Feedback is caused when the microphone picks up the amplified, original sound from the speakers and re-amplifies, over and over. You can combat feedback in an acoustic guitar in several ways:
1) Move the guitar and microphone away (to the side or behind) the speakers.
2) Try placing the microphone in a different position on the guitar; try angling the microphone or moving it to different areas around the soundhole.
3) Try a different microphone. Microphones come in several "flavors" - omnidirectional, unidirectional and cardioid (single or dual). An omni picks up sound in all directions, uni picks up sounds in one direction. Cardioid mikes have a heart-shaped pick up pattern. Note that mikes are not really unidirectional - sounds from all directions will affect the mike. However, a unidirectional mike is less sensitive to sounds from the sides or behind.
4) Use an equalizer or feedback eliminator. Notice that the feedback is usually in a certain frequency band. This is due to the natural resonances of the guitar, speaker cabinet, etc. You can decrease the gain of the offending frequencies with an equalizer to help control feedback. Beringer makes feedback eliminators which are narrow-band equalizers that automatically sense feedback and reduce the gain of the band that is feeding back.
5) Reduce the volume of the rest of the band. Sometimes this is the only way to reduce feedback from an acoustic guitar. Hollow-body guitars are more susceptible to feedback due to the way they are constructed. The top of an acoustic guitar resonates with the strings and the body amplifies the vibrations. For this reason, (even) the other instruments will cause vibrations of your acoustic top and complicate the feedback issue.