Circularizing the Letter Issued by the Microfinance NGO Regulatory Council in Relation to the Implementation of Revenue Regulations (RR) No. 3-2017 Implementing the Tax Provisions of Republic Act (RA) No. 10693, Otherwise Known as the "Microfinance NGOs Act"

October 6, 2017 REVENUE MEMORANDUM CIRCULAR NO. 093-17 SUBJECT : Circularizing the Letter Issued by the Microfinance NGO Regulatory Council in Relation to the Implementation of Revenue Regulations (RR) No. 3-2017 Implementing the Tax Provisions of Republic Act (RA) No. 10693, Otherwise Known as the "Microfinance NGOs Act" TO : All Internal Revenue Officers and Others Concerned For the information and guidelines of all internal revenue officers, employees and others concerned, we are publishing herein the Letter from the Microfinance NGO Regulatory Council Advisory 1 on the Transitory Accreditation of Micro-Finance Non-Government Organization (MICROFINANCE NGO) dated 9 August 2017 issued by Ms. Teresita J. Herbosa, Chairperson of the MICROFINANCE NGO Regulatory Council including the Updated List of MICROFINANCE NGOs 2 with Certificate of No Derogatory Information. All concerned are hereby enjoined to be guided accordingly and to give this Circular as wide a publicity as possible. (SGD.) CAESAR R. DULAY Commissioner of Internal Revenue ANNEX A DEPARTMENT OF FINANCE DEPARTMENT OF TRADE AND INDUSTRY DEPARTMENT OF SOCIAL WELFARE AND DEVELOPMENT SECURITIES AND EXCHANGE COMMISSION Microfinance NGO Regulatory Council August 9, 2017 COMMISSIONER CAESAR R. DULAY BUREAU OF INTERNAL REVENUE Room 511, BIR National Office Building, BIR Road, Diliman, Quezon City 1101 Metro Manila Dear Commissioner Dulay: This has reference to the letter of SEC-Corporate Governance and Finance Department dated 31 March 2017 regarding the Transitional Accreditation of Microfinance NGOs (MF-NGOs) under Republic Act No. 10693 or the Microfinance NGOs Act. Section 5 of Revenue Regulations No. 3-2017 (RR 3-2017) provides that "Microfinance NGOs which have been certified by the Securities and Exchange Commission (SEC) to have no derogatory information and are deemed accredited in accordance with Section 2, Rule 11 of the IRR, as Microfinance NGOs for a period of one (1) year from the effectivity of RA No. 10693, unless sooner revoked, shall be entitled to avail of the 2% tax gross receipt tax on its income from microfinance operations." Section 7 of RR 3-2017 also provides that "[d]uly registered and accredited Microfinance NGOs including those deemed accredited under Section 2, Rule 11 of the IRR, must update their registration with their concerned Revenue District Offices to reflect their accreditation as Microfinance NGOs." In relation to the foregoing, attached hereto is an updated list of Microfinance NGOs (MF-NGOs) which were issued a Certificate of No Derogatory Information from the Securities and Exchange Commission covering the F.Y. 2016. 1 Thank you. Very truly yours, (SGD.) TERESITA J. HERBOSA Chairperson ANNEX A-1 List of MICROFINANCE NGOs with Certificate of No Derogatory Information 1. Alalay sa Kaunlaran (ASKI), Incorporated (Formerly: Alalay sa Kaunlaran (Sa Gitnang Luson), Incorporated) 2. ARDCI NGO Group, Incorporated (ARDCI) 3. ASA Philippines Foundation, Inc. 4. Bansalan Farmers Vendors Employees and Traders Association, Inc. 5. Bangko sa Balay Foundation, Inc. doing business under the name and style of BANGKO SA BALAY MICROFINANCE 6. Bayan Enterprise Developers, Growers and Evolvers, Inc. 7. Cebu Caritas, Inc. 8. Center for Agriculture & Rural Development (CARD), Inc. 9. Community Economic Ventures, Inc. (CEVI) 10. Cordillera Community and Family Assistance for Progress, Inc. 11. Ecumenical Church Foundation, Inc. (ECLOF Philippines) 12. FCB Foundation, Inc. (FCB) 13. J.M. Honrado Foundation, Inc. 14. Jaime V. Ongpin Foundation, Inc. (JVOFI) 15. Kasagana-ka Development Center, Inc. (KDCI) 16. Katuwang Resource Center, Inc. (KRCI) 17. KAZAMA Grameen, Inc. (KAZAMA) 18. KFI Center for Community Development Foundation, Inc. 19. KOLPING Microfinance, Inc. 2 20. Lead with Integrity and Good Governance in Helping Communities for Holistic Transformation (LIGHT) Microfinance, Inc. 3 21. Negros Women for Tomorrow Foundation, Inc. (NWTF) 22. Pag-Asa ng Masang Pinoy Foundation, Inc. 23. People's Alternative Livelihood Foundation of Sorsogon, Inc. 24. Rangtay sa Pagrang-ay Microfinance, Inc. (Formerly: Rangtay sa Pagrang-ay, Inc.) 25. Saklaw Foundation, Inc. 26. SEDP-Simbag sa Pag-Asenso, Inc. (Formerly: Simbag sa Pag-asenso, Inc.) 27. Serviamus Foundation, Inc. 28. Spes Pauperum Foundation, Inc. 29. St. Elizabeth Community Development Program, Inc. (SECDEP) 30. Surigao Economic Development and Microfinance Foundation, Inc. (Formerly: Surigao Economic Development Foundation, Inc.) 31. Taytay sa Kauswagan, Inc. 32. Tulay sa Pag-unlad, Inc. (TSPI) Footnotes 1. Annex "A". 2. Annex "A-1". ANNEX A 1. There may still be other MF-NGOs which were issued Certificate of No Derogatory Information which are not yet included in the list. ANNEX A-1 1. Note from the Publisher: Copied verbatim from the official document. Missing Footnote Text and Footnote Reference. 2. Incorporated on 31 August 2016. 3. Incorporated on 27 October 2015.