance NGOs” (MF-NGOs). |
