Securities and Exchange Commission Chairman Francis Ed. Lim urged the country’s leading financial executives to demonstrate ethical leadership, as the Philippine capital market has lagged behind its regional counterparts due to a lack of integrity.

“Integrity is the invisible currency of our markets. It underwrites every transaction, every investment, every decision,” said Lim during the Financial Executives Institute of the Philippines’ 8th General Membership Meeting.

“When we uphold it, resources flow to their best uses and investors come in. When we lose it, trust collapses—taking away with it market strength, economic vitality, and faith in our institutions.”

He added that, “Sadly, based on international surveys, our integrity as a nation is still being tested. Against this backdrop, our capital markets have fallen behind.”

Lim cited the much younger stock market of Vietnam that has already outranked the Philippines in terms of the number of listed companies, market capitalization, and stock market value turnover; as well as the small country of Singapore, whose capital market is known for its integrity, “is far ahead of us.”

“The data is not just statistics—they are a mirror of the development gap we must confront. It underscores how far we have to go. Every percentage point behind is a missed opportunity for our companies, our investors, our people, and our nation,” said Lim.

He pointed out, though, that “within this gap lies our greatest potential. The time to more purposely act is now. A vibrant capital market fuels infrastructure, empowers small businesses, drives innovation, and transforms growth into shared prosperity.”

Thus, he called on the finance leaders, who are “trusted voices in boardrooms, banks, investment houses, accountants, appraisers—can be catalysts for change. We cannot grow our capital market without you.”

He said FINEX members can help the SEC by encouraging more companies to list, uphold governance standards in every transaction, ensure the integrity of companies’ financial statements, and champion investor protection.

“Your leadership—anchored on ethics—is what will bridge the gap between where our market is, and where it should be,” Lim said.