Finance Secretary Ralph G. Recto and newly appointed Securities and Exchange Commission (SEC) Chairperson Francis Lim will fast-track key reforms aimed at improving the ease of doing business and deepening the Philippine capital market.

This aligns with President Ferdinand R. Marcos, Jr.’s directive to enhance market competitiveness and facilitate investment entry.

Among the SEC’s top priorities is the efficient implementation of the Capital Markets Efficiency Promotion Act (CMEPA), designed to broaden investor participation. The reforms to be made by the SEC will also tighten oversight of crypto asset service providers (CASPs) to protect consumers and ensure regulatory compliance.

Committed to the Ease of Doing Business Act, the new SEC leadership is developing a real-time application tracking system for transparency. They will also review their Schedule of Fees to potentially lower costs for documents and impose a temporary moratorium on fee increases, aiming to enhance the client experience.

Short-term reforms include simplifying registration for small and medium enterprises (SMEs) and opening the repurchase market to non-bank financial institutions (NBFIs).

The SEC will also strengthen its supervisory framework for NBFIs, ensuring compliance with fair lending standards and prohibiting abusive collection practices.

Furthermore, the SEC will enhance capital market regulatory frameworks, streamlining approval processes and aligning practices with global standards.

Medium to long-term objectives involve improving the global visibility of Philippine securities and developing alternative investment products. The Department of Finance (DOF) also supports the SEC’s efforts for an inclusive financial system and investor confidence.

Featured image by Freepik.