Newly appointed Securities and Exchange Commission (SEC) chairman Francis Ed. Lim on Tuesday raised alarm over the limited scale of the Philippine stock market, calling it “too small” relative to regional peers and pledging sweeping reforms to stimulate capital market growth.
Lim, a former president of the Philippine Stock Exchange (PSE), said the Commission will actively push for listings of large government-owned and controlled corporations (GOCCs) and financial institutions—including Land Bank of the Philippines—to deepen market participation and boost investor confidence.
“Our first order of business is urgent and clear: resolve all pending applications quickly and responsibly,” Lim said during the SEC turnover ceremony. He underscored that the Commission must strictly adhere to legal timeframes and may work extended hours to deliver on this mandate.
Lim is reviving a previously drafted legislative proposal—the Capital Market Competitiveness Act—to overhaul the regulatory framework and incentivize broader listings. He pointed to Vietnam’s rapid capital market expansion, noting that the Philippines had once mentored the Ho Chi Minh Stock Exchange in the mid-2000s. “Now they’re bigger than us,” Lim admitted, referencing Vietnam’s more active bourse.
The chairman also called out non-compliant private firms that had received government incentives with the promise of public listing, describing the lack of follow-through as a missed opportunity for inclusive growth. “You are given incentives, you share the blessings to the public. Unfortunately, that has not been done,” he said.
The SEC under Lim will prioritize collaboration with the PSE, Philippine Dealing and Exchange Corp. (PDEx), NGOs, and government branches to enact meaningful reforms. Among the targets are lowering transaction costs—especially for micro, small, and medium enterprises—and cultivating a regulatory culture that is “supportive, not suffocating.”
Lim emphasized that the slow development of the local capital market must be addressed to enable inclusive economic growth. “We will leave no stone unturned to catch up—and with God’s help and our collective will, we will lead,” he said.
