Various standards and parameters are being used among microfinance institutions (MFIs) to assess the efficiency of their operations. In the case of the Philippines, the central bank, the Bangko Sentral ng Pilipinas (BSP) and the Cooperative Development Authority (CDA) are using performance standards to assess the overall performance of banks and cooperatives involved in microfinance. Efficiency is usually expressed through ratios of administrative efficiency, operational self-sufficiency, and loan officer productivity. This paper aims to assess efficiency beyond the ratios and will use data envelopment analysis (DEA) to measure the efficiencies of MFIs in the Philippines. From the selected input and outputs based on the standards prescribed for MFIs in the Philippines, the DEA efficiency scores were analysed based on different specifications. Furthermore, the paper also analysed the differences in efficiencies between non-governmental organization (NGO) MFIs and non-NGO MFIs. Results have shown that there is no MFI that can be efficient in all specified outputs; some MFIs are financially efficient but have to utilize more of their inputs in reaching out to more prospective clients. Also, non-NGO MFIs appear to be more financially efficient than their NGO counterparts.

Ahmad, U. (2011) ‘Efficiency analysis of microfinance institutions in Pakistan’, MPRA working paper, Munich, Germany: University Library of Munich.

Almario, J., Jimenez, E. and Roman, P. (2006) The Development and Implementation of a Uniform Set of Performance Standards for All Types of Microfinance Institutions in the Philippines, Manila: Bangko Sentral ng Pilipinas.

Annim, S.K. (2012) ‘Microfinance efficiency: trade-offs and complementarities between the objectives of microfinance institutions and their performance perspectives’, European Journal of Development Research 24(5): 788-807 <http://dx.doi.org/10.1057/ejdr.2011.60≯.

Athanassopoulos, A.D. (1997) ‘Service quality and operating efficiency synergies for management control in the provision of financial services: evidence from Greek bank branches’, European Journal of Operational Research 98(2): 300-13 < http://dx.doi.org/10.1016/j.mcm.2011.11.010≯.

Athanassopoulos, A.D. and Giokas, D. (2000) ‘The use of data envelopment analysis in banking institutions: evidence from the Commercial Bank of Greece’, Interfaces 30(2): 81-95 <http://dx.doi.org/10.2307/25062582≯.

Bangko Sentral ng Pilipinas (2007) The P.E.S.O. Standard: Uniform Set of Performance Standards for All Microfinance Institutions, Manila, Philippines: Bangko Sentral ng Pilipinas.

Bartual Sanfeliu, C., Cervelló Royo, R. and Moya Clemente, I. (2013) ‘Measuring performance of social and non-profit microfinance institutions (MFIs): an application of multicriterion methodology’, Mathematical and Computer Modelling 57(7-8): 1671-8 <http://dx.doi.org/10.1016/j.mcm.2011.11.010≯.

Bassem, B.S. (2008) ‘Efficiency of microfinance institutions in the Mediterranean: an application of DEA’, Transition Studies Review 15(2): 343-54 <http://dx.doi.org/10.1016/j.mcm.2011.11.010≯.

Berger, A.N. and Humphrey, D.B. (1997) ‘Efficiency of financial institutions: international survey and directions for future research’, European Journal of Operational Research 98(2): 175-212 <http://dx.doi.org/10.1016/S0377-2217(96)00342-6≯.

Charnes, A., Cooper, W. W. and Rhodes, E. (1978) ‘Measuring the efficiency of decision making units’, European Journal of Operational Research 2(6): 429-44 <http://dx.doi.org/10.1016/0377-2217(79)90229-7≯.

Chua, R., Sebastian, A. and Silva, A. (2012) Poverty Outreach of Selected Microfinance Institutions in the Philippines 2012 [pdf] Grameen Foundation, pp. 1-62 <www.progressoutofpoverty.org/sites/default/files/Poverty%20Outreach%20of%20Selected%20MFIs%20in%20the%20Philippines%202012.pdf≯ [accessed 29 October 2014]. www.progressoutofpoverty.org/sites/default/files/Poverty%20Outreach%20of%20Selected%20MFIs%20in%20the%20Philippines%202012.pdf

Cooperative Development Authority (2007) Manual of Rules and Regulations for Cooperatives with Savings and Credit Services in the Philippines, Manila, Philippines: Cooperative Development Authority: 48-51.

Desrochers, M. and Lamberte, M. (2003) ‘Efficiency and expense preference in Philippines’ cooperative rural banks’, CIRPEE working paper, Quebec, Canada: CIRPEE.

Feroz, E.H., Kim, S., and Raab, R.L. (2003) ‘Financial statement analysis: a data envelopment analysis approach’, Journal of the Operational Research Society 54(1): 48-58.

Garg, A. and Pandey, N. (2007) ‘Making money work for the poor in India: inclusive finance through bank-moneylender linkages’ [online], working paper <http://dlc.dlib.indiana.edu/dlc/bitstream/handle/10535/4135/Moneylending_Commons.pdf?sequence=1&isAllowed=y≯ [accessed 20 November 2014]. http://dlc.dlib.indiana.edu/dlc/bitstream/handle/10535/4135/Moneylending_Commons.pdf?sequence=1&isAllowed=y

Gutiérrez-Nieto, B., Serrano-Cinca, C. and Mar Molinero, C. (2007) ‘Microfinance institutions and efficiency’, Omega 35(2): 131-42 <http://dx.doi.org/10.1016/j.omega.2005.04.001≯.

Gutiérrez-Nieto, B., Serrano-Cinca, C. and Molinero, C.M. (2009) ‘Social efficiency in microfinance institutions’, Journal of the Operational Research Society 60(1): 104-19.

Haq, M., Hoque, M. and Pathan, S. (2008) ‘Regulation of microfinance institutions in Asia: a comparative analysis’, International Review of Business Research Papers 4(4): 421-50.

Haq, M., Skully, M. and Pathan, S. (2010) ‘Efficiency of microfinance institutions: a data envelopment analysis’, Asia-Pacific Financial Markets 17(1): 63-97 <http://dx.doi.org/10.1007/s10690-009-9103-7≯.

Hassan, M.K. and Sanchez, B. (2009) ‘Efficiency analysis of microfinance institutions in developing countries’, Networks Financial Institute at Indiana State University Working paper, 12, Terre Haute, IN: Networks Financial Institute.

Hermes, N., Lensink, R. and Meesters, A. (2011) ‘Outreach and efficiency of microfinance institutions’, World Development 39(6): 938-48 <http://dx.doi.org/10.1016/j.worlddev.2009.10.018≯.

Jayamaha, A. (2012) ‘Efficiency of small financial institutions in Sri Lanka using data envelopment analysis’, Journal of Emerging Trends in Economics and Management Sciences (JETEMS) 3(5): 565-73.

Kipesha, E.F. (2013) ‘Production and intermediation efficiency of microfinance institutions in Tanzania’, Research Journal of Finance and Accounting 4(1): 149-59.

Kondo, T., Orbeta, A., Dingcong, C. and Infantado, C. (2008) ‘Impact of microfinance on rural households in the Philippines’, IDS Bulletin 39(1): 51-70 <http://dx.doi.org/10.1111/j.1759-5436.2008.tb00432.x≯.

Llanto, G. (2000) ‘Assessing the performance of the rural financial sector’, paper presented at the Philippine Institute for Development Studies-Department of Agriculture-Bureau of Agricultural Research Second Agricultural Policy Forum on Credit Policy Improvement, Makati, Philippines, February 2000.

Llanto, G.M., Callanta, R.S. and Garcia, E. (1996) An Assessment of the Capacity and Financial Performance of Microfinance Institutions: The Philippine Case, Makati City, Philippines: Philippine Institute for Development Studies.

Mustafa, A.K.A. and Saat, M.M. (2013) ‘Microfinance institutions performance measurement: introducing a new performance measurement framework’, Middle-East Journal of Scientific Research 15: 1618-28.

Nghiem, H., Coelli, T. and Rao, D.S.P. (2006) ‘The efficiency of microfinance in Vietnam: evidence from NGO schemes in the north and the central regions’, International Journal of Environmental, Cultural, Economic and Social Sustainability 2(5): 71-8.

Qayyum, A. and Ahmad, U. (2006) ‘Efficiency and sustainability of microfinance institutions’, MPRA working paper, Munich, Germany: University Library of Munich.

Rhyne, E. (1998) ‘The yin and yang of microfinance: reaching the poor and sustainability’, MicroBanking Bulletin 2(1): 6-8.

Sampaio, B. and Silva, L. (2012) ‘On the measurement of social efficiency in microfinance institutions’, in R. Banker, A. Emrouznejad, A.L.M. Lopes and M.R. de Alemeida (eds), Data Envelopment Analysis: Theory and Applications. Proceedings of the 10th International Conference on DEA, August 2012, Natal, Brazil, pp. 201-8.

Sedzro, K. and Keita, M. (2009) ‘Assessing the efficiency of microfinance institutions using data envelopment analysis’, Journal of International Finance & Economics 9(2): 54-68.

Ahmad, U. (2011) ‘Efficiency analysis of microfinance institutions in Pakistan’, MPRA working paper, Munich, Germany: University Library of Munich.

Almario, J., Jimenez, E. and Roman, P. (2006) The Development and Implementation of a Uniform Set of Performance Standards for All Types of Microfinance Institutions in the Philippines, Manila: Bangko Sentral ng Pilipinas.

Annim, S.K. (2012) ‘Microfinance efficiency: trade-offs and complementarities between the objectives of microfinance institutions and their performance perspectives’, European Journal of Development Research 24(5): 788-807 <http://dx.doi.org/10.1057/ejdr.2011.60≯.

Athanassopoulos, A.D. (1997) ‘Service quality and operating efficiency synergies for management control in the provision of financial services: evidence from Greek bank branches’, European Journal of Operational Research 98(2): 300-13 < http://dx.doi.org/10.1016/j.mcm.2011.11.010≯.

Athanassopoulos, A.D. and Giokas, D. (2000) ‘The use of data envelopment analysis in banking institutions: evidence from the Commercial Bank of Greece’, Interfaces 30(2): 81-95 <http://dx.doi.org/10.2307/25062582≯.

Bangko Sentral ng Pilipinas (2007) The P.E.S.O. Standard: Uniform Set of Performance Standards for All Microfinance Institutions, Manila, Philippines: Bangko Sentral ng Pilipinas.

Bartual Sanfeliu, C., Cervelló Royo, R. and Moya Clemente, I. (2013) ‘Measuring performance of social and non-profit microfinance institutions (MFIs): an application of multicriterion methodology’, Mathematical and Computer Modelling 57(7-8): 1671-8 <http://dx.doi.org/10.1016/j.mcm.2011.11.010≯.

Bassem, B.S. (2008) ‘Efficiency of microfinance institutions in the Mediterranean: an application of DEA’, Transition Studies Review 15(2): 343-54 <http://dx.doi.org/10.1016/j.mcm.2011.11.010≯.

Berger, A.N. and Humphrey, D.B. (1997) ‘Efficiency of financial institutions: international survey and directions for future research’, European Journal of Operational Research 98(2): 175-212 <http://dx.doi.org/10.1016/S0377-2217(96)00342-6≯.

Charnes, A., Cooper, W. W. and Rhodes, E. (1978) ‘Measuring the efficiency of decision making units’, European Journal of Operational Research 2(6): 429-44 <http://dx.doi.org/10.1016/0377-2217(79)90229-7≯.

Chua, R., Sebastian, A. and Silva, A. (2012) Poverty Outreach of Selected Microfinance Institutions in the Philippines 2012 [pdf] Grameen Foundation, pp. 1-62 <www.progressoutofpoverty.org/sites/default/files/Poverty%20Outreach%20of%20Selected%20MFIs%20in%20the%20Philippines%202012.pdf≯ [accessed 29 October 2014]. www.progressoutofpoverty.org/sites/default/files/Poverty%20Outreach%20of%20Selected%20MFIs%20in%20the%20Philippines%202012.pdf

Cooperative Development Authority (2007) Manual of Rules and Regulations for Cooperatives with Savings and Credit Services in the Philippines, Manila, Philippines: Cooperative Development Authority: 48-51.

Desrochers, M. and Lamberte, M. (2003) ‘Efficiency and expense preference in Philippines’ cooperative rural banks’, CIRPEE working paper, Quebec, Canada: CIRPEE.

Feroz, E.H., Kim, S., and Raab, R.L. (2003) ‘Financial statement analysis: a data envelopment analysis approach’, Journal of the Operational Research Society 54(1): 48-58.

Garg, A. and Pandey, N. (2007) ‘Making money work for the poor in India: inclusive finance through bank-moneylender linkages’ [online], working paper <http://dlc.dlib.indiana.edu/dlc/bitstream/handle/10535/4135/Moneylending_Commons.pdf?sequence=1&isAllowed=y≯ [accessed 20 November 2014]. http://dlc.dlib.indiana.edu/dlc/bitstream/handle/10535/4135/Moneylending_Commons.pdf?sequence=1&isAllowed=y

Gutiérrez-Nieto, B., Serrano-Cinca, C. and Mar Molinero, C. (2007) ‘Microfinance institutions and efficiency’, Omega 35(2): 131-42 <http://dx.doi.org/10.1016/j.omega.2005.04.001≯.

Gutiérrez-Nieto, B., Serrano-Cinca, C. and Molinero, C.M. (2009) ‘Social efficiency in microfinance institutions’, Journal of the Operational Research Society 60(1): 104-19.

Haq, M., Hoque, M. and Pathan, S. (2008) ‘Regulation of microfinance institutions in Asia: a comparative analysis’, International Review of Business Research Papers 4(4): 421-50.

Haq, M., Skully, M. and Pathan, S. (2010) ‘Efficiency of microfinance institutions: a data envelopment analysis’, Asia-Pacific Financial Markets 17(1): 63-97 <http://dx.doi.org/10.1007/s10690-009-9103-7≯.

Hassan, M.K. and Sanchez, B. (2009) ‘Efficiency analysis of microfinance institutions in developing countries’, Networks Financial Institute at Indiana State University Working paper, 12, Terre Haute, IN: Networks Financial Institute.

Hermes, N., Lensink, R. and Meesters, A. (2011) ‘Outreach and efficiency of microfinance institutions’, World Development 39(6): 938-48 <http://dx.doi.org/10.1016/j.worlddev.2009.10.018≯.

Jayamaha, A. (2012) ‘Efficiency of small financial institutions in Sri Lanka using data envelopment analysis’, Journal of Emerging Trends in Economics and Management Sciences (JETEMS) 3(5): 565-73.

Kipesha, E.F. (2013) ‘Production and intermediation efficiency of microfinance institutions in Tanzania’, Research Journal of Finance and Accounting 4(1): 149-59.

Kondo, T., Orbeta, A., Dingcong, C. and Infantado, C. (2008) ‘Impact of microfinance on rural households in the Philippines’, IDS Bulletin 39(1): 51-70 <http://dx.doi.org/10.1111/j.1759-5436.2008.tb00432.x≯.

Llanto, G. (2000) ‘Assessing the performance of the rural financial sector’, paper presented at the Philippine Institute for Development Studies-Department of Agriculture-Bureau of Agricultural Research Second Agricultural Policy Forum on Credit Policy Improvement, Makati, Philippines, February 2000.

Llanto, G.M., Callanta, R.S. and Garcia, E. (1996) An Assessment of the Capacity and Financial Performance of Microfinance Institutions: The Philippine Case, Makati City, Philippines: Philippine Institute for Development Studies.

Mustafa, A.K.A. and Saat, M.M. (2013) ‘Microfinance institutions performance measurement: introducing a new performance measurement framework’, Middle-East Journal of Scientific Research 15: 1618-28.

Nghiem, H., Coelli, T. and Rao, D.S.P. (2006) ‘The efficiency of microfinance in Vietnam: evidence from NGO schemes in the north and the central regions’, International Journal of Environmental, Cultural, Economic and Social Sustainability 2(5): 71-8.

Qayyum, A. and Ahmad, U. (2006) ‘Efficiency and sustainability of microfinance institutions’, MPRA working paper, Munich, Germany: University Library of Munich.

Rhyne, E. (1998) ‘The yin and yang of microfinance: reaching the poor and sustainability’, MicroBanking Bulletin 2(1): 6-8.

Sampaio, B. and Silva, L. (2012) ‘On the measurement of social efficiency in microfinance institutions’, in R. Banker, A. Emrouznejad, A.L.M. Lopes and M.R. de Alemeida (eds), Data Envelopment Analysis: Theory and Applications. Proceedings of the 10th International Conference on DEA, August 2012, Natal, Brazil, pp. 201-8.

Sedzro, K. and Keita, M. (2009) ‘Assessing the efficiency of microfinance institutions using data envelopment analysis’, Journal of International Finance & Economics 9(2): 54-68.

Ahmad, U. (2011) ‘Efficiency analysis of microfinance institutions in Pakistan’, MPRA working paper, Munich, Germany: University Library of Munich.

Almario, J., Jimenez, E. and Roman, P. (2006) The Development and Implementation of a Uniform Set of Performance Standards for All Types of Microfinance Institutions in the Philippines, Manila: Bangko Sentral ng Pilipinas.

Annim, S.K. (2012) ‘Microfinance efficiency: trade-offs and complementarities between the objectives of microfinance institutions and their performance perspectives’, European Journal of Development Research 24(5): 788-807 <http://dx.doi.org/10.1057/ejdr.2011.60≯.

Athanassopoulos, A.D. (1997) ‘Service quality and operating efficiency synergies for management control in the provision of financial services: evidence from Greek bank branches’, European Journal of Operational Research 98(2): 300-13 < http://dx.doi.org/10.1016/j.mcm.2011.11.010≯.

Athanassopoulos, A.D. and Giokas, D. (2000) ‘The use of data envelopment analysis in banking institutions: evidence from the Commercial Bank of Greece’, Interfaces 30(2): 81-95 <http://dx.doi.org/10.2307/25062582≯.

Bangko Sentral ng Pilipinas (2007) The P.E.S.O. Standard: Uniform Set of Performance Standards for All Microfinance Institutions, Manila, Philippines: Bangko Sentral ng Pilipinas.

Bartual Sanfeliu, C., Cervelló Royo, R. and Moya Clemente, I. (2013) ‘Measuring performance of social and non-profit microfinance institutions (MFIs): an application of multicriterion methodology’, Mathematical and Computer Modelling 57(7-8): 1671-8 <http://dx.doi.org/10.1016/j.mcm.2011.11.010≯.

Bassem, B.S. (2008) ‘Efficiency of microfinance institutions in the Mediterranean: an application of DEA’, Transition Studies Review 15(2): 343-54 <http://dx.doi.org/10.1016/j.mcm.2011.11.010≯.

Berger, A.N. and Humphrey, D.B. (1997) ‘Efficiency of financial institutions: international survey and directions for future research’, European Journal of Operational Research 98(2): 175-212 <http://dx.doi.org/10.1016/S0377-2217(96)00342-6≯.

Charnes, A., Cooper, W. W. and Rhodes, E. (1978) ‘Measuring the efficiency of decision making units’, European Journal of Operational Research 2(6): 429-44 <http://dx.doi.org/10.1016/0377-2217(79)90229-7≯.

Chua, R., Sebastian, A. and Silva, A. (2012) Poverty Outreach of Selected Microfinance Institutions in the Philippines 2012 [pdf] Grameen Foundation, pp. 1-62 <www.progressoutofpoverty.org/sites/default/files/Poverty%20Outreach%20of%20Selected%20MFIs%20in%20the%20Philippines%202012.pdf≯ [accessed 29 October 2014]. www.progressoutofpoverty.org/sites/default/files/Poverty%20Outreach%20of%20Selected%20MFIs%20in%20the%20Philippines%202012.pdf

Cooperative Development Authority (2007) Manual of Rules and Regulations for Cooperatives with Savings and Credit Services in the Philippines, Manila, Philippines: Cooperative Development Authority: 48-51.

Desrochers, M. and Lamberte, M. (2003) ‘Efficiency and expense preference in Philippines’ cooperative rural banks’, CIRPEE working paper, Quebec, Canada: CIRPEE.

Feroz, E.H., Kim, S., and Raab, R.L. (2003) ‘Financial statement analysis: a data envelopment analysis approach’, Journal of the Operational Research Society 54(1): 48-58.

Garg, A. and Pandey, N. (2007) ‘Making money work for the poor in India: inclusive finance through bank-moneylender linkages’ [online], working paper <http://dlc.dlib.indiana.edu/dlc/bitstream/handle/10535/4135/Moneylending_Commons.pdf?sequence=1&isAllowed=y≯ [accessed 20 November 2014]. http://dlc.dlib.indiana.edu/dlc/bitstream/handle/10535/4135/Moneylending_Commons.pdf?sequence=1&isAllowed=y

Gutiérrez-Nieto, B., Serrano-Cinca, C. and Mar Molinero, C. (2007) ‘Microfinance institutions and efficiency’, Omega 35(2): 131-42 <http://dx.doi.org/10.1016/j.omega.2005.04.001≯.

Gutiérrez-Nieto, B., Serrano-Cinca, C. and Molinero, C.M. (2009) ‘Social efficiency in microfinance institutions’, Journal of the Operational Research Society 60(1): 104-19.

Haq, M., Hoque, M. and Pathan, S. (2008) ‘Regulation of microfinance institutions in Asia: a comparative analysis’, International Review of Business Research Papers 4(4): 421-50.

Haq, M., Skully, M. and Pathan, S. (2010) ‘Efficiency of microfinance institutions: a data envelopment analysis’, Asia-Pacific Financial Markets 17(1): 63-97 <http://dx.doi.org/10.1007/s10690-009-9103-7≯.

Hassan, M.K. and Sanchez, B. (2009) ‘Efficiency analysis of microfinance institutions in developing countries’, Networks Financial Institute at Indiana State University Working paper, 12, Terre Haute, IN: Networks Financial Institute.

Hermes, N., Lensink, R. and Meesters, A. (2011) ‘Outreach and efficiency of microfinance institutions’, World Development 39(6): 938-48 <http://dx.doi.org/10.1016/j.worlddev.2009.10.018≯.

Jayamaha, A. (2012) ‘Efficiency of small financial institutions in Sri Lanka using data envelopment analysis’, Journal of Emerging Trends in Economics and Management Sciences (JETEMS) 3(5): 565-73.

Kipesha, E.F. (2013) ‘Production and intermediation efficiency of microfinance institutions in Tanzania’, Research Journal of Finance and Accounting 4(1): 149-59.

Kondo, T., Orbeta, A., Dingcong, C. and Infantado, C. (2008) ‘Impact of microfinance on rural households in the Philippines’, IDS Bulletin 39(1): 51-70 <http://dx.doi.org/10.1111/j.1759-5436.2008.tb00432.x≯.

Llanto, G. (2000) ‘Assessing the performance of the rural financial sector’, paper presented at the Philippine Institute for Development Studies-Department of Agriculture-Bureau of Agricultural Research Second Agricultural Policy Forum on Credit Policy Improvement, Makati, Philippines, February 2000.

Llanto, G.M., Callanta, R.S. and Garcia, E. (1996) An Assessment of the Capacity and Financial Performance of Microfinance Institutions: The Philippine Case, Makati City, Philippines: Philippine Institute for Development Studies.

Mustafa, A.K.A. and Saat, M.M. (2013) ‘Microfinance institutions performance measurement: introducing a new performance measurement framework’, Middle-East Journal of Scientific Research 15: 1618-28.

Nghiem, H., Coelli, T. and Rao, D.S.P. (2006) ‘The efficiency of microfinance in Vietnam: evidence from NGO schemes in the north and the central regions’, International Journal of Environmental, Cultural, Economic and Social Sustainability 2(5): 71-8.

Qayyum, A. and Ahmad, U. (2006) ‘Efficiency and sustainability of microfinance institutions’, MPRA working paper, Munich, Germany: University Library of Munich.

Rhyne, E. (1998) ‘The yin and yang of microfinance: reaching the poor and sustainability’, MicroBanking Bulletin 2(1): 6-8.

Sampaio, B. and Silva, L. (2012) ‘On the measurement of social efficiency in microfinance institutions’, in R. Banker, A. Emrouznejad, A.L.M. Lopes and M.R. de Alemeida (eds), Data Envelopment Analysis: Theory and Applications. Proceedings of the 10th International Conference on DEA, August 2012, Natal, Brazil, pp. 201-8.

Sedzro, K. and Keita, M. (2009) ‘Assessing the efficiency of microfinance institutions using data envelopment analysis’, Journal of International Finance & Economics 9(2): 54-68.

Ahmad, U. (2011) ‘Efficiency analysis of microfinance institutions in Pakistan’, MPRA working paper, Munich, Germany: University Library of Munich.

Almario, J., Jimenez, E. and Roman, P. (2006) The Development and Implementation of a Uniform Set of Performance Standards for All Types of Microfinance Institutions in the Philippines, Manila: Bangko Sentral ng Pilipinas.

Annim, S.K. (2012) ‘Microfinance efficiency: trade-offs and complementarities between the objectives of microfinance institutions and their performance perspectives’, European Journal of Development Research 24(5): 788-807 <http://dx.doi.org/10.1057/ejdr.2011.60≯.

Athanassopoulos, A.D. (1997) ‘Service quality and operating efficiency synergies for management control in the provision of financial services: evidence from Greek bank branches’, European Journal of Operational Research 98(2): 300-13 < http://dx.doi.org/10.1016/j.mcm.2011.11.010≯.

Athanassopoulos, A.D. and Giokas, D. (2000) ‘The use of data envelopment analysis in banking institutions: evidence from the Commercial Bank of Greece’, Interfaces 30(2): 81-95 <http://dx.doi.org/10.2307/25062582≯.

Bangko Sentral ng Pilipinas (2007) The P.E.S.O. Standard: Uniform Set of Performance Standards for All Microfinance Institutions, Manila, Philippines: Bangko Sentral ng Pilipinas.

Bartual Sanfeliu, C., Cervelló Royo, R. and Moya Clemente, I. (2013) ‘Measuring performance of social and non-profit microfinance institutions (MFIs): an application of multicriterion methodology’, Mathematical and Computer Modelling 57(7-8): 1671-8 <http://dx.doi.org/10.1016/j.mcm.2011.11.010≯.

Bassem, B.S. (2008) ‘Efficiency of microfinance institutions in the Mediterranean: an application of DEA’, Transition Studies Review 15(2): 343-54 <http://dx.doi.org/10.1016/j.mcm.2011.11.010≯.

Berger, A.N. and Humphrey, D.B. (1997) ‘Efficiency of financial institutions: international survey and directions for future research’, European Journal of Operational Research 98(2): 175-212 <http://dx.doi.org/10.1016/S0377-2217(96)00342-6≯.

Charnes, A., Cooper, W. W. and Rhodes, E. (1978) ‘Measuring the efficiency of decision making units’, European Journal of Operational Research 2(6): 429-44 <http://dx.doi.org/10.1016/0377-2217(79)90229-7≯.

Chua, R., Sebastian, A. and Silva, A. (2012) Poverty Outreach of Selected Microfinance Institutions in the Philippines 2012 [pdf] Grameen Foundation, pp. 1-62 <www.progressoutofpoverty.org/sites/default/files/Poverty%20Outreach%20of%20Selected%20MFIs%20in%20the%20Philippines%202012.pdf≯ [accessed 29 October 2014]. www.progressoutofpoverty.org/sites/default/files/Poverty%20Outreach%20of%20Selected%20MFIs%20in%20the%20Philippines%202012.pdf

Cooperative Development Authority (2007) Manual of Rules and Regulations for Cooperatives with Savings and Credit Services in the Philippines, Manila, Philippines: Cooperative Development Authority: 48-51.

Desrochers, M. and Lamberte, M. (2003) ‘Efficiency and expense preference in Philippines’ cooperative rural banks’, CIRPEE working paper, Quebec, Canada: CIRPEE.

Feroz, E.H., Kim, S., and Raab, R.L. (2003) ‘Financial statement analysis: a data envelopment analysis approach’, Journal of the Operational Research Society 54(1): 48-58.

Garg, A. and Pandey, N. (2007) ‘Making money work for the poor in India: inclusive finance through bank-moneylender linkages’ [online], working paper <http://dlc.dlib.indiana.edu/dlc/bitstream/handle/10535/4135/Moneylending_Commons.pdf?sequence=1&isAllowed=y≯ [accessed 20 November 2014]. http://dlc.dlib.indiana.edu/dlc/bitstream/handle/10535/4135/Moneylending_Commons.pdf?sequence=1&isAllowed=y

Gutiérrez-Nieto, B., Serrano-Cinca, C. and Mar Molinero, C. (2007) ‘Microfinance institutions and efficiency’, Omega 35(2): 131-42 <http://dx.doi.org/10.1016/j.omega.2005.04.001≯.

Gutiérrez-Nieto, B., Serrano-Cinca, C. and Molinero, C.M. (2009) ‘Social efficiency in microfinance institutions’, Journal of the Operational Research Society 60(1): 104-19.

Haq, M., Hoque, M. and Pathan, S. (2008) ‘Regulation of microfinance institutions in Asia: a comparative analysis’, International Review of Business Research Papers 4(4): 421-50.

Haq, M., Skully, M. and Pathan, S. (2010) ‘Efficiency of microfinance institutions: a data envelopment analysis’, Asia-Pacific Financial Markets 17(1): 63-97 <http://dx.doi.org/10.1007/s10690-009-9103-7≯.

Hassan, M.K. and Sanchez, B. (2009) ‘Efficiency analysis of microfinance institutions in developing countries’, Networks Financial Institute at Indiana State University Working paper, 12, Terre Haute, IN: Networks Financial Institute.

Hermes, N., Lensink, R. and Meesters, A. (2011) ‘Outreach and efficiency of microfinance institutions’, World Development 39(6): 938-48 <http://dx.doi.org/10.1016/j.worlddev.2009.10.018≯.

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