RA 10693
On November 3, 2015, the Republic Act 10693 – An Act Strengthening Non-Government Organizations (NGOs) Engaged in Microfinance Operations for the Poor, otherwise known as the “Microfinance NGOs Act.”
As defined in the Act, a Microfinance NGO provides the poor direct access to reasonable and affordable financial products and related programs and services, business development opportunities such as leadership training and entrepreneurial skills enhancement, and human development services to help the poor achieve a level of sustainability and empowerment.
The most important provision in the Act is a duly registered and accredited Microfinance NGO shall pay a two percent (2%) tax based on its gross receipts from microfinance operations in lieu of all national taxes. Before the MF NGOs law, all micro-finance NGOs are required to pay 5% or 12% Value added tax and all other national taxes depending on the interpretations of various directors of the tax government agency.
On Tuesday, August 16, 2016 the implementing rules and regulations (IRR) of the Microfinance NGOs Act was signed in a ceremony held at Sala de Sesiones, Ayuntamiento de Manila, in Intramuros.
In addition to the Microfinance NGOs Act, APPEND Party-List representative Congressman Pablo R. Nava III has authored the following bills:
a) House Bill 3529, An Act granting tax amnesty to non-stock, non-profit organizations and corporations engaged in microfinance – now pending with the Committee on Ways and Means;
b) House Bill 354, An Act amending section 470(a) of Republic Act 7160 otherwise known as the ‘Local Government Code of 1991, thereby requiring the concurrence of the Sangguniang Bayan concerned with the list of recommendees of the governor or mayor, to be submitted to the Secretary of Finance for the position of treasurer – now pending with the Committee on Local Government;
c) House Bill 5861, An Act to amend Article Three Hundred and Sixty-five of Act No. 3815 as amended, otherwise known as the Revised Penal Code, by providing higher penalty when the offended party is riding on and/ or with bicycle along Bike Lane duly established by the national government and/ or local government unit where such bike lane is located – now pending with the Committee on Revision of Laws.
Altogether the APPEND Party-list Representative has filed 52 bills, out of which four were passed into laws. The other three laws that he co-authored are.
- Republic Act No. 10645 – The Mandatory Philhealth Coverage for all Senior Citizens;
- Republic Act No. 10644 – The Go Negosyo Act for SME and
- Republic Act No. 10643 – The Graphic Health Warning Law.
The vision of APPEND is to introduce more laws in the Philippines that will further improve the performance of all micro-finance NGOs in the Philippines.