Nomination of a Private Sector Representative to the MNRC for Years 2021 to 2023

December 11, 2020 MICROFINANCE NGO REGULATORY COUNCIL NOMINATION OF A PRIVATE SECTOR REPRESENTATIVE TO THE MNRC FOR YEARS 2021 TO 2023 NOTICE WHEREAS , Rule 3, Section 1.b. of the Implementing Rules and Regulations ("IRR") of Republic Act No. 10693, otherwise known as the Microfinance NGOs Act , provides that "[t]he three (3) representatives from the Microfinance NGO Sector shall be chosen by at least a majority of the permanent members of the [Microfinance NGO Regulatory Council ('MNRC' or 'Council') from among the nominees of organizations, associations, and alliances of Microfinance NGOs duly registered with the [Securities and Exchange Commission ('SEC')]"; WHEREAS , paragraph v of the same provision of the IRR of the Microfinance NGOs Act furthers that "[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"; WHEREAS , one (1) incumbent private sector representative retired as an officer of the Microfinance NGO he is affiliated with and consequently tendered his resignation from his post in the Council on 07 December 2020, effective January 2021; WHEREAS , the resignation of the incumbent representative has left one (1) vacancy among the MNRC private sector representatives; WHEREAS , the term of the incumbent representative will originally expire on 27 January 2023; IN VIEW OF THE FOREGOING , the organizations, associations and alliances of Microfinance NGOs duly registered with the SEC are directed to nominate qualified individuals to serve as a representative of the Microfinance NGO Sector to the Council for the unexpired term of 01 January 2021 to 27 January 2023, subject to the procedure for nomination and minimum qualifications set by the IRR of the Microfinance NGOs Act, and within sixty (60) days from the issuance of this notice. December 11, 2020, Pasay City. (SGD.) RYZPAH R. CAPICIO Secretary