The Securities and Exchange Commission (SEC) is preparing to release a series of regulatory overhauls aimed at loosening listing requirements for large-scale initial public offerings (IPOs) while tightening governance standards for corporate boards.

On the sidelines of a Financial Executives Institute of the Philippines event, SEC Chairperson Francis Lim told reporters that the agency expects to issue six memorandum circulars within the first quarter of 2026.

The commission has already released the first circular, which expanded the range of assets eligible for real estate investment trusts.

A central pillar of the reform package is a tiered minimum public ownership requirement, a move that could clear the path for the long-anticipated market debut of Mynt, the operator of the GCash e-wallet.

The proposed rules would replace a flat requirement with a sliding scale based on market capitalization, offering more flexibility for “mega-IPOs” that might otherwise struggle to find enough domestic liquidity to meet higher float thresholds.

Under the draft circular, companies valued at ₱500 million or less must maintain a 33 percenr public float. Those in the ₱500 million to ₱1 billion range would require a 25 percent float. For mid-sized firms valued between ₱1 billion and ₱50 billion, the requirement is set at 20 percent. The most significant relief is reserved for the largest issuers: firms valued between ₱50 billion and ₱150 billion would only need a 15 percent float, while those worth more than ₱150 billion would be subject to a 12 percent minimum.

The adjustment follows lobbying from Mynt’s parent, Globe Telecom Inc., which expressed concern that a 20 percent float for a company of Mynt’s valuation would result in an offering too large for the local market to absorb.

Lim noted that the tiered approach is intended to balance capital formation with investor protection and market liquidity.

Beyond listing rules, the SEC is facing pushback from the private sector over a plan to strictly enforce a nine-year term limit for independent directors. Currently, many firms seek exemptions to keep directors beyond the cap, citing a shortage of qualified candidates.

Lim dismissed these concerns, stating there is no “monopoly of talent” and that seasoned directors should move on to share their expertise with smaller firms.

The regulator also plans to introduce security of tenure for independent directors during their nine-year window.

The goal is to ensure directors can challenge controlling shareholders without the fear of being ousted before their term concludes.

Lim said the commission is committed to the changes despite the resistance, emphasizing that the move is essential to strengthening Philippine corporate governance.