The Philippine Securities and Exchange Commission outlined the next phase of its reform agenda, including a proposed One Business Start Date, separate regulatory frameworks for debt and equity offerings, and market-making rules for listed securities. The measures are intended to shorten the path from registration to commercial operations, align disclosure requirements with the risks of different securities and increase capital market liquidity. Under the One Business Start Date proposal, companies could begin operating after securing SEC registration or another primary regulatory license while completing other government permits in parallel. The Commission is working with the World Bank on the public offering framework and with the Philippine Stock Exchange and Philippine Dealing and Exchange Corp. on market making. It is also reviewing margin trading rules and possible changes to the Personal Equity and Retirement Account framework. The Commission is developing a Philippine Capital Market Master Plan with the Asian Development Bank to consolidate the reforms into a long-term strategy through 2030. Alongside the Philippines’ 2026 chairship of the ASEAN Capital Markets Forum, it is also pursuing cross-border listings, ASEAN depositary receipts and greater regional market connectivity.
2026-08-24Philippine Securities and Exchange Commission
Philippine Securities and Exchange Commission advances business entry, offering and market liquidity reforms
The Philippine Securities and Exchange Commission is advancing reforms to accelerate business entry, tailor public offering rules for debt and equity securities, and improve trading liquidity. Proposals include a One Business Start Date, market-making rules, a margin trading review and refinements to the Personal Equity and Retirement Account framework. A capital market master plan will consolidate the measures into a strategy through 2030.