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Manila Bulletin devider Business devider The Stock Market devider SEC approves structured warrants in bid to jumpstart Philippine market

SEC approves structured warrants in bid to jumpstart Philippine market

Published Jul 29, 2026 04:04 pm
The Securities and Exchange Commission (SEC) approved rules allowing the registration and trading of structured warrants, introducing a new derivative product intended to boost liquidity and broaden investment options in the local capital market.
Speaking during the SEC on Record weekly online broadcast, SEC External Affairs Director Ela R. Xavier-Padilla announced that the Commission En Banc issued the regulatory framework following a public consultation period initiated in April 2026.
Structured warrants give holders the right, but not the obligation, to buy or sell an underlying asset at a set price within a specified period. Unlike company-issued warrants used to raise capital, structured warrants are created and issued by third-party financial institutions such as investment banks and broker-dealers.
The SEC is introducing the derivatives to align local market infrastructure with international standards while offering investors broader tools for hedging and portfolio management. The market has long sought additional investment vehicles to deepen liquidity and attract institutional capital.
Under the regulations, eligibility to issue structured warrants is restricted to licensed broker-dealers, licensed investment houses, and foreign corporations authorized to operate in the country. To ensure financial stability and limit counterparty risk, issuers or their guarantors must maintain a minimum unimpaired paid-up capital of ₱400 million.
The rules permit a broad range of reference assets. Eligible underlying instruments include single equities listed on local or foreign exchanges, domestic and international stock indices, and exchange-traded funds. Issuers may also tie warrants to listed debt securities, baskets of equities or fixed-income assets, and other reference values approved by the regulator.
The rollout marks one of the SEC’s primary regulatory initiatives this year to modernize the domestic financial sector and increase trading volume across the local exchange.

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Securities and Exchange Commission Ela R. Xavier-Padilla
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