The Securities and Exchange Commission (SEC) on Monday unveiled the next phase of its reform agenda, introducing targeted measures to cut red tape, speed up business formation, lower costs, and strengthen liquidity and competitiveness across the Philippine capital market. The announcement comes as SEC chairman Francis E. Lim marks his first year in office.
Lim noted the agency has already made headway in reducing regulatory burdens, but emphasized that structural barriers remain that slow new business launches and hinder companies from raising funds efficiently. “Our next task is to address these barriers and build a market that is easier to access, more liquid and more competitive,” he said.
A key proposal is the One Business Start Date initiative, which would allow companies to begin commercial operations once they secure their SEC registration or primary regulatory license, while completing remaining government permits concurrently. This is designed to significantly shorten the gap between formal registration and actual business launch.
Other completed and ongoing reforms include expanded digital services, strict internal processing deadlines, and a “deemed approved” policy for applications not acted on within prescribed timelines. Fees for corporate document requests have been cut by a cumulative 62.5 percent since 2023, generating an estimated ₱211 million in savings for businesses as of June 2026.
Working with the World Bank, the SEC is also revising its public offering framework by separating regulatory requirements for debt and equity securities. The revision aims to tailor disclosure rules to the specific type and risk profile of offerings, making capital raising simpler and more accessible for firms. Lim also intends to refine the Personal Equity and Retirement Account (PERA) rules to boost participation among both employers and employees, broadening the investor base.
In his first year, Lim’s administration rolled out a five-year shelf registration system, tiered minimum public ownership standards, updated REIT regulations, Sukuk guidelines, and Southeast Asia’s first Green Equity Guidelines. It has also expanded financing avenues for small enterprises through crowdfunding and specialized programs for priority sectors such as hospitals and agribusiness.
Together with the Asian Development Bank, the SEC is crafting a Philippine Capital Market Master Plan to consolidate these reforms into a unified long-term strategy, with the goal of positioning the Philippines as one of Southeast Asia’s top capital markets by 2030. Lim stressed that development must benefit both companies seeking funding and ordinary Filipinos who may become investors. “Ease of doing business remains high on our agenda. We will continue to advance automation, digitizing nearly all processes, so businesses and markets deal with a single, streamlined point of interaction as part of our ongoing transformation,” he added.
