The Securities and Exchange Commission (SEC) is set to implement a broad range of reforms aimed at improving the ease of doing business and boosting the capital market, including launching a real-time digital tracking system and amending rules on Real Estate Investment Trusts (REITs).
SEC chairman Francis Lim outlined these priorities during a meeting with Finance Secretary Ralph Recto.
Under the plan, the SEC will introduce a real-time digital tracking system to enhance transparency and reduce the need for client follow-ups.
It also plans to streamline registration for small and medium-sized enterprises (SMEs) and open the repurchase market to non-bank financial institutions to support broader market participation.
Lim said the SEC is focused on fully implementing the Capital Markets Efficiency Promotion Act, which lowers taxes on capital market transactions to attract more local and foreign investors.
He said to make the REIT framework more responsive to current market conditions, the commission is amending the implementing rules and regulations of the REIT Act.
The SEC is also developing a roadmap for alternative investment products such as derivatives, futures and a potential commodity futures market, while working to enable local firms to access global capital through international indices.
The commission said it would strengthen enforcement against illegal lending, reinforce rules on truth-in-lending and fair collection practices and increase oversight of crypto-asset service providers under newly issued regulations.
“The SEC is ready to work with the DOF, under the leadership of Secretary Recto, to create a conducive environment that will encourage business formation and boost participation in the capital market,” Lim said.
“The SEC remains steadfast in its commitment to transform the Philippine corporate sector into one of the best in Southeast Asia by fostering an inclusive capital market, capable of strongly contributing to overall economic growth and nation-building,” he said.
The SEC announced last month it would reduce corporate data requests by 50 percent to ease the financial burden on the corporate sector, particularly micro, small and medium-sized enterprises.
It is also reviewing its overall fee structure and considering a moratorium on fee increases to improve public access to corporate information.
