The Philippine Securities and Exchange Commission has proposed reforms to the public offering regime for debt securities, including bond-specific disclosure requirements and a Medium-Term Note Program that would allow eligible companies to register once and conduct multiple offerings for up to five years. The package is intended to align requirements with the risk profile of debt securities while reducing unnecessary costs and barriers to corporate bond issuance. Debt-only issuers would focus disclosures on creditworthiness and debt-servicing capacity, while listed companies issuing bonds would provide an additional bond-focused disclosure document. Eligible medium-sized debt-only issuers would receive standardized templates, suggested document-length limits and reduced financial statement requirements. Under the Medium-Term Note Program, the SEC would review the main disclosure document once, with subsequent offerings requiring only a short notice setting out the transaction-specific terms. The proposal would also move required notices from newspapers to online publication and clarify when disclosures must be updated during an offering. Comments are due by July 9, 2026.
2026-06-24Philippine Securities and Exchange Commission
Philippine Securities and Exchange Commission launches consultation on debt offering reforms and five-year note programs
The Philippine Securities and Exchange Commission has proposed bond-specific disclosure rules and a five-year Medium-Term Note Program allowing eligible issuers to register once and conduct multiple offerings. The reforms would also simplify requirements for qualifying medium-sized issuers, move required notices online and clarify disclosure updates. Comments are due by July 9, 2026.