Source: https://sec.gov.ph
The Securities and Exchange Commission (SEC) is entering the next phase of its reform agenda, introducing measures designed to simplify business formation, expand access to capital, and improve liquidity in the Philippine market.
After spending its first year reducing regulatory costs and streamlining internal processes, the Commission is now pursuing broader structural reforms. These include the proposed One Business Start Date, separate regulatory frameworks for debt and equity offerings, and market-making rules for listed securities.
“We have made progress in reducing regulatory friction, but structural barriers still prevent businesses from launching quickly and companies from accessing the capital market efficiently,” SEC Chairperson Francis Lim said.
“Our next priority is to remove these barriers and create a market that is more accessible, liquid, and competitive,” he added.
Simplifying business entry
One of the SEC’s key proposals is the One Business Start Date, which would allow companies to begin commercial operations once they secure SEC registration or another primary regulatory license. Other government permits could then be completed simultaneously.
The proposal aims to reduce the time between company registration and the start of commercial operations.
The SEC has also expanded its digital services and introduced internal processing deadlines, including a “deemed approved” policy for applications that remain unresolved beyond prescribed periods.
Corporate document request fees have been reduced by a cumulative 62.5% from 2023 levels, generating about P211 million in savings as of June 2026. Micro, small, and medium enterprises received approximately P148.63 million in discounts on registration and capital-related transactions, while businesses secured P3.72 million in relief from assessed penalties.
Modernizing capital-market regulations
The SEC is working with the World Bank to redesign the public-offering framework by establishing separate regulatory requirements for debt and equity securities.
The review aims to align disclosure obligations more closely with the nature and risks of the securities being offered, making fundraising more accessible to companies.
The Commission is also collaborating with the Philippine Stock Exchange and the Philippine Dealing and Exchange Corp. to develop a market-making framework for publicly listed securities. The initiative is intended to increase trading activity and market liquidity. In addition, the SEC is reviewing margin-trading regulations as another way to strengthen liquidity.
Chair Lim is considering refinements to the Personal Equity and Retirement Account (PERA) framework to make the program more appealing to employers and employees and encourage broader participation in the capital market.
Reforms introduced during Lim’s first year include:
- A five-year shelf-registration framework
- Tiered minimum public-ownership requirements
- Expanded real estate investment trust rules
- Regulations for Sukuk, or Islamic bonds
- Southeast Asia’s first Green Equity Guidelines
The SEC has also broadened financing opportunities for smaller businesses through crowdfunding and sector-specific programs for hospitals, agribusinesses, and other priority industries.
Developing a long-term market strategy
In partnership with the Asian Development Bank, the Commission is developing a Philippine Capital Market Master Plan that will consolidate its reforms into a long-term strategy for widening access to capital and increasing the domestic market’s competitiveness.
The plan supports the SEC’s goal of positioning the Philippines among Southeast Asia’s leading capital markets by 2030.
Lim emphasized that capital-market development must include both companies seeking financing and Filipinos who could become investors.
“A deeper capital market requires more than additional issuers and investment products. Filipinos must also understand how to save, invest, and participate responsibly in the market,” he said.
The SEC has submitted a proposed Financial Literacy Bill that would make financial literacy a core subject in secondary education. A technical working group under the House Committee on Basic Education and Culture has prepared a report recommending the proposal for committee approval.
Advancing regional market integration
The reforms coincide with the Philippines’ chairship of the ASEAN Capital Markets Forum in 2026.
Under its leadership, the SEC is promoting cross-border listings, ASEAN depositary receipts, and stronger market connectivity as the region works to position ASEAN as a single asset class for global investors.
The ASEAN Capital Markets Forum is also set to establish its first physical office at the Asian Development Bank’s headquarters in Manila.
Below is the Press Release of SEC dated August 24, 2026
