The Securities and Exchange Commission (SEC) wants to turn the Philippines’ new upper-middle-income status into higher investment by pressing ahead with reforms to improve the ease of doing business and deepen the country’s capital markets.

“The Philippines’ entry to the upper-middle income category is a testament to the government’s overall efforts to drive and sustain economic growth despite downward pressures brought by global and local challenges,” SEC chairperson Francis Lim said Friday.

Roll out market-making rules and reforms

Building on the country’s upgraded status, the SEC said it will roll out market-making rules and reforms to the public offering framework for debt securities to improve market liquidity and expand fundraising opportunities.

“We will remain relentless in pursuing reforms that will not only create an environment conducive to business and economic growth, but will also align our practices with international standards, in line with our vision of establishing the Philippines as a highly attractive, world-class hub for investments,” Lim said.

The Philippines moved from the lower-middle income to the upper-middle income category after its gross national income per capita reached $4,850 in 2025, exceeding the World Bank’s threshold of $4,636.

Broad-based economic expansion

The World Bank attributed the reclassification to broad-based economic expansion, with gross domestic product growing by an average of 5.8 percent annually from 2021 to 2025.

The SEC said streamlining business formation and capital raising through stricter processing timelines and wider digitalization of corporate registration, amendment applications, and reportorial filings helped support the country’s growth.

From 2021 to 2025, the commission registered 232,524 new companies with total capital investments of P618.16 billion, with registrations reaching a record 52,544 in 2024.

Fee discounts to MSMEs

The regulator also granted fee discounts to micro, small, and medium enterprises registering with the SEC and raising funds through the capital market. As of June 17, the program had provided P139.6 million in fee discounts.

The SEC introduced new investment products, including real estate investment trusts and crypto-assets, alongside expedited securities registration programs for the power, healthcare, and agribusiness sectors. It also introduced rental pool arrangements to encourage broader market participation.