Philippine Sukuk Rules Seen Deepening Capital Markets

Philippine sukuk rules proposed by the Securities and Exchange Commission (SEC) could help deepen the capital market and attract domestic and foreign investors, RCBC chief economist Michael Ricafort said.

A second exposure draft released in November sets issuance and disclosure standards focused on Shari’ah compliance, transparency and investor protection.

Under the Philippine sukuk rules, publicly offered sukuk would require SEC registration and could be listed, traded and settled on SEC-registered exchanges or platforms.

Eligible issuers include listed and unlisted companies, the national government and its agencies, local governments, state-owned firms and BSP-supervised banks, including Islamic banks.