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Manila Bulletin devider Business devider The Stock Market devider SEC aims to deepen capital market by expanding gov't securities repo market

SEC aims to deepen capital market by expanding gov't securities repo market

Published Feb 25, 2025 04:21 am

The Securities and Exchange Commission (SEC) is pushing for the expansion of the government securities (GS) repurchase agreement (repo) market as part of its commitment to deepen the country’s capital market.

The Commission said in a statement that since it assumed direct market oversight in 2020, the SEC has worked to stabilize repo market operations and enforce compliance among market participants.

“The repo market is envisioned to support the market-making activities of government securities dealers in the country. Expanding this market provides us with another opportunity to improve liquidity, manage short-term funding, and boost overall market activity,” SEC Chairperson Emilio B. Aquino said.

In light of recent market developments and the renewed interest among financial institutions to engage in repo transactions, the SEC is taking proactive steps toward the potential expansion of the repo market to include nonbank financial institutions, broadening the range of participants beyond the GS eligible dealers.

In 2024, the SEC supported the call of industry groups for the expansion of the documentary stamp tax (DST) exemption for all derivative market players.

This resulted in the issuance of Revenue Memorandum Circular (RMC) No. 125-2024, amending RMC 95-2017, which governed the tax treatment of GS repo transactions under the Global Master Repurchase Agreement (GMRA) and allowed for the initial introduction of a functioning repo market in the Philippines.

In addition, the SEC, in collaboration with the Bankers Association of the Philippines and the Asian Development Bank, organized a GMRA-based repo workshop attended by over 600 participants from Feb. 19 to 21 at the SEC headquarters.

Equipping stakeholders with the necessary knowledge and tools to implement the GMRA framework effectively, the workshop serves as a vital first step to the success of the proposed expansion.

Likewise, the SEC is optimistic that this capacity-building initiative would facilitate the signing of GMRAs among current and prospective repo market participants.

To complement all these efforts, the SEC is also currently working on identifying the most appropriate self-regulatory organization for the Philippine repo market to ensure its long-term viability.

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Emilio B. Aquino Securities and Exchange Commission
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