To complement these regulatory initiatives, we are also strengthening our ability to supervise the activity of microfinance-oriented banks. We are currently finalizing revisions to the BSP manual of examination to incorporate microfinance operations. We have started to train a core group of bank examiners knowledgeable in microfinance operations.
We are also intensifying our efforts, in partnership with the national credit council, to set up a credible and comprehensive credit information bureau. We have just completed the first phase of the project which we highly think will greatly benefit microfinance practitioners, in terms of promoting stronger credit discipline and reducing the risk of credit pollution.