The National Credit Council (NCC), an inter-agency body chaired by the Department of Finance (DOF), formulated and approved the Regulatory Framework for Microfinance Institutions in July 2002. The framework specifically directed the NCC, in coordination with concerned stakeholders, to formulate and develop a uniform set of performance standards that will cut across all types of institutions involved in microfinance. These standards will serve as the microfinance industry benchmarks to allow the comparison of performance among all institutions engaged in the delivery of microfinance services. These benchmarks will also guide regulators in the assessment of financial institutions under their supervision. The Performance Standards for All Types of Microfinance Institutions are based on international best practices, industry benchmarks, and ratios that are being used by different players in the microfinance industry.