SEC, World Bank deepen corporate bond, SME financing push

The Securities and Exchange Commission (SEC) is advancing reforms to strengthen the Philippine corporate bond market and expand capital market access for small and medium enterprises (SMEs) with support from the World Bank and the International Finance Corporation (IFC).

From Nov. 11 to 13, the SEC hosted the “Workshop on Corporate Bond Market Development and Capital Market Solutions for SMEs” under the World Bank Group’s Joint Capital Markets Program (J-CAP).

The workshop served as a venue to present preliminary findings, gather stakeholder feedback, and outline an actionable reform agenda to address challenges in the local debt market and SME financing.

Discussions highlighted the need for new financing mechanisms, stronger market infrastructure, and a long-term roadmap that aligns investor appetite to deepen and diversify the corporate bond market.

These discussions reinforce the Commission’s ongoing efforts to design and implement initiatives that promote market resilience and broaden financial inclusion.

“We value J-CAP’s role as an impartial facilitator, bringing together government and private sector stakeholders,” SEC Chairperson Francis Lim said.

Lim said the SEC has worked closely with World Bank Group partners under J-CAP for the past two years to explore instruments and policy measures that can accelerate capital market development.

“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,” he added.

Building on the workshop findings, the SEC will hold an exploratory meeting with the J-CAP team, the Department of Finance, and the Bangko Sentral ng Pilipinas to discuss legislative measures aimed at improving market efficiency, fostering financial innovation, and enhancing regulatory coordination.