The Philippines Securities and Exchange Commission has proposed revised rules for equity and debt crowdfunding conducted through online platforms operated by registered broker-dealers or investment houses. The draft would allow exempt offerings of up to PHP 25 million within 12 months to any investor and offerings above PHP 25 million up to PHP 100 million to qualified investors. Retail investors earning up to PHP 2 million annually would be limited to investing 5% of annual income across crowdfunding issuers, rising to 10% for those earning more than PHP 2 million, while qualified investors would not face these limits. Crowdfunding intermediaries would face expanded requirements covering issuer due diligence, conflicts of interest, investor education, disclosures, cybersecurity and business continuity. Retail investors would receive a cooling-off period of at least five business days, while investor funds would have to be segregated in trust or escrow accounts. Material cybersecurity incidents, system breaches or prolonged outages would require notification to the commission within 24 hours of detection. Issuers would also have to provide material event disclosures and annual reports within 105 calendar days after fiscal year-end. Debt-based platforms would be subject to additional credit assessment, pricing disclosure, default management and servicing continuity requirements. They would have to publish credit methodologies and offering-level credit grades, disclose nonperforming loan ratios quarterly, notify investors of arrears exceeding 30 days, publish recovery data and appoint a backup servicer before launching an offering. Existing intermediaries and issuers would have six months from the revised rules’ eventual effectivity to comply, unless the commission sets a different period for a particular requirement.
2026-09-11Philippines Securities and Exchange Commission
Philippines Securities and Exchange Commission launches consultation on revised equity and debt crowdfunding rules
The Philippines Securities and Exchange Commission is consulting on revised rules for online equity and debt crowdfunding, including exempt offering limits of PHP 25 million for all investors and PHP 100 million for qualified investors. The draft strengthens intermediary obligations for due diligence, conflicts, investor education, fund segregation, cybersecurity and continuity. Debt platforms would also face detailed credit assessment, default reporting, recovery disclosure and backup servicing requirements.