Recto meets new SEC head to boost Philippine capital markets

Finance Secretary Ralph G. Recto met with newly appointed Securities and Exchange Commission (SEC) Chairman Francisco Ed. Lim on June 23 to discuss enhancing the competitiveness of Philippine capital markets.

The SEC, under the supervision of the Department of Finance (DOF), prioritizes implementing the recently signed Capital Markets Efficiency Promotion Act (CMEPA) to simplify and improve the tax system for passive income and broaden investor participation.

Key reforms include tightening oversight of crypto asset service providers, developing a real-time application tracking system, simplifying registration procedures for small and medium enterprises, and opening the repurchase market to non-bank financial institutions.

The SEC plans to update rules on credit rating agencies, align short selling and securities lending practices with global standards, and revise implementing rules for the Real Estate Investment Trust (REIT) framework to better respond to market needs.

To promote collaborative governance between public and private sectors, the SEC will develop a roadmap for alternative investment products and derivatives, enhancing risk management and expanding investment options.