The Commission, in partnership with the Asian Development Bank (ADB), formally introduced the Guidelines on the Issuance and Disclosure of Sukuk during the July 15 forum, “Shaping the Future of Finance: Philippines Sukuk Framework Launch.” The event sought to raise awareness of Sukuk as an alternative financing instrument and explain the country's new regulatory framework.
New rules
Implemented through SEC Memorandum Circular No. 12, Series of 2026, the guidelines establish the regulatory framework for Sukuk issuances, covering registration, permissible issuance structures, reporting requirements, and disclosure obligations.
Sukuk are certificates of equal value representing undivided investment interests or rights in underlying assets, usufructs, services, or projects that comply with Shari’ah principles.
The framework also allows Sukuk issuances using Shari’ah-compliant structures and other structures that may be approved by the Commission. It likewise permits the creation of special purpose entities for Sukuk issuances.
Inclusive market
SEC Chair Francis Lim said the new framework supports the Commission's goal of creating a more inclusive and diversified capital market.
“Our vision is simple: a Philippine capital market that is deeper, broader, and more inclusive—a market where every legitimate source of capital can find a place, and every investor can participate with confidence. Islamic finance is part of that vision,” Lim said.
“For many investors, financial decisions are shaped not only by economic returns, but also by faith, values, and ethical principles. Our markets must be ready to serve them as well,” he added.
The SEC noted that the issuance of the Sukuk guidelines builds on the country's growing Islamic finance sector. Currently, 58 Shari’ah-compliant securities are listed on the Philippine Stock Exchange, while the Philippine government issued $1 billion worth of sovereign Sukuk in 2023.
Regional support
The launch forum gathered representatives from government agencies, exchanges, self-regulatory organizations, banks, Islamic banks, underwriters, investment houses, and other industry stakeholders.
Officials from the Bangko Sentral ng Pilipinas, Insurance Commission, and Bureau of Internal Revenue discussed initiatives under the Islamic Finance Coordination Forum.
The event also highlighted ADB's support for Islamic finance and regional collaboration through the ASEAN Capital Markets Forum's Islamic Finance Working Group, led by Indonesia's Otoritas Jasa Keuangan and the Securities Commission Malaysia. —Ed: Corrie S. Narisma
