JK&C LIBRARYSEC Memorandum Circular No. 2, s. 2006
Overview
SEC Memorandum Circular No. 2, Series of 2006 sets requirements for non-stock, non-profit corporations, including non-government organizations (NGOs), that intend to engage in microfinance activities in the Philippines.
The circular requires these organizations to expressly identify their microfinance activities in their corporate documents. Their Articles of Incorporation must state that they will conduct microfinance operations pursuant to Republic Act No. 8425, also known as the Social Reform and Poverty Alleviation Act.
The circular also requires the phrase “microfinance operations pursuant to RA 8425” to be included in the purposes section of the corporation’s General Information Sheet (GIS).
Existing non-stock, non-profit corporations already engaged in microfinance operations were directed to submit the appropriate documents, including amended Articles of Incorporation and GIS, within the prescribed period.
Full Text
Overview
SEC Memorandum Circular No. 2, Series of 2006 sets requirements for non-stock, non-profit corporations, including non-government organizations (NGOs), that intend to engage in microfinance activities in the Philippines. The circular requires these organizations to expressly identify their microfinance activities in their corporate documents. Their Articles of Incorporation must state that they will conduct microfinance operations pursuant to Republic Act No. 8425, also known as the Social Reform and Poverty Alleviation Act. The circular also requires the phrase “microfinance operations pursuant to RA 8425” to be included in the purposes section of the corporation's General Information Sheet (GIS). Existing non-stock, non-profit corporations already engaged in microfinance operations were directed to submit the appropriate documents, including amended Articles of Incorporation and GIS, within the prescribed period.
Full Text
REPUBLIC OF THE PHILIPPINES
SECURITIES AND EXCHANGE COMMISSION
SEC Building, EDSA, Greenhills
City of Mandaluyong, Metro Manila
SEC MEMORANDUM CIRCULAR NO. 2
Series of 2006
All non-stock, non-profit corporations, including nongovernment organizations (NGOs), that intend to engage in microfinance activities in the Philippines shall:
• state in the purpose clause of their Articles of Incorporation that they shall conduct microfinance ,operations pursuant to Republic Act No. 8425, the Social Reform and Poverty Alleviation Act;
• include "microfinance operations pursuant to RA 8425" in the purposes box of their General Information Sheet (GIS).
NGOs, as defined by RA 8425, refer to "duly registered non-stock, nonprofit organizations focusing on the upliftment of the basic or disadvantaged sectors of society by providing advocacy, training, community organizing, research, access to resources and other similar activities".
The non-stock, non-profit corporations presently engaged in microfinance operations in the Philippines are hereby directed to file with the Commission within thirty (30) days from the effective date of this Memorandum Circular the appropriate documents, such as amended Articles of Incorporation (AAI) and GIS, which will show compliance with the information requirements enumerated in the past preceding paragraph.
The failure to file the AAI and GIS within the prescribed period shall make the parties concerned liable for the penalties provided by law.
This Memorandum Circular shall take effect fifteen (15) days after its publication in a newspaper of general circulation.
January 18, 2006.
Mandaluyong City, Philiæines.
FE B. BARIN
Chairperson
Official PDF
If the preview does not load in your browser, use Open Full PDF.
Source
Official URL: https://www.sec.gov.ph/mc-2006/sec-memorandum-circular-no-02-9/#gsc.tab=0
Citation
Securities and Exchange Commission (SEC), Memorandum Circular, SEC Memorandum Circular No. 2, s. 2006, SEC Memorandum Circular No. 2, s. 2006, 2006-01-18
Share
Source
Citation
Securities and Exchange Commission (SEC), Memorandum Circular, SEC Memorandum Circular No. 2, s. 2006, SEC Memorandum Circular No. 2, s. 2006, 2006-01-18