The Securities and Exchange Commission (SEC) announced plans to pursue further capital market and ease-of-doing-business reforms following the World Bank's reclassification of the Philippines as an upper-middle income economy.
According to the corporate regulator, the reforms will include rules on market making and changes to the public offering framework for debt securities, as well as efforts to streamline business registration and capital-raising processes.
SEC Chairperson Francisco Ed. Lim said in a statement that the commission remains committed to implementing reforms that would enhance the ease of doing business and reinforce capital market activity.
"We will remain relentless in pursuing reforms that will create an environment conducive to business and economic growth, while aligning our practices with international standards," Lim added.
The SEC has implemented several reforms over the past five years, including the digitalization of corporate registration, amendment applications, and reportorial filings to shorten processing times.
As a result, the commission recorded 232,524 new company registrations representing P618.16 billion in declared capital investments from 2021 to 2025, with a record 52,544 new registrations in 2024.
The SEC also granted P139.6 million in fee discounts to micro, small, and medium enterprises seeking to register and raise funds through the capital market as of June 17.
The commission introduced regulatory frameworks for real estate investment trusts (REITs) and crypto-assets, and launched expedited securities registration programs for priority sectors, including power, healthcare, and agribusiness.
Capital market activity remained dynamic, with P712.22-billion capital raised through the stock market from 2021 to 2025, including P203.42 billion raised through initial public offerings, P266.69 billion through follow-on offerings, and P132.49 billion from private placement.
The Philippines was reclassified as an upper-middle income economy by the World Bank after the country's gross national income per capita reached a record $4,850, surpassing the previous classification as a lower-middle income economy since 1987.
