Planet Rating Recognized as Microfinance Rating Agency by Philippine
Central Bank, Bangko Sentral ng Pilipinas
by MicroCapital on Thursday, May 12, 2011 at 1:03pm
Planet Rating, a microfinance rating agency and member of the
France-based PlaNet Finance Group, has been recognized by Bangko Sentral
ng Pilipinas (BSP), the central bank of the Philippines, as a
microfinance institution (MFI) rating agency. This recognition follows
the company's establishment of a regional office in Manila in 2009.
Rating agencies need not be recognized as a prerequisite for conducting
business in the Philippines. However,
Otto Wormgoor, Operations Manager
at Planet Rating, has told MicroCapital that the firm is working with
BSP on the possibility of using ratings from recognized firms to
increase efficiencies in its supervision of MFIs.
By: Alexandra Pattee, Research Associate
About PlaNet Finance: Founded in 1998 in Paris, France, PlaNet Finance
is a nongovernmental organization (NGO) with the mission of alleviating
poverty through microfinance development. PlaNet Finance is active in
approximately 80 countries as of 2008 and is comprised of eight
independent units: PlaNet Finance Advisory Services, which provides
technical and advisory services; Planet Rating, a microfinance rating
agency; PlaNIS responsAbility SAS, which specializes in advisory
services and structuring and managing microfinance funds; MicroCred, an
investor in microfinance; PlaNet Guarantee, which specializes in
microinsurance; FinanCites, a social venture capital company; MicroFit,
a microfinance software unit; and PlaNet University, a microfinance
training provider.
About Bangko Sentral ng Pilipinas (BSP): Bangko Sentral ng Pilipinas
(BSP) is the central bank of the Republic of the Philippines.
Established in July 1993 under the provisions of the 1987 Philippine
Constitution and the New Central Bank Act of 1993, BSP took over from
the Central Bank of Philippines as the country's central monetary
authority. Headquartered in Manila, BSP has three regional offices
performing cash operations and eighteen branch offices. BSP participates
in advocacy programs concerning microfinance, financial education and
consumer protection.
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