The Microfinance Council of the Philippines, Inc. (MCPI) evolved out of a USAID-funded project entitled “Developing Standards for Microfinance Project” (DSMP) that started in mid-1996 and continued until the end of 1999. The MFIs that were part of the DSMP decided to form an association or network and the resulting organization, MCPI, was registered with the Securities and Exchange Commission (SEC) as a non-stock corporation in June 1999.