The Securities and Exchange Commission (SEC) reported that there are currently 16 micro-, small, and medium enterprises (MSMEs) that are interested in an initial public offering (IPO) while 358 firms are potential crowdfunding issuers.
During the SEC Roadshow on Capital Formation for MSMEs and start-ups, SEC Chairperson Emilio B. Aquino said this is the result of the government’s goal of catering to the needs of the country’s MSMEs especially their access to capital.
“Aligning ourselves with this mandate of the government, the SEC sees the need for more financing instruments to be made available to our MSMEs who continue to face credit constraints," he said.
“As overseer and regulator of the corporate sector and the capital market, we aim to create opportunities for businesses to realize their growth potential by availing of the limitless benefits of turning to the capital market for their capital needs,” Aquino added.
With this goal in mind, the SEC launched in 2022 its 888@88 initiative which aimed to see at least 888 companies raising capital using the capital market by November 2024, in time for SEC’s 88th Anniversary celebration.
“I am very happy to announce that through our various initiatives and programs such as this Roadshow, we have successfully reached this target. As of last November, we have recorded more than 888 companies, both SMEs and large companies, jumpstart and sustain the growth of their businesses by tapping the capital market,” Aquino said.
He added that “we continue to see increasing interest in the different capital market-based products and services among our MSMEs."
“So far, there are 361 companies that have successfully raised capital through crowdfunding, and there are at least 358 crowdfunding issuer leads or those companies that have signified their interest to crowdfund. As for public listing, we currently have 16 leads which we are still monitoring together with the Philippine Stock Exchange,” he also said.