The new rules, issued under SEC Memorandum Circular No. 12, Series of 2025, amend the Securities Regulation Code to give issuers more time and flexibility in timing their offerings to match market conditions.
“Timing is a crucial component that could determine how a public offering will perform. Beyond improving access to the capital market, we want to make it easier for companies to maximize the advantages of tapping the capital market by taking this into account,” SEC Chair Francis Lim said.
The regulator also trimmed documentary requirements for firms applying for permits to sell subsequent tranches, requiring only a simplified set of forms, an updated prospectus, and a certificate confirming no material changes.
For offerings within a year of the last tranche, companies must file applications seven days before the sale, while issuances beyond a year will need a 30-day lead time.
The changes apply to all valid shelf registrations and are expected to reduce costs and red tape, while giving issuers more room to plan multi-year fundraising programs.
Market watchers say the move could encourage more listed firms to return to the equity and bond markets, aligning with the SEC’s push to deepen capital access in the Philippines.
—Edited by Miguel R. Camus
