THE Securities and Exchange Commission (SEC) said Tuesday that it is soliciting nominations from the private sector for individuals to serve on the Microfinance NGO Regulatory Council (MNRC), following a recent vacancy due to resignation.
The MNRC is an accrediting body made up of four permanent members and three members from the microfinance sector. These three representatives must be endorsed by a majority of the council’s permanent members, with a term of three years, according to the Microfinance NGOs Act.
In a notice posted on its website, the SEC said that organizations, associations and alliances of microfinance NGOs (non-government organizations) registered with the SEC can propose nominees to serve on the MNRC for a term starting Jan. 1, 2021 and ending on Jan. 27, 2023.
The nomination process is outlined in the implementing rules and regulations of the Microfinance NGOs Act, the SEC said.
“[T]he procedure for nomination and appointment of a representative from the private sector shall be the same in case of vacancy. The appointment shall only be for the unexpired term of the predecessor but the appointed representative may be eligible for reappointment, subject to the prescribed qualification and nomination procedures,” the SEC said.
As of May 12, 2020, 30 microfinance NGOs accredited with the MNRC. — Angelica Y. Yang