2024年经合组织菲律宾资本市场评论

OECD Capital Market Reviewof the Philippines 2024 OECD Capital Market Reviewof the Philippines2024 This work is published under the responsibility of the Secretary-General of the OECD. The opinions expressed andarguments employed herein do not necessarily reflect the official views of the Member countries of the OECD. This document, as well as any data and map included herein, are without prejudice to the status of or sovereignty overany territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area. ISBN 978-92-64-82988-6 (print)ISBN 978-92-64-90066-0 (PDF)ISBN 978-92-64-60088-1 (HTML) OECD Capital Market SeriesISSN 3006-5801 (online) Photo credits:Cover © Joseph Christopher Oropel/Getty Images. Corrigenda to OECD publications may be found at: https://www.oecd.org/en/publications/support/corrigenda.html.© OECD 2024 Attribution 4.0 International (CC BY 4.0)This work is made available under the Creative Commons Attribution 4.0 International licence. By using this work, you accept to be bound by the terms of this licence(https://creativecommons.org/licenses/by/4.0/).Attribution– you must cite the work.Translations– you must cite the original work, identify changes to the original and add the following text:In the event of any discrepancy between the original work and thetranslation, only the text of original work should be considered valid.Adaptations– you must cite the original work and add the following text:This is an adaptation of an original work by the OECD. The opinions expressed and arguments employed inthis adaptation should not be reported as representing the official views of the OECD or of its Member countries.Third-party material– the licence does not apply to third-party material in the work. If using such material, you are responsible for obtaining permission from the third party and forany claims of infringement.You must not use the OECD logo, visual identity or cover image without express permission or suggest the OECD endorses your use of the work.Any dispute arising under this licence shall be settled by arbitration in accordance with the Permanent Court of Arbitration (PCA) Arbitration Rules 2012. The seat of arbitration shallbe Paris (France). The number of arbitrators shall be one. Foreword Thisreport provides an in-depth analysis of the Philippine capital market and presents policyrecommendations to support its development within five areas. It builds on extensive analysis using OECDdatabases and a unique dataset provided by the Securities and Exchange Commission of the Philippinesfor this project.The policy recommendations have been developed by the OECD in discussion with a widerangeof market stakeholders,including government authorities,industry organisations,marketinfrastructure providers, investors, legal and financial advisors and securities exchanges. The report follows a request by the Securities and Exchange Commission of the Philippines. The projectis part of a Japanese government-financed programme to support the development of Asian capitalmarkets. Thisreviewis part of the OECD Capital Market Series, which informs policy discussionson how capital markets can serve their important roleofchannellingfinancial resourcesfrom households to productive investments in the real economy. The report is structured as follows: Chapter 1 presents an assessment of five differentcapital market areas and policy recommendations for each; Chapter 2 provides an overview of thePhilippine economy and various aspects of its corporatesector; Chapter 3 describes the use of market-based financing, both through public equity and corporate bond markets, including issuance trends,sectoral compositions and market infrastructure. A detailed description of data sources,the methodology for data collection and analysisare provided inthe Annex.For qualitative inputs, the OECDSecretariatgratefully acknowledges the contribution of theorganisations and individuals who offered their time for consultations in the preparation of this report. The report was developed by the Capital Markets and Financial Institutions Division of the OECDDirectorate for Financial and Enterprise Affairs. It was prepared byGülgün Arikan, Blanca Gené Orriols,Carl Lekvall, Kyo Maruyama, Tugba Mulazimoglu and Yun Tang, under the supervision ofAlejandraMedina, Head of the Financial EconomicsUnit,andSerdar Çelik, Head of Division. Table of contents Foreword3 Acronyms and abbreviations7 Executive summary10 1 Assessment and recommendations 1.1. Capital markets for sustainable and inclusive growth141.2. Improving corporate governance161.3. Facilitating access to the public equity market and increasing its attractiveness271.4. Increasing stock market liquidity401.5. Facilitating market-based long-term financing via corporate bonds471.6. Deepening the investor base54References69Notes81 2.1. Overview of the economy842.2. Business demographics922.3. Company categories in