Concerns have been raised about the strong economic growth not benefiting the majority of Filipinos. The high unemployment rate and the minimal improvement in poverty reduction have been cited as major indicators of the lack of inclusive growth in the country. Microfinance is recognized as one important instrument in promoting inclusive growth. While microfinance in the Philippines has shown steady growth in recent years, there are aspects of the sector which can be improved to enable the industry to help promote inclusive growth. The paper calls for the strengthening of the regulation of non-bank microfinance institutions which provide the bulk of loans and serve the most number of borrowers. The existing regulatory framework of all microfinance institutions is discussed and areas for possible legislative consideration are identified. The paper also presents the experiences of other countries in regulating microfinance institutions which could serve as reference in the formulation of the approprite regulatory framework for the sector.