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Manila Bulletin devider Business devider The Stock Market devider SEC pushes bond, capital markets reforms to give SMEs better access

SEC pushes bond, capital markets reforms to give SMEs better access

Published Nov 20, 2025 04:14 pm
SEC Chairperson Francis E. Lim
SEC Chairperson Francis E. Lim
The Securities and Exchange Commission (SEC) is pushing for reforms to strengthen the Philippine corporate bond market and broaden capital market access for small and medium enterprises (SMEs), with strategic engagement from the World Bank Group (WBG) and its private-sector lending arm, International Finance Corp. (IFC).
The SEC recently hosted the “Workshop on Corporate Bond Market Development and Capital Market Solutions for SMEs” under the WBG’s joint capital markets program (J-CAP).
The workshop provided a platform to present preliminary findings, gather stakeholder feedback, and outline an actionable reform agenda addressing the current state of the local debt market and SME financing.
Discussions during the workshop highlighted the role of new financing mechanisms, the need for stronger market infrastructure, and the importance of a long-term strategy—including aligning investor appetite—to deepen and diversify the Philippine corporate bond market.
This reinforces the Commission’s ongoing efforts to proactively design and implement initiatives that strengthen market resilience and foster greater inclusion in the financial ecosystem.
“We value J-CAP’s role as an impartial facilitator, bringing together government and private sector stakeholders. As such, over the past two years, the SEC has actively engaged with our partners from the WBG under J-CAP to explore instruments and policy measures that can accelerate capital market development,” SEC Chairman Francis Lim said.
He added that, “By testing solutions against real market conditions and gauging participants’ appetite to adopt them, their assessment provides relevant insights as we address market constraints and capitalize on emerging opportunities.”
Building on insights from the workshop, the SEC will conduct an exploratory meeting with the J-CAP team, the Department of Finance (DOF), and the Bangko Sentral ng Pilipinas (BSP) to discuss concrete legislative measures that can enhance market efficiency, foster financial innovation, and strengthen regulatory coordination, in line with the mission’s findings.

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Securities and Exchange Commission Francis E. Lim World Bank International Finance Corporation (IFC)
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